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Posted: Thu Aug 22, 2013 2:19 pm
by Phil.dk
.I have debts of £50,000.A half share in a house worth £350,000.The mortgage will be paid up in 5 years.My ex will not be will not be willing to remortgage and i would prefer not to sell.I am currently in a DMP but am looking for other options.
Posted: Thu Aug 22, 2013 3:38 pm
by lem
I cannot see how an IVA would be approved as you obviously have a massive amount of equity in comparison to the debt you hold.
Posted: Thu Aug 22, 2013 3:43 pm
by Tina Shortland
Hi Phil.dk welcome to the forum.
How much are you paying into your DMP? Depending on what dividend you could offer creditors an IVA might be an option but considering the amount of equity you have against your debts there would need to be a strong case for why you would not sell to release the funds to pay your debts off in full.
It is always worth speaking to a couple of professionals to discuss your circumstances in full to see what options you have.