We currently have an IVA (1 year down 4 to go) but are struggling as a family with depression in both of us and my 15 (almost 16 year old)son. I want to 'give the house back to the mortgage co' needs loads of work and no equity and rent nearer my family for support. The rent would be smaller than our mortgage by about £300 pcm. would this be a viable option?...we have not missed any payments etc
lelsneedshelp I'm sure one of the experts will answer your question, but as someone who has experienced the same in regards to "depression" within my own family, I sincerely hope you find some assistance and just to let you know there is a light at the end of the tunnel.
Good Luck.
I came into this world with nothing and still have most of it left!
You should speak to your IP as this would almost certainly lead to an extra debt to be added to the IVA. However, the reduction in costs should more than offset the extra liability and should not cause the dividend to decrease.
Rather than returning the property and having it potentially sold at auction it may be preferable to sell it your self to minimise the loss. You would need to speak to the mortgage company to get them to sanction any sale that would lead to a shortfall.
