iva now or wait for house repossession ?

[ickle]

Hi i am currently in a debt management plan and there have been a few problems with one creditor now actually going to court to take money from me - my debt compnay have asked me on numerous occasions if i would prefer to switch to an iva, which i think is a good idea but my house was re - possessed few months back and i am waiting to hear how much if aything I am going to owe on there, I dont know if it worth doing an iva now or waiting for the house repossession

[angelrainbow]

We were repossessed in July and our IVA was approved in August. Our mortgage lender is one of our creditors..and voted yes!
Our house still isn't sold yet, although on the market. The figures due to the mortgage lender are an estimate based on the amount the house is expected to sell. We have been told an actual figure will be put in during one of the reivews, when this total is known.
For us it has certainly been worth it as all debt both previously secure and unsecure is under the IVA.
I'm sure an expert will be able to give you a better answer, I just wanted to share my experience.

[Viki.W]

Hey ickle, I would definitely wait until you know how much the shortfall will be as this will need to be included in the IVA but I'm sure your IP can move fast and stop anyone taking you to court. I don't know the ins and outs of that so please hang in there for one of the IPs to advise you. Good luck. X

[ickle]

yeah thats ideal to know that even though the house is not sold it may b included. the debt management i have is currently all in my name but the mortgage is joint with my husband, we have recently split up so am not sure how it would all work

[size5]

Hello ickle.

With all the variables you describe there it would probably be best if you spoke directly to a professional as soon as you can. If your DMP company has its own in-house Insolvency arm then you can have a chat with them as they may have access to your case history, notes etc, or you may wish to visit www.iva.com and have a look around there, and maybe speak to 2 or 3 providers.

Regards.