www.iva.co.uk

firstly i have about £50,000 of unsecured debt which is being delt with by churchwood financial with a debt management program paying £400 per month, i had considered a iva but i have a buy to let mortgage a commercial mortgage and a personal mortgage i have no equity in any of the property and no prospects of selling any of these churchwood told me that an iva is out of the question. and to top it off our business is just getting by due to the recession.
we are just about making the payments most months but it leave's nothing for things like kids clothes never mind us or maintenance problems. also if the interest goes back up on mortgages i dont know how we will cope. i have even thought of throwing in the towel renting and going bankrupt as we have no quality of life what so ever. any advice would be appreciated
and thanks in advance mike

Dont just settle for one companies advice(after all how much are churchwood getting per month in fees and how long will it take to settle all your unsecured debt with via them?). Get on the phone to 2 or 3 other IVA firms and see what they say. Is the buy to let mortgage covered cost wise by the rental income?

Paul

Hi Mike, and welcome to the forum.

I think you should speak to one or two more firms as plasticdaft says. Visit www.iva.com for a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to all the options open to you.

Hi Mike and welcome to the forum from myself too, I would always take the free impartial advice of 2 or 3 companies and the link Kallis supplied is a good starting point. All the best x

hi, thanks for the replies so far.
the rental income covers everything on the property and helps towards others slightly.
i have been with churchwood for about 15 months, i did not get much help from the other companies i spoke to at the time but i think from what i have read on here its time to relook at things as we cannot go on the way we are.
regards mike

What absolute nonsense that you cannot propose an IVA if you have investment properties. So long as these are at least "washing their faces" then there is abolsutely no problem at all - I personally have many clients in IVAs who have buy to let properties.

thanks i really needed to know that as the last couple of months ive been having problems making the debt management payments and when i have phoned churchwood they have been next to no help and thats why i have been doing some research and found this forum, im glad i did, can i give you a call melanie with regards to this we are situated in rotherham
regards mike

I would be delighted to try and help you Mick - and will certainly make sure that you are advised about all options which are available to you.