Serving soldier needs HELP - I have been told that because I am not currently living in the house I have a mortgage for and that there is very little equity in it that Creditors would see it as an unnecessary expense that is best going to them. Therefore I have been told that I can not enter into an IVA. I have debts, not including the mortgage, of 43K and outgoings of about 1500 per month - unsustainable for me
I think that you have been badly advised with regard to the property. So long as you have a tenant living in the property, which is covering your mortgage payments and other outgoings, then there is no reason why creditors would want to see the property sold - as with no equity it would bring no return for them!
I suggest that you take advice from another IP - perhaps one who is experienced of working with members of HM Forces and can understand the differing sources of income and deductions that you guys have to live with. I'm ex-forces myself and do sympathise with the constaints soldiers live under every single day, and also the very old-fashioned view with regard to debt that is still prevalent amongst the hierarchy.
Last edited by MelanieGiles on Fri Jan 02, 2009 7:02 pm, edited 1 time in total.
Yes, I think Melanie is definitely the one to call.
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
Welcome to the forum - I echo the thoughts of others - speak with an different IP (Melanie is ex forces and can offer some advice) - hopefully they can resolve this for you.
Best of luck
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
You should have no problem and you have certainly been badly advised. Visit www.iva.com and get a feel for several Providers as there are a number of practitioners that act for personnel in the forces that could help you. Good luck.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
