I have debt coming out my ears I have a second mortgage on my property as well as unsecured debts totaling 12.000 I pay 950 to my mortgage and 1005 to the second mortgage a month. I have taken a second job but can't see a way out. the house prices have dropped and I can't sell as it won't pay off both mortgages I ve thought about bankrupsy but myself and my husband both work with the Police and MOD and we think we will lose our jobs if we claim bankrupsy can you give me some advice
You must seek advice from a competant Insolvency Practitioner. Have all your facts as to all your separate liabilities that you owe listed and details of your Income and Expenditure. Visit www.iva.co.uk for reviews on practitioners and speak to one or two. Let us know how you get on. Good luck you have come to the right place for advice and sypathetic help and understanding - you are not alone.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Both the police forces and the MOD are starting to have a more relaxed viewpoint towards bankruptcy, so an informal and confidential chat with your respective welfare officers ought to set your minds at rest on that point.
Your housing costs are very high. Have you thought about the benefit of effecting a voluntary surrender of the property and moving into cheaper rented accomodation?
I think that David meant to refer you to www.iva.com for feedback on IP firms you may wish to speak to.
Our housing costs are also that high Melanie, and we had no problems with getting the IVA, even though we had about £40,000 equity at the time.
My particular force, as far as I know, does not need to be notified about IVA (I certainly haven't told them), but I don't know what the criteria is for BR.
I do know that they are funny about employing people who are insolvent.
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
The problem with housing costs is that in some areas it's not possible to rent more cheaply. If we were to give up our house it would cost us at least £100 a month more for an identical property.
We could rent for a lot less than we pay in mortgage and secured loans, but it was never suggested to us, and I love my house and don't want to leave!
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
But just sometimes, leaving behind a loved house is the start of the new life and a debt free one - for us it was and nearly 18 months on now it was the right thing to have done !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
It wouldn't be for us. We live in a small cul-de-sac with fantastic neighbours, and we have been here for 20 years, and I would be hard pushed to find a location like it near me, and areas near my work are more expensive.
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
We left behind great neigbours and a house which we had bought from a map and a piece of earth - after 14 years of ploughing lots of money into it - we realised that actually it was partly to blame for our debts - for us it was the right decision - now being in rented has helped us to realise our seriousness of debt and move forwards - for some people it wouldn't help, and for others it would !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I couldn't bear to leave this house, even if it was cheaper. We've got great neighbours (they don't even mind Harry nicking their pond weed!) and a good location near the river and town. We may have damp in the bedroom and a badly designed kitchen, but it's our home, not just a house to me.
It was the one thing I was desperate to hang on to.
My house wasn't to blame for our debts - it was our spending on holidays and cars that did that, plus the Saturday afternoon impulse shopping trips! They are a thing of the past now.
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
I can't believe how careful I am with money now - I hate spending anything I don't have to.
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
Yes - sorry visit www.iva.com slip of the finger!!!
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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
