Thanks all for your replies. Yes I have got the ball rolling with Payplan and I can see that making a F&F before I sell is the right way to go, I have not even put it on the market yet, that will happen in a few weeks I just need to be clear what I need to pay off. One question, if I make a F&f offer now, and they agree to it, can they change their minds later on down the line like when I complete??
My MIL is concerned that the creditors will come after her for some money aswell now, but I don't think I have explained it to her very well,, basically I have my mess to sort out which I want to do and she does not want to be involved in that mess, so I am trying to keep her out of it to be honest. I will wait to see what Payplan say tomorrow
darceydoo- you mother in law -may want to rethink about putting her name on the mortgage title (perhaps get the solicitors to draw up an agreement) - as she will then be finanical linked to you and your BF.
Thats a good idea ginger, I would hate for her to be tarnished with my debt brush. Maybe it would be a good idea if I was not on the mortgage for a couple of years, even though I would be paying half of it and have put towards the deposit,
Once the IVA is finished then you will be able to go on the mortgage.
Nothing to do with debt but before hubby and I married and I bought a house, I was advised to do the mortgage on my own so that his (now ex) wife would not have a claim on the house if he died.
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 important thing to me is this experience is one of if not the most important lesson I have learnt in my life which I hope I can teach my daughter to avoid when she gets older. I am totally accountable for my debt, my fault, my debt and I would never want her to go through this, painful but important lesson to me. I am looking forward to a CASH ONLY life, no more credit and I have certainly learnt to live without as you all have on here
Unfortunately, neither my stepkids or my own daughter have learned from our mistakes. My stepson is on a DMP, stepdaughter is in an IVA and daughter has just been bailed out by her husband after having taken out Payday loans!!!
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
darceydoo - hopeful most of us on here at the end of our IVA have learned some lessions, most of us also took out the debt ,hoping to pay it back however life just somehow doesnt always work the way we want it, Dont blame yourself, just be proud your doing your best to pay back. There are times in the future where you will need credit - house /card/credit card to book flights etc.
Sometimes we have to go though our own mistakes to learn !
Let the forum know how you get on tomorrow with your IVA company
I know Ginger, but I am very disappointed and ashamed in myself for getting myself in this position, in a way I am glad because I ever want to be in it again thats for sure. Was prepared to accept that my foot on the property ladder was looking to fall because of my impending mortgage hike, and renting was the only option, then my MIL made this offer to us. Hopefully Payplan will get back to me so will update you with I hope positive news
Well redemption statements on their way for the mortgage and secured loan. Spoke to Pay Plan and the amount the creditors expect to receive at the end of my arrangement is £21,600 so I will offer to pay that out of my equity. Do you think that this is a fair offer? Until they receive the statements and a valuation my case officer won't approach my IP,, as she needs all of the facts.
What happens if the creditors reject my offer, do they then enforce bankruptcy?? Do not know alot about it but I am worried that this will happen!!!
