Hi all
Just looking for some advise,
We own a house at present but are fortunate that my husband gets a house with his job so we live in that and rent our property out.
The problem at present is, we have recently moved and we are getting charged £200 more per month down to an admin error. However nobody seems to want to take responsibilty for this and the matter is still being "dealt" with 3 months later.
This is obviously putting a strain on our finances and although we have made our IVA company aware, I am not sure that a variation is suitable as we need a reduction quickly and this process sounds as if it can take some time to achieve.
We have come to the decision that we would like to sell our house and offer a F&F to settle the IVA and would therefore be £680 better off per month. £440 for IVA contribution, £200 mortgage (after rent received) £20 maintenance fee and £20 insurance.
At present we pay 33p in the £, do we need to offer this amount back on the total amount of debt owed plus fees etc, or would it be on the amount which we would repay before the equity release in year 4?
We are into our second year now and the first year payments went to the IVA company for their fees so the creditors have not received much in the way of returns.
Would the creditors be likely to accept a full and final offer due to this?
The house is worth between £125000-£137000 going on the recent houses for sale in our street. Our mortgage redemption is at present £100500 so we have scope to make and offer of 20k+ depending on house valuation and fees etc.
So far we have paid £5721.55 broken down into £2,750 nominees fees, £1,100 Supervisors fees, £35 nominees disbursements, £15 IVA registration, £40 property restriction registration, £94 bond and VAT £679.88
The remainder of £657.18 has been distributed to my creditors at 1.5p in the £1 and a provision made for creditors who have yet to claim the remainder, with the next dividend to be paid in May 2008.
Our arrangement states that we will repay £30,618, which includes pre-appointment funds but before the costs of the arrangements.
Initial debt 62k
Our house was initially bought for investment only as it is only a two bed so not suitable for our 6 person family. We will never move back in so as we need to live for now do you think selling is a good idea?
Presently looking for a job to help with the income side of things.
Thanks in advance for any advise.
Regards Spenmotherhen
Last edited by
spenmotherhen on Sat Nov 17, 2007 12:23 am, edited 1 time in total.
