hi, after being registered partially sighted 2 years ago, i have had no luck in securing employment.I am married with 1 dependant child.
We have total debts of £23.000 on unsecured loans/o draft and 1 credit card, We are only in arrears to the credit card and only 1 payment behind at that.
Whilst we have managed to keep up on all the payments, it has come at a price. Each month we are left with virtually nothing after all the debt is paid.
We are living in a property that was left to myself by my late father and is in my name only, the property is owned outright.
We have tried consolodation/re mortgage etc but are unable to find a lender.
We di live in Scotland and i know the laws can be different up here, that said we done the test on the web site and it said we should look at an IVA.
We have no savings or investments, only the house. (in my name only)
can anyone help us here?
1)What are the best options for us?
2)How safe is our property?
3)I cannot understand why, when i am prepared to remortgage to cover all the debt, that i may be forced to release equity if i go other routes.
I hope this all makes sense and look forward to any advice which will be much appreciated. thank you all.
An IVA is no good for you if you are living in Scotland, and if you have an interest in the property which is greater than the amount you owe to your creditors then the Scottish alternative (a Trust Deed) is unlikely to be accepted.
I think that you ought to look at a DMP based upon what you can afford to repay each month. Hopefully you will eventually find a suitable position compatable with your disability, and then be able to pay higher payments to get the debt cleared quicker.
Choose a DMP company with a good reputation for getting creditors to stop charging interest.
Are the debts you owe incurred in England and with English companies?
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
MelanieGiles wrote:
An IVA is no good for you if you are living in Scotland, and if you have an interest in the property which is greater than the amount you owe to your creditors then the Scottish alternative (a Trust Deed) is unlikely to be accepted.
I think that you ought to look at a DMP based upon what you can afford to repay each month. Hopefully you will eventually find a suitable position compatable with your disability, and then be able to pay higher payments to get the debt cleared quicker.
Choose a DMP company with a good reputation for getting creditors to stop charging interest.
