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Posted: Tue Apr 01, 2008 12:29 am
by ji ni
we are currently starting process of iva, we are in process of trying to sell our home, we pay 1050 per month mortgage. if we obtain a rental at 600 do we have to pay more on our iva? or do payments stay as they are?
Posted: Tue Apr 01, 2008 12:31 am
by MelanieGiles
Hi there and welcome to the forum
Have you already got an IVA accepted or are you just in the process of exploring whether this is a sensible option for you?
Posted: Tue Apr 01, 2008 12:34 am
by ji ni
have just started process with an iva company in belfast.
Posted: Tue Apr 01, 2008 12:45 am
by MelanieGiles
Why have they suggested that you need to sell your house? Has it become unaffordable, as I also have an office in Belfast and it is incredible how prices are tumbling in Northern Ireland.
Posted: Tue Apr 01, 2008 12:54 am
by ji ni
they haven't suggested it.... we thought that it would be best to try and reduce our monthly commitments, though obviously would rather stay in our current home.... we have just started process with Grant Thornton in Belfast. Very helpful so far.
Posted: Tue Apr 01, 2008 1:10 am
by MelanieGiles
So if you were to stay in the property, how much disposable income would you have to offer to creditors, bearing in mind that if you sell and move into cheaper rented accomodation you will give all of that extra money to your creditors.
How much do you owe to creditors now?