We have been with a well known debt company for nearly 5 years although we recently sold our main home as the mortgage was just so high we have a buy to let and have recently moved back into this although we have not informed the mortgage company, we had no money from our house sale and no other option the tennant had moved out and this was our only option. After a stressful time of trying to keep up with our mortgage we decided to sell up rather than being reposessed. once a sale had been agreed I informed the debt company and they then informed us that we could of entered into a IVA and may have still kept both properties as the buy to let was classed as an income? This was now to late as in principle we had agreed the sale. Now that we are in the buy to let our outgoings for mortgage payments have decreased but also our income has decreased however the Debt company have increased our payments by 5 x more. How would we fare if we went into an IVA now, they only quoted us 3 x our regular payment for IVA when we were going through the sale of our property. Would we have to now move out of the buy to let my husband is 69 retired I am 19 years younger but finding all of this so stressful. Would the mortgage company evict us we have always paid this even when it has been empty. I am and have tried to do the right thing and keep our creditors informed I just dont know now which way to turn. we will still be paying this money in another 30 years in the Debt Plan so know it will never be in my time could you please offer me some advice as I really dont know which way to turn.
An iva maybe a solution which would see uou debt free in five/six years time. Www.iva.com will give you access to names of iva providers who are recommended ...talk to two or three of them for advice before deciding on one to act for you.
An iva is a challenge but is do-able .... And in a few years time you will be debt free.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
It sounds like this company have not been giving you the best of advice and you should certainly seek another opinion. In an IVA you can usually retain a home especially since a remortgage or equity release would be very difficult.
I cannot understand why an IVA was not suggested way back unless this company makes more from debt management or they lack the experience to do IVAs. If you are using one of the bank funded companies try the indendent, professional sector and hopefully you can get the correct advice.
With a property it may be worth seeing which firms have the best equity release policy's, ie which require you to go for a secured loan rather than remortgage (2014 IVA protocol)
I would definitely seek advice from an insolvency practitioner independent of the company you have the current DMP with, as there are bound to be other solutions you can consider rather than struggling on with a never ending DMP.
How much are they charging you each month for distributing your payments to creditors, and how much are you paying them each month as a matte rof interest?
