My partner and I are both on debt management plans and have approx £3rd debts between us from previous relationships. I own a house and have bout £60k equity. Should I sell and clear our debts? He is 50 and I'm 45 so I'm worried we may never get anot her mortgage.
Hi and welcome to the forum. Have you spoken to any professionals as yet? www.iva.com lists some companies and by looking through the forum you will find some preferred poster companies. Advice can be given in all aspects of debt management and it's always best to take the advice of 2 or 3. Coming off the mortgage ladder can result in it being hard to rejoin it so it's worth a long hard think. Other debt remedies along with sale of property could be discussed.
Good luck with whatever you decide and I'm sure other posters will be along soon with their opinon and maybe even an expert x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
You should get some free advice because it is difficult to advise based on what you have posted. There are options but the advice depends on the split of the debts, who owns the house, your income and expenditure etc. If you sell the house you will struggle to ever get another mortgage so an IVA may be a way of protecting your current property.
