I am in debt due to a bad advice

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peter3

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Post by peter3 » Thu Mar 08, 2007 7:36 am
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I am in debt due to a bad advice. I have got a house with a mortgage of £60K and a secure laon of £35. I owe MBNA £3.5, Cahoot £6k, Lloyds £6k, Morgan Stanley £3, Bank of Scotland £3. My salary would allow me to remortgage at 6.6 fixed for 2 years for £100k with house valued at £135. Is this the best deal i can go for? Is iva an option?
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iva_squirrel

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Post by iva_squirrel » Thu Mar 08, 2007 7:42 am
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Good morning,

Welcome to the forum.

You have equity of £40k and the debt is £21.5K.
Is the debt under your name only?? How about the mortgage?

Kind regards,


Julia

For more information about IVAs, please visit my website:
www.supersonicsquirrel.net
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Welsh Boy

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Post by Welsh Boy » Thu Mar 08, 2007 8:48 am
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Hello Peter

In debt due to bad advice, from who and what was the advice? With regard to the mortgage get in touch with a broker and see what deals they can get for you, it seems you may be able to resolve this by going through that route if you wanted to.

Hope this helps-Tony
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go_4_broke

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Post by go_4_broke » Thu Mar 08, 2007 9:27 am
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Peter,

As you do not seem to be insolvent (ie your assets exceed your debts) mainly because of your house equity, you are going to have a hard time persuading your creditors that they would be better off giving you an IVA unless you were to pay back pretty much 100% of your debt.

So if your are done with credit you might be better off with a bigger remortgage or a consolidation loan if you didn't wan't anything adverse on your credit record.

-Best

New to the forums - but not to debt !
Please view my blog at www.go4broke.blogs.iva.co.uk

'Vive la differentness'
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neverending

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Post by neverending » Thu Mar 08, 2007 8:21 pm
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Hi
Just to clarify that an IVA will not be possible as you are solvent.
Look into a remortgage to reduce your monthly outgoings.Alternatively sell up and clear your debts in full.
good luck
Andy Davie
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