Page 1 of 1
Posted: Tue Apr 29, 2008 8:20 pm
by dm00
i owe 5 different credit card companies £22000,how much would i have to pay back,and would i have to sell my house.
Posted: Tue Apr 29, 2008 8:28 pm
by Adam Davies
Hi
An IVA will require all your disposible income over five years and a slice of your equity,but you won't have to sell your house.
A debt management plan may be better depending on how much disposible income you have
Please post more details
Regards
Posted: Tue Apr 29, 2008 9:56 pm
by MelanieGiles
Could you let us know how much equity you feel that you have in your property (if any?)
Posted: Wed Apr 30, 2008 5:50 pm
by dm00
there is approx £40000 equity ,we have tried selling for 4 months with no luck to pay off debt
Posted: Wed Apr 30, 2008 8:39 pm
by Adam Davies
Hi
Well an IVA is out of the question as you are not technically insolvent.
You could come to an informal arrangement with your creditors whilst you sell your property
Regards