Hi, i am currently in a bit of a dilema. Please help !

[Jordan.83]

Hi, i am currently in a bit of a dilema. I am just over 4 years into my IVA and everything has been going well. Never missed a payment and it has been a huge help to my situation.
I currently live with my wife and daughter in a 2 bedroom flat that we have a mortgage on. The property is currently in negative equity.
I have just found out that my wife, who is in a Debt management plan herself, is expecting our second child. This came as a big shock to both of us, especially with our current situation. I have always been a worrier and im seriously concerned about the financial position this might leave us in.
There is no way 4 of us can live in the flat we are currently in but how is it at all possible for us to move into a house when i am in an IVA and my mortgage company is one of the creditors includedin my IVA. I dont know where i stand with this. Please help !!

[luluj]

Congratulations !

Have you thought about renting your two bed flat out and you renting a larger home until your iva ends and you can get a new mortgage deal?

[Shining]

Hi and congratulations from me too. Will your IVA be finished or almost by the time little one comes into the world.

Once you get that certificate you can move forward although i do acknowledge it may be another year until the credit files begin to clear.

[Jordan.83]

Thanks for your replies.

We could easily get our flat rented out as it is in a very popular area, however would my IVA company and creditors allow me to do this? Especially if the rent on a larger property could be more than i currently pay for my mortgage.

I have recently submitted an offer for a full a final (with the help of my father) but if this doesnt get accepted, i am very worried about the situation i might be in with 2 adults, a young child and a baby in a 2 bedroom flat.

[Shining]

Good luck with your full and final offer

[kallis3]

Congratulations on the impending arrival and fingers crossed that your offer is accepted.