the pressure is building

[hopefull1]

Hi

I am stressed and unable to sleep at night. One of my creditors is in the process of obtaining a ccj for an ammount which equates to 50% of my disposable income yet their debt is about 23%. I am waiting for a judgment on the 19th August as we are contesting the ammount. I am waiting for someone to ring me in the morning from the advice bureau about an iva but am concerned as next year my mortgage is due to go up by £200 approx is it advisable to enter into an iva agreement with this in mind. I have spoken to my mortgage company they no longer do interest only mortgages and said once the fixed rate period is over with them they are unable to do another fixed rate we just have to go on their variable mortgage rate. I had my house valued on Friday and they said put it up at £124,950 although realistically they said you are more likely to get
offers in the region of £120,000. My outstanding mortgage is £121,500. We are currently on a dmp do you think it is wise to stay on this until June next year when my mortgage goes up and then if one of the creditors wants to bankrupt us it is their money they are spending. If we are made bankrupt do you think that their is any chance of us keeping our house as there seems to be no indication of house prices going up or even stabilising.

Many thanks

[facingittogether]

hi and welcome!

sorry i am not a expert but hopefully one will be along soon to give you advice!

hango n in there you have come to a great place for advice and support!

love barb x

[hopefull1]

Hi Barb

Thankyou for trying to answer my question. Sorry i meant too ask if you are made bankrupt is it easy to get a private rented house and do you have to tell them you have been made bankrupt. Hopefully some one will be able to answer my earlier thread.

regards

[Adam Davies]

Hi
If you enter into an IVA just be sure that your IP has factored in your mortgage increase due next year.
If you opt for bankruptcy,and have little or no equity,you will still need to be able to pay your mortgage in full each month in order for you to keep your property.
Look at several companies and ask as many questions as you need to before deciding on your next step.
Both an IVA and bankruptcy will overide any CCJ
Regards

[facingittogether]

HI

SORRY I AM IN A IVA AND AM NOT ABLE TO ANSWER YOUR QUESTION!

I KNOW HOW AWFUL AND WHAT A WORRYING TIME THIS IS FOR YOU, WE WERE JUST THE SAME HAD MOUNTING DEBTS BUT THINGS WERE SORTED FOR US AND WILL BE FOR YOU TOO!

IF I WERE YOU I WOULD SPEAK TO A COUPLE OF IVA PROVIDERS, OUR IP IS MELANIE GILES WHO IS A EXPERT ON HERE AND SHE AND HER COMPANY ARE SO LOVELY HONEST AND NON JUDGEMENTAL!

GOOD LUCK AND LET US KNOW HOW YOU GET ON!

LOVE BARB X

[MelanieGiles]

The increase in mortgage payment will need to be factored into your disposable income, if you are going to consider putting an IVA proposal to our creditors. If this makes an IVA unworkable, you may need to stick with the DMP.