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Posted: Mon Sep 29, 2008 12:27 pm
by duncan
Hi, I moved overseas 3 years ago, and have continued to pay off my rather large debts (was 50k in November 2005) every month since then. Dent is now around 30k, and I am having trouble meeting payments, and as my business is not making very much money at the moment. I have missed 3 months of payments and really need to sort this. I can afford to pay around 300 a month maximum towards the debts. I have 3 creditors, HSBC Bank, Halifax Visa and Egg. I own a house in UK worth approx. 280k with mortgage of 242k currently. Given this data and that I live overseas, is it possible to apply for an IVA?
Posted: Mon Sep 29, 2008 12:45 pm
by kallis3
Hi there, and welcome.
It is possible to do an IVA from overseas, but one of the technical experts will be along shortly to advise you.
Posted: Mon Sep 29, 2008 12:56 pm
by steve532
Hello.
From the figures you published house price and mortgage outstanding you are not insolvent so im sure you cant enter an IVA.
But im sure one of the experts will advise you accordingly
Posted: Mon Sep 29, 2008 1:20 pm
by Viki.W
Hey Duncan, welcome to the forum. As Steve has said, you aren't insolvent if there really is that much equity in the house. You could look into a debt management plan which would keep your house safe. Hang in there for a technical expert to advise you. X
Posted: Mon Sep 29, 2008 4:39 pm
by MelanieGiles
Do you live in the European community, or outside Duncan?