hi do i include my mortgage as part of the debt

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curtis.h

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Post by curtis.h » Wed May 21, 2008 6:46 am
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hi do i include my mortgage as part of the debt
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drowning-mummy

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Post by drowning-mummy » Wed May 21, 2008 6:57 am
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I could be wrong, but I dont believe that you do. I think that goes for mortage arrears too, plus things like council tax arrears and fines that have spiralled.
I'm sure that someone better equipped than I will advise also.
"Theres always time to fly a kite....."

Visit my blog:
http://drowningmummy.blogs.iva.co.uk/?p=3
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MelanieGiles

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Post by MelanieGiles » Wed May 21, 2008 8:58 am
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The only time you should include your mortgage is if there is a shortfall - ie the mortgage is more than the value of the property. This element is therefore unsecured and should be included into the arrangement as the mortgage company do then have the power to vote on that amount and receive a dividend if they choose to revalue their security.
Regards, Melanie Giles, Insolvency Practitioner
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