I am a portfolio landlord and have massive credit card debts of £48000 and council tax arrears of £21,000 which have arisen due to my roper ties being empty for over two years and the crippling 150% council tax I have been charged. I have been struggling to pay al these debts. As I have been refurbishing several of them and budgets have gone over many times. I am not a limited company I am in fact a disabled person and my properties are in negative d equity I can't move in any direction as I got sick and after fighting g so hard to get my refit file clear which took six years due to the fact that I missed by two days a mortgage payment my credit file is again deemed as poor so I cannot do anything. I am in receipt of ESA both contribution based and income related so I receive council tax benefit myself along with the interest part of my mortgage aid by DWP. How wi a. IVA affect me and will my other mortgage companies need to know and will I lose my home?
I am so sorry to here of your problems but do think that you should seek professional advice from either CAB or an IVA company. Vincent Bond (details under the ask experts a question link on the left hand side of the page) can be contacted for some free advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Your situation is far from the norm and really, as Kallis says, will need to be discussed in depth with a few firms to compare the advice given and to work out the best way forward. CAB can be a mine of information, but do have a tendency to refer to a certain insolvency firm, which may not be your best choice.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Your case is quite unusual but could be resolved. Your IP would need to look at the portfolio as to what is worth keeping, selling or even surrendering. If there are some good properties and some bad ones it is possible to tidy up the portfolio which would still provide an income while addressing the unsecured and property shortfalls. Get some free advice.
