www.iva.co.uk

I have a natwest loan for £20,000 for which I have not missed a payment yet on,a overdraft debt of £11,000 to TSB,£5,000 TSB Credit Card,£1000 Barclaycard,£2,000 Capital One,£1500 Littlewoods Credit card,I can not afford all of these anymore as my circumstances have changed,My mortgage is £1400 per month & my income £1750,would I qualify for an IVA and still be able to 100% keep my home due to no equity in it?

Hey laram, welcome to the forum. Could you post a few more details about your situation. You are paying a huge chunk of your income on your mortgage, is it just you paying the mortgage? If there is no equity, would you consider selling and renting somewhere cheaper? If you can post some more details then the technical experts will be able to help.

Also whether single/married/partner any joint income etc etc - then we'll be able to advise

I can't see £350 being enough to service other bills and an IVA payment on its own! As the others have said, do you have any joint income from a wife/partner?

Hi Iraram

It is always devastating when your circumstances change and it can call for some big adjustments in your life which can increase the agony.

If you are on your own, like Jan and Viki, I cannot see how you can manage to continue to live where you are at the moment. As well as all the household bills - gas, electric, water, council tax etc you have to eat and presumably get to work. That is just the basics.

Please supply some more information so we can advise you better.

As the other posters have mentioned, your mortage to income ratio is 80%, which is far too high given the amount you are earning. It is important that we understand whether you are living on your own, or sharing - and if the latter what contribution the other party is making to the budget.

Given that you have no equity in the property, and it is costing a huge amount with regard to the mortgage, probably the safest way of hanging on to it would be to declre yourself bankrupt. The Official Receiver is not likely to comment on the high ratio referred to above, and you could purchase the beneficial interest in your property for a nominal sum of £1 plus the legal costs of transfer.

If the figures that you have posted are correct, then keeping a roof over your head must be your first priority - but you have to also live, and £350 is hardly sufficient to cover even basic costs. Can you tell us why hanging onto a property that is entirely owned by your mortgage company at the moment is so important to you?