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Posted: Tue Dec 02, 2008 11:35 pm
by mitsu8
if im in a dmp can i hand the keys to the house back and go into rented or does the situation change
Posted: Wed Dec 03, 2008 12:20 am
by MelanieGiles
You can do this if you wish, but if this will leave a shortfall to the mortgage company then you will need to consider how to deal with this debt. I would seek advice on this point directly from your DMP provider.
Posted: Wed Dec 03, 2008 6:39 am
by Adam Davies
Hi
A DMP will only deal with your unsecured debt.If youhand back nthe house and there is a shortfall then this willbecome an unsecured debt and can be dealt with via a DMP.You may find that bankruptcy or an IVA would be a better option.
Regards
Posted: Wed Dec 03, 2008 8:18 am
by size5
Further, the situation will of course change because not only may you have a shortfall to deal with but a whole new set of circumstances to deal with, eg a difference re rent compared to mortgage, possibly different council tax, utilities, travel costs etc.
As Andy points out, the cumulative effect of these changes and differences may mean that another solution may be better for you than the DMP. Best to take advice directly, either from your DMP provider if they have an in house IP, or by visiting
www.iva.com and speaking to two or three providers from there to see what ALL your options are.
Regards.