No, we are pretty much living hand to mouth, I'm paid hourly, and i used to have plenty of regular overtime, but this heas dried up due to the current economic situation. causing me to be down about 30% of my wages, this is what is caused my current situation.

we owe my mother £5000.

No she isn't included in the £30,000.

I have been trying to sell it for ages. Thats why i asked if the creditors took it, would i receive the difference in its value?.

If i don't transfer the apartment:

Its valued at approx £55,000
I owe approx £30,000
Non of this debt is secured on the apartment.
The apartment is mortgage free, with no loans secured against it.
If the creditors take it, what will happen to the remaining £25,000 ?.

No. I owe my mother lots of money from 2002 onwards, I have given it to her to clear what we owed her.

It is in the process of being transfered into someone elses name.

with regards to remortgaging, I estimate, that we currently have a loan to value rate of 93%. Given the current economic state, i dont feel that in 5 years time, i'll be within 85 %?. What will happen then ?

What if the apartment isn't in my name ?

Is there some kind of control taken over our wages?.
what is the issue regarding remortgaging ?.

I've heard people talking about penny in the pound, what is it ?. and how is it calculated ?.

Thanks David,

Hi David,
I didn't see your reply,
No, we have only contacted BG agents. Could you recommend any good UK agents ?.

At present. We are all up to date with my bills, and we haven't missed any payments for a few months, as my mother has helped us out. I have been told that in order to qualify for an IVA, we have to have a history of missed payments. Is this true ?. It would be a lie to say our income matches our ou...

at present we are using credit cards to buy our food shopping. We also took out a loan about 4 months ago. Will happen with these, ie is there a time limit on the debt that is included.

Yes, the property has no secured loans at all, whats more, it is not recorded here.

The apartment is in Bulgaria, it is worth approx the valuation is for £63,000 I have tried to sell it, and eventually lowerd the price to £55,000. but the market is dead, I owe creditors in the region of £30,000...