Myself and my husband have found ourselves in a tricky situation through bad investments and the dreaded credit crunch.
Between un we own 5 properties 2 in the Uk and 3 in the USA.
1 of the properties in the UK is our residential home. We currently owe £233k and the current index valuation is $200k. My husband also owns a flat with his brother, which us rented out. The rent just covers the mortgage. They owe £108k and the property is worth around £100k.
We then have 3 properties in the USA, which again are in negative equity. We have put 1 up for sale at a price where we may be able to release some capital, but it has been on the market for 6 months, we have had a total of 2 viewings and no offers. These are rented on holiday let and are just about covering all the bills, but even the holiday let is seeing a decrease in leads and bookings, and we are seeing foreclosure on the horizan.
To add more confusion to the mix, I am a mortgage adviser for one of our main creditors.
I am really at my wits end and am not sure what to do next. If we apply for a joint IVA or Bankruptcy, then I will loss my job and we wont be able to pay the agreements.
I don't want to loss my home and don't know what will happen to the other properties.
At the moment, we are paying for everything and have not missed any payments, but there may come a time in the near future when this may happen.
I would really appriciate some advice on what you think would be best for us to do.
Your situation isn't unique, but you certainly need to speak to someone, so a visit to www.iva.com have a look around and then speak to 2 or 3 providers would be a good idea.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
Why do you feel you would lose your job? Is this a contractual part of your terms of engagement?
The very first stage must be to evaluate your financial situation, and an insolvency practitioner can provide invaluable advice and guidance in this regard, on a completely free of charge basis. Now you have recognised some serious problems, you will take great comfort in sharing that with one qualified to act, and you may be suprised at what you can actually do to deal with your creditors.
