i have nothing any more! Please help and advise?

[slow but sure]

Hi, i can not remember my username or password, but I am hoping that this gets through to you, 8 months ago I released the equity in my house £60k to pay the IVA early, this increased th emortgage, however this is going up and life has become harder and we now have a mortgage of £1700 per month due to increase to 2200 interest only, my mortgage is 292k and the house is now worth 200k leaving me short fall of 90k, so I have been in contact with the mortage company they have been good but they want there money, I have agreed to hand back the keys and they will take over the sell of my house, I have rented some where for me and the family at 1000 per month, i have done and income and expenditure form and i only have £150 spare each month, so what do i do, i will owe the mortgage company approx 90k as an unsecured loan and it will take 30 years to pay off, but i will eventually want to but again, shalli go bankrupt? was the previous IVA worth it when I should have gone bankrupt before? I am moveing in 10 days, so any help would be much appreciated, shall i do another IVA? life is at its worse and I thought that when we went through the IVA it was hard, this is even harder, i have nothing any more! Please help and advise?

[Adam Davies]

Hi
You really should strongly contemplate bankruptcy
I see no way that you can deal with the shortfall on the house other than bankruptcy
Regards

[freelili]

Hi

I just wanted to say, sorry that your situation seems so hopeless when you have done all that you can to try to sort it out. I dont think anyone could have guessed what the climate would be, only this time last year I sold a property for just a little under its value, I hate to think what would happen if my situation had gone on any longer.

All you can do is as Andy says, look at BR, its a daunting thought, but not as bad as some people think. You must be devestated to find yourself in this position and I really feel for you.

Good luck, I hope you get some peace of mind from all this very soon.

[slow but sure]

HI and thank you for your kind words, one thing that I have learnt is that there is always away out of it.... however I am waiting to go BR until we have seen the sale of the property, I am giving back the keys at the end of the month as I have a chicken and egg situation if i leave it then I will get a bad credit and the can not rent, so we have paid a deposit and moving in 10 days.
I would be keen to know if I was advised right as when I wanted to come out of the IVA and do a final settlement I wanted to see then but my IP told me that I should not sell but remortgage this is what I think has got me in this situation along with the current climate, do we have grounds to take some action against them, is it worth it?

Going BR it may show that i have atleast £500 spare a month, and I dont want to be paying this out to the mortgage company for a further 3 years, what investment will I have, as I no longer have a house, as well as that we are adopting and this money will help towards this, any thoughts?

[freelili]

Hi again

I am not a professional expert, just another thats been through the misery of debt, I would have thought a remortgage in an IVA was very difficult thing to do.

All I can say is, the allowances in BR seem more generous than in an IVA.

My advice, cut your losses now and move on, sounds like you have a lot to look ahead for, adoption sounds perfect. I dont know enough to advise what to do if you feel you have been 'had' I doubt you will have any comeback from the company, although a complaint might be worthwhile for the satisfaction factor. I guess hindsight is wonderful, if only, eh?? There are so many companies and who's to know when looking for a solution? When youre being hounded, stressed and maxed out financially, we just jump in the first boat offered.

You could check out the company on www.iva.com and leave some feedback and veiw others.

All I can say is good luck, I hope youre able to put this behind you. Lots of BR's find rentals, try reading Skippy 13's blog for information on the process as she has been there.