Bad Day! I am feeling stressed, anxious and not knowing what to do

[sossageking]

Bad Day!

For the first time in a very long time, I am feeling stressed, anxious and not knowing what to do.

My life has turned from being manageable to being a horrible mess. My wife and I are separating, this has devastated me.

Declan from DFD has been so helpful to date so i want to offer a formal thanks to him. We are trying to see if we can use our payments to date as full and final settlement.

What is now stressing me is the fact that we know we need to sell our house and move on, however, the value of the house may not be sufficient enough to pay the mortgage and secured loan.

Is there anyone that can offer advice on what could happen if this was the case. Once again, thanks to Declan, he is also looking into this but i really need some help as i feel like i am now slowly cracking and the light at the end of the tunnel just got that bit further away

[Niobe]

Hello Russell,

I'm so sorry to hear about your problems - I hope you and your wife can find some way of getting back together.

I hope you can get the payments accepted as a full and final and I know Declan will pull out all of the stops.

Not sure what happens about the shortfall - you'll both be liable for it so will probably have to come to some sort of arrangment with teh creditors.

One of the experts will be around to answer shortly.

[Julie]

Hi Russsell - sorry to hear things are tough at the moment. Like Harpic, I hope you and your wife can sort things out.

Good to hear Declan having praise, he really deserves it and will do all he can to help you.

I'm not sure about the shortfall, but I'm sure someone will advise soon.

Good luck x

[Shining]

We'll keep this bumped up for you and one of the professionals who post on the forum may be able to offer some advice.

I hope things work our positively for you x

[Broke of London]

A gentle bump.

Declan is a star! You're in good hands to work through your present situation.

I believe that usually mortgage shortfall go into the iva but I'm sure Declan will give you some case-specific advice.

Hope things are looking a bit brighter today. x

[Niobe]

I'm not sure about this if the creditors have accepted a full and final, they will have written off all of their debts and the mortgage and secured loans will become new ones.

[Broke of London]

I don't think they've done the F&F yet but totally agree that things need to be sequenced to russellc's advantage!!!

[Niobe]

I know it's not happened yet but if was accepted before the house was sold then I doubt any shortfall would be included.

Could be wrong though!!

[Shining]

I've no idea but will keep it bumped up for OP x

[MelanieGiles]

The house shortfall will be covered under the terms of the IVA - but if its inclusion disturbs the dividend then available to all creditors materially, a creditors meeting may need to ratify the inclusion. Fairly easy to do.

[Shining]

I hope the above from Mealnie helps you x

[sossageking]

Hi thanks for all your posts all helpful. I'm not sure I understand all of this, if we ask the creditors via DFD to consider our application to take payments to date as full and final payment, and they agree, sureky the iva will end?

If that's the case and we sell after they have agreed does that make us responsible for the shortfall??

We haven't put the house up for sale, our intention was to try and end the iva to be able to save for deposits as on our individual wages we couldn't afford the iva plus rent and bills. We are returning our i&e forms tomorrow

[Declan at DebtFreeDirect]

Hi All
I have been working with Russell on this and i know exactly what he is going through, the stress and anxiety that goes with that and the uncertainty aswell.

I will ensure that we help Russell as best we can.

Thanks

[sossageking]

Declan,

Thanks for your help, and guidance so far, I really hope we get the outcome we need to carry on with our lives as individuals.

I have just sent you a quick email

Russ

[Tina Shortland]

I hope you get everything sorted and glad to see Declan is on the case for you.