if i sell my house and have £40k equity how much would they take off me, i am looking to buy a smaller property which i can afford as my expenditure is £599 more than my monthly income
The creditors are entitled to the offer you made in your equity clause so you need to check your paperwork to calculate how much that is. If there is any equity left over then you can use this for an offer, which would need to be as close to the value of remaining monthly payments as possible. I don't fancy your chances of getting another mortgage to be honest...only one poster has managed it with a 50% deposit! It sounds as if you're struggling so speak to your IP and see whether you can reduce your payments or take a payment break while your income rights itself. x
Jackso - if you're in an IVA then you are highly unlikely to be able to get another mortgage.
How is it that your expenditure is so high when you should be able to manage in an IVA?
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
