www.iva.co.uk

Hi we have joint debt of around 65k mainly on credit cards. We have a mortgaged property with no/very little equity and have been told that if we go for an IVA we would be looking to pay around £600 a month which will still leave us fairly stretched financially are we best to go for bankruptcy but do not want to lose our home at what stage would we find out if this would be the case?

If you go bankrupt you wouldn't know for sure about your home until you actually were & the it is usual for the OR to allow you to buy iy back for 1 pound plus legalfees if it is in negative equity. However, they do have 3 years to dispose of your property so there are no guarantees.

Hi and welcome to the forum, I would suggest taking some free impartial professional advice, a good place to start to look is www.iva.com as there you will find a list of companies and some reviews, always contact 2 or 3 and I'm sure you'll receive the answers to any questions you have. I wish you well x

I agree with Lesley that you should seek profesional advice.

If you are in negative equity, then it is highly unlikely that you would lose it. You would need to get someone to buy the beneficial interest which costs £1 plus £211 costs. This takes the house out of the equation, and it would then be safe as long as you continued to pay the mortgage.

An expert will give more specialised advice though.

If you are looking into an IVA, you should not be told what you need to pay but a proper assessment of your current income and expenditure need to take place to see what you can realistically afford.

I suggest that you speak to another firm who is prepared to spend the right amount of time with you assessing this and explaining all of the options currently available to you.