If you ever met the person Michael is referring to, you would have wanted to hold the gun Jan! He also told one of our clients who was in the process of adopting her foster child to send the child back as they could not afford her. Thank goodness that firm is no longer lending to consumers.
All this is precisely why i ahve learned to keep quiet and change some figures around.
I have a read a few sites on Bankruptcy and it dosnt seem a good decision, i do have equity im sure i do, i must do im sure houses are worth more than £40,000 these days.
I tried to add all my unsecured debts onto my mortgage, ok it will take forever to pay off but would have freed up cash right now but nationwide were not interested.
What position would that put me in? if you have equity is an IVA best and if not Bankruptcy is best?
Im really confused and stresed by it all, ive had a headache since this afternoon.
I had an offer from ocean finance saying i could remortgage witht hem and put everything in one place but something niggles with them, i am on a good interest rate with nationwide its just they arnt interested in my situation.
It may be best that you seek the advice of Tony Parsons who posts as Welsh Boy on the forum. I beleive you can find his contact details in the expert link. He has an excellent knowledge of the mortgage industry and the criteria of a large number of lenders in the current market.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
Having equity is one thing,being able to release it is another altogther. If you have equity in your property you would be expected to release it during an IVA(usually through a remortgage). In bankruptcty,given that there is equity you would most likely lose the house. One way you keep the house the other you dont.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
That's right Paul. In bankruptcy, if you have equity, there is a very good chance the OR would order the sale of the house.
You could get someone to buy the interest from the OR, but that would be at market value and would cost a fair bit.
In an IVA you will be required to try and release equity, but if you couldn't then your IVA would most likely continue for a further 12 months.
You need to get a valuation done on the property before deciding anything. It may be that your equity is a lot more than you think and you could remortgage and clear your debts with that.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Melanie - not only would I have held the gun, I would have taken great delight in pulling the trigger!
Plasticdaft - the way I understand it is that your mortgage company have 1st charge on the house, a secured loan is second charge. We took out a further advance on our mortgage a few years ago, and we had to get agreement from Black Horse that they would become the third charge.
Have I lost you yet?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
remortgaging is a problem as i now only work part time and nationwide have said no so either way i just cant move forward, looks like im stuck as i am [:(]
From what i could understand from ocean finance they had a high interest rate that would continue rising without much notice, i dont really see anyone giving me a remortgage, i have bad credit and work part time.
Never give up Brandy. Avoid ocean finance as the interest will keep climbing and you will end up without a home.
Give a few IPs a call and see what they come up with(I would advise making Melanie Giles one of the companies you ring).
Jan,I follow it better now,didnt realise that mortgage company counted as 1st charge. Makes a little more sense now,you live and learn.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
