www.iva.co.uk

my mortgage a month is 1500.00.will this be seen as too high an amount if i go for an iva.this represents about half of our income.if it is too high could they make us have to sell our house .thanks

Hey mitsu9, it really depends on your situation and other expenditure, and also what you are offering creditors. I know Jan's mortgage payment is over 50% of her and her hubbys income and she didn't have a problem. Hang in there and one of the technical experts will advise you.

Need to know your exact situation. Total debts. Any Joint. Total income and total expenses - then you need to seek professional help. Visit www.iva.com for reviews on IP's that could help you and give you free apprpriate advice.

mitsu9

If your present mortgage is on a repayment basis.

Could there be the possibilty of changing to interest only with your present lender for the interim period and then convert back to repayment mortgage when it is affordable to you.Tony

i have total debts of 65000 apart from mortgage.i am meeting with company on monday to go through everything so hopefully things should be a bit clearer.my mortgage at the moment is repayment with 27 yrs still to go on 30 yr mort

It is very likely that you may be asked to revert to an interest only mortgage, to reduce the ration of the payments to your income.

This should only be used as a temporary measure, if your mortgage company are prepared to allow it in the first place, and you will need to bear in mind that the capital element of your mortgage will not be reducing. Perhaps you could look at part-interest only/part capital repayment as a compromise - with a clear plan to catch up the capital repayments as soon as the IVA is concluded.

maybe bankruptcy might be best option considering amount of debt as mortgage is 240000.should know more after meeting on monday

im meeting with england jackman and spacey but cant see any reviews

They are not insolvency practitioners - but I believe them to be a firm who deal with "assisted bankruptcy".

what does that mean because i want to look into iva as i have ltd co issues as well thanks

Then you may be better off talking directly to an insolvency practitioner, with experience of both personal and corporate insolvency.

could i phone you on this or could you reccommend anyone .i live in cambridgeshire thanks

I would be happpy to discuss options with you over the telephone, but could recommend Philip Beck who used to post as an expert and runs a small practice in Cambridge. If you would like his details, please contact me at my website.

tomorrow i have a company coming to see me but found out they are a assisted bankruptcy firm.what does this mean as i thought they were coming to do an iva or would they still do this thanks

From what I understand, most assisted bankruptcy firms do just that - help you to go bankrupt. They will charge you a lot of money to do that.

If you are planning to go bankrupt, you can do it yourself and it will cost £495. This is the court fee. An assisted br company will charge that and their own fees on top, which can amount to quite a bit.

If you want to look at an IVA, then I would give Melanie a ring tomorrow and her firm will go through all your options with you. Ring Philip Beck as well to get another opinion. Don't be railroaded into making a decision tomorrow.

My mortgage and secured loan amount to more than half our joint income and we had no problems with an IVA. My mortgage is also a repayment mortgage, not interest only.