sorting out mess we got ourselves in through debt

[ickle]

i currently have a debt management plan in my name for £15000, mu husband and i have split up due o money pressures and have had to put our house on the market,it is on for £83 grand but we owe £83500 on the mortgage we also have a unsecured loan through the mortgage company so i beleive the total owed to them is about £108000, we have been offered £64grand for the house and am tempted to take this and put all our debt into an iva. I am concerned about my car as it is on HP and I am hoping not to lose that. We may get back together in the future but cannot move on until we sort out the mess we got ourselves in through the debt The original debt management is in my name as the credit cards and loans were not joint although we both racked up the debt. Any advice would be appreciated

[MelanieGiles]

Hi ickle and welcome to the forum. So sorry to hear about your marital difficulties - a sharp reminder that there are more important things than having a few debts.

If your house is worth £83k why would you accept an offer of £64k? Furthermore why would your lender agree to release their charge and suffer a shortfall you may be unable to repay? This needs further thought and you will need to discuss your strategy with the mortgage company directly.

An IVA could work for you, depending on how much you could afford to pay each month, but your debts are relatively low at £15k and bankruptcy just might be a better option to get a far better start. I suggest that you seek professional advice and prioritise saving your marriage as number one on the list.

[Reviva UK]

Melanie is right you need to speak to a professional to get a plan together re the house and other debts. Doesn't sound like a debt management plan is right so would recommend you speak to Melanie to review the options re IVA.

if your situation is not quite right for an IVA at the moment we might be able to protect you until the house sold and allow you the choice of an IVA later.