www.iva.co.uk

Hi

Does anyone know, if we juggle our mortgage repayments so that they are 40% of our basic income and can therefore offer about 60p/£ (before fees) whether this would still seem to be too much spent on mortgage?

There is a good chance that hubby will get a fair amount of overtime in which will increase the amount we can pay but unfortunately none of it is guaranteed. (Up until Christmas there was a guaranteed amount (£800 pcm) but this has been stopped for business reasons and is one of the main reasons all of this has come to a head)

For personal reasons we are desperately trying to keep hold of the house but even if we didn't have those reasons, with the market being what it is I don't know we'd be able to sell now anyway.

The people we're talking to at the moment are going to go ahead and have been really helpful and approachable but at the end of the day I don't want to waste anyone's time if it's not going to work. I'm terrified of putting our head above the parapet with an offer that will be rejected and then not being able to carry on as, presumably, our creditors would pull all the rugs having been alerted that all is not well?

Sorry about this long ramble (I'm good at rambling) and, to the lady I spoke to ealier this evening, these are all worries that have come into my head since our conversation and won't go away. I know I'll have another night of not sleeping and 'tummy problems'(!) anyway but at least writing it here gives a bit of a steam off.

Thanks to everyone

I don't think that losing your property is the issue here - more the cost that it is currently costing you compared to your salary and the alternative rental market for a property of a similar size.

I am sure that lady might give you another call tomorrow for a further chat, so sleep tight now and try and list out all the questions tomorrow morning so that you can have another discussion. It is very right that you consider all angles to work to a satisfactory solution for you and your creditors.

I hope you have managed to sort something out this morning. If whoever you spoke to yesterday hasn't called back, why not give her a call with your worries.

The creditors will just keep on hassling you if you are not able to get an IVA, but even if you can't, you can always do a DMP, at least temporarily.

Thanks Jan and Melanie for your replies.

I'm not at all unhappy with being asked questions or any of the advice given, I just panic and feel totally terrified.
I know I'm not alone in this situation, I can see that from this forum, but it feels very lonely here.

I am a natural worrier anyway and obviously a control freak as I hate the thought of what happens to us being decided by some suit wearer from the places that were offerring loans and credit cards by the dozen.

Anyway, I'm not normally this whingy (I'm sure hubby would disagree tho) but I'm sure that if there is a light at the end of the tunnel, it's probably an oncoming train! lol

Pap

We've all been there Pap, it is a big step to take, but talking about it with an advisor is good, and I am sure that no one would put an offer forward if they thought that it wouldn't be accepted.

Why not give one of the other experts who post on here a ring? You can find their details under the experts link on the left hand side of the page.

A lot of them work for smaller, friendlier companies than some of the big firms and you get the more personal touch.

I am actually representing Pap, Jan, but it would not be right for me to comment about the specifics of the case on the world wide web. I have been busy today, but will call Pap tomorrow to see if I can reconfirm the points we discussed yesterday evening.

Ooops, sorry Melanie, didn't realise that she was already being represented, I thought she had just spoken to someone.

No worries Jan - you couldn't possibly have known as we don't really advertise this fact on the forums, and both of us know you were being very helpful.

Thanks all, I'm ok really and Melanie, I'm incredibly grateful for waht you've done so far. I really don't want to take time out of your valuable weekend so don't worry about ringing tomorrow.

We'll make the phone calls you suggested on Monday and I can come back to you with more info then. ( I did call them last night but the actual dept I need to talk to finish at 5pm and don't work weekends)

Just writing things out here helps to quell the rising panic a bit, a bit like a safety valve.

Enjoy the rest of your weekend, and thanks to both of you

Pap

Continue to use the forum for support Pap - there are many people on here who have been through the same experiences as you and can help - in fact a lot better than I can most of the time!

Hope that you get some headway on this on Monday. Try and make it a priority and then we will be able to proceed.