Posted: Tue Aug 14, 2007 3:04 pm
Hi,
Found Forum very interesting and enlightening on experiences of IVA's. I am currently going through an IVA application with my Husband with joint unsecured debts of £75,000.
We have our house on the market at the moment - problems with neighbours - and it is our intention to pay off our mortgage and secured loan and rent a property for approximately £245 less per month to put into the IVA above the £200 as an initial amount offered. The equity in the property in minimal and after fees etc would expect to have below £1,000 which will be used towards renting accommodation.
I have realistically estimated that it should take around 5 months for us to sell our house.
Taken the above into account we will be proposing to pay back 42.5p per £ owed + 50% of annual bonuses and overtime.
My first concern is that the majority of our debts are with HSBC bank, whom I gather are very strict when assessing IVA proposals. With us being able to offer the 42.5p in the £ as a return does this sound an acceptable amount? Will it go against us that we have our house on the market which is not yet under offer? Could this cause the IVA to be rejected?
The problem is that we are finding it increasingly difficult to afford the mortgage as well as our debts and know that in the long run an informal debt management would only hold off the inevitability of entering into an IVA. In which time though we will have incurred extra charges and interest.
We just want to get things in place so that we can pay off as much owed as possible and know that there will be an end to this mess in sight.
Found Forum very interesting and enlightening on experiences of IVA's. I am currently going through an IVA application with my Husband with joint unsecured debts of £75,000.
We have our house on the market at the moment - problems with neighbours - and it is our intention to pay off our mortgage and secured loan and rent a property for approximately £245 less per month to put into the IVA above the £200 as an initial amount offered. The equity in the property in minimal and after fees etc would expect to have below £1,000 which will be used towards renting accommodation.
I have realistically estimated that it should take around 5 months for us to sell our house.
Taken the above into account we will be proposing to pay back 42.5p per £ owed + 50% of annual bonuses and overtime.
My first concern is that the majority of our debts are with HSBC bank, whom I gather are very strict when assessing IVA proposals. With us being able to offer the 42.5p in the £ as a return does this sound an acceptable amount? Will it go against us that we have our house on the market which is not yet under offer? Could this cause the IVA to be rejected?
The problem is that we are finding it increasingly difficult to afford the mortgage as well as our debts and know that in the long run an informal debt management would only hold off the inevitability of entering into an IVA. In which time though we will have incurred extra charges and interest.
We just want to get things in place so that we can pay off as much owed as possible and know that there will be an end to this mess in sight.