I finally did it!!! I made that 'phone call.

[Reviva UK]

Hi
It always seems to me that the biggest hurdle to any debt solution lies within because it is so easy to think that we have failed.

An alternative view is that we have learned a lot and have got the energy and ambition to move on from a difficult place to somewhere a lot brighter and less stressful.

If you have now made the decision well done and I wish you every success through the process.

At the other side is a new life

[vad921]

If you moved to an interest only mortgage this would reduce the mortgage to earning ratios. Is this worth exploring?

The adviser said the only hope of an IVA would be to sell then rent at around half the cost. Interest only mortgage wasn't discussed. He probably thought with the level of debt we have an IVA wasn't viable regardless. It wouldn't shake off the F+ loan which he himself said was the cause of the problems. He pointed out that the house just wasn't worth what we were paying and it will never be ours for a very long time with the level of negative equity in it - if it ever will!

Do you think we should explore? I can probably work out the figures from the last mortgage statement.

Already I'm getting harassment from finance companies, namely Virgin (MBNA), because I'm £200 over the limit (never missed a payment). A limit which they reduced by £3000 a few months back because I 'had enough finance for [my] needs'!

[Lisa2009]

I would think in a situation like yours, it would depend on how attatched you are to the house. Switchng to interest only, you will see even less benefit than you are now.

I really can understand why people dont want to lose their house. For emotional reasons i would never want to move. If you dont have a real attatchment to it and are happy to move on then do it and draw a line under the whole thing.
If you really want to keep the house then any avenue has to be worth exploring.

[luluj]

We had exactly the same issue - too much secured against house compared to income - our options were sell up and move into rented or go bankrupt - seeing as the B route would have affected my job status, we took the plunge to seel our house of 14 years- we sold within 24hrs of putting it on the market and moved out three months later - we have had a very rocky rental road so far, with two flats we have moved into both being repossessed - we are in fact moving again this weekend into what we can only as being the last moved for some time! Renting itself is alot easier then mortgage - when things go wrong you shout for help!
Our house was our first house and meant alot to us - however at the end of the day, the house probably cost of alot of the money that we now owe - and therefore really it is only bricks and mortar and life is more important than bricks!Take the plunge - then do an IVA !

[buttercup]

Vad well done on taking the first step, best of luck

[jayrob]

good luck vad I am sure it will work out in the end
jayne

[MelanieGiles]

Definately worth exploring all options - but lulj's story ought to be inspiring. Can you really afford to carry on living in that property - secured loan or not?