www.iva.co.uk

Hi all

What is our way forward? My husband was made redundant, has found a new job but it pays a third less. He has always worked even though he had renal failure. In Feb this year he underwent a kidney transplant.[:D] He has just returned to work. I have health problems too but also work.

Our mortgae is for 109,400 with property value around 110 - 115K. We owe 24K to the HSBC on various credit cards, loans and an overdraft. Incidently only one card of about 8K is in my husbands name. The rest is in my name. Our mortgage is joint. So far evrything is up to date but this can't continue any longer.

Our income is about 1,800 and outgoings about 1,580 Would a DMP, IVA or bankrupcy the way forward for us? We have stuggled for years but now would like to start to enjoy life again especially after my husbands transplant. We don't mind losing the house if we can rent somewhere decent. Thank you in advance[:)]

Hi and welcome
Are all you unsecured debts with the HSBC ?
Regards

Sorry to learn of your troubles - I have had kidney disease so I know the worry. You should consult an IP as soon as possible. Have a look on www.iva.com where you will find reviews. However, may I suggest you consult Melanie Giles (IVA Advice Bureau). In my view she cannot be equalled. HSBC were my major creditor and Melanie enjoys a good relationship with them which would be to your advantage. She got a difficult and unusual IVA through for me at first attempt. Her advice is free and you will have a lot to gain by contcting her Office

Hi Thanks for your quick replies. Yes all the debt are with HSBC. I have contacted them for help with no reply as yet. I shall have a look at that site and a good read round. Our debt troubles all stem from the renal failure, worry and depression it caused over the last six years!

I am not sure whether you can undertake an IVA with one creditor but nevertheless Melanie will discuss with you all the opitions after which you will have a much clearer idea of the way forward.

It is highly unlikely as you should ideally have either three creditors or two with three different lines of credit.

I think that coming to an arrangement with HSBC to make lower payments in a debt management plan might be a way forward at the moment.

Bankruptcy for you may well be the best option and your husband can repay his debt. Given little or no equity your husband can deal with your equitable interest in the property for a nominal sum.