I have married a lady from Africa. We are resident in the UK. I have invested my savings and borrowed money to build a house in the African Country. I jointly own a house worth £100k as a tenant in common with my two sons. Both my wife and I are working and I am meeting the payments on the unsecured loans and 0% transfer credit cards amounting to £35K. The monthly payments are £1000 per month. I have an occupational pension which pays £1250 per month. I am planning to rent out my house at £450 per month. However I could lose my job soon which would mean that I would have to default on the credit card and loans repayments. We are contemplating trying to set up an IVA, have the rental income from my house go to my two sons and then emigrate to Africa to live in the house that we have built and turn it into a hotel. Provided we kept up the IVA payments, do you foresee any problems?
Hi. There are many more variables than we could go into on an open forum and I would suggest a chat with one or two insolvency firms to get specific advice.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I think creditors would struggle to accept such proposals as they do not sound like your best offer. If you sell your share of the UK property to your sons you could clear your debts in full and move away without any concerns.
Is there any reason why they could not raise a mortgage to buy you out?
