www.iva.co.uk

Hi I have a mortgage of 48k on a £250k house and have credit card debt of 19k I am unemployed (disabled) with 5 children and have never missed a payment in todays world I am finding it more and more difficult and I am worried that my debt my spiral out of control in fact I am allready trying to find an extra £80 a month to pay debts please help what are my options

Hey Savanna, welcome to the forum. You have sufficient equity on your house to repay the debts, so you are not insolvent but I realise that it would be very difficult for you to get a re-mortgage whilst unemployed. Exactly what income are you getting? It may be best to try a debt management plan to reduce your debt payments to make it more affordable. Viki X

Hi Savanna, and welcome to the forum. With that much equity in your house, would it be possible to remortgage and release some of that equity to pay off your credit card? You don't mention whether you are on your own with the kiddies? If you are, then perhaps thats not an option, but I am sure an expert will be along shortly to advise you. Keep you chin up, I am sure it will all come out 'in the wash' Regards Kazzy x

Hi Savanna, You dont say whether you are long term unemployed due to a disability or whether you are able to work but dont have a job right now.
I think given the equity in the house a remortgage may be possible to get you back on top of things or some sort of debt management plan. I think someone will be able to offer you more individual advice if you post a few more details regarding your circumstances(not too detailed). You have taken a positive step by posting on this forum.

Paul

Hi Savanna

Just wanted to welcome you to the Forum ... this must be a lot of added stress on you with your existing health problems and the children to worry about.

It might be worthwhile speaking to one of the 'experts' Andrew Graveson ... he is involved in mortgages and also debt management programmes I believe. Like the others have said, if a return to work is likely then perhaps a dmp in the first instnace with a view to re-mortgaging later might be the answer for you.

Good luck ... and keep in touch with the Forum, we are all here to support you [:)]

Debbie

Hi guys thanks for all the replies here is some more info that some of you asked for..

total income 25k pa
long term disabled would dearly love to get back to work but caught in the viscious circle (goldfish bowl) [B)]
not on my own my wife takes care of me and kids (God bless her)[:)]

Hi Savanna

The best bet is to sell your home pay off your debt and learn by your mistakes it would meen moving into a smaller house and things would be tight with 5 children. You say you are unemployed (disabled) there are jobs out there for you i see 3 people every day going to work who are disabled from 22 years of age to 50 years of age if you are willing to work and turn up on time this is all a boss is interested in.

You are the perfect candiate to excape debt.

Thanks

Neil

neil, we really shouldnt judge. We dont know the reasons savanna is disabled so cant possibly say if he should or could be out working

I am not sure you can judge everyone with a disabilty the same Neil. Whilst employers have to follow the Disabilty Discrimination Act nowadays in reality it is not that easy and some appointments are nothing more than a token gesture. Rather than focusing on someones employment status the reason they came on here was for advice about debt and thats probably waht we should stick to.

Chris

Neil, please don't judge. Yes some disabled people can work but as the others have said it depends on the nature of the disability. Savanna came on the forum for advice and not judgement.

Hi

I was not pointing but advice is free and the assests of the house is the best assest (all debts would be free)hi Skippy yes i dont no Savanna disability and perhaps i was wrong. i just don't want someone to full into the IVA Trap when there debts can be sorted via property.

Regards.

Neil

Thanks again for the reply’s unfortunately in toady’s world there are far too many people abusing the disability and unemployment benefit system which makes it extremely difficult for genuine cases I wouldn’t blame Neil for his reply in fact four years ago I would have been of the same opinion but I guess the old saying "Never judge anyone until you have walked in their shoes" came home and bit me [:p] anyway I worked darn hard in various trades in all sorts of weather and conditions from I was 15 until I was 36 things were great and I had a good job as did my wife I worked hard to reduce my mortgage from over 100k down to 48k (not easy) unfortunately I took arthritis in my spine and I am still going through the diagnosis stage, which means that I am very unemployable to any employer, hopefully that wont always be the case. I have to deal with the debt problem that I am in that I have caused and I ain’t looking a free ride. To move to another smaller house would be hard to do for me but especially for the wife and kids so I am not prepared to do that. I think my best option is what a few have said already and remortgage thanks again and the best of luck to everyone..[:)][;)][:)]
cheers John

Ah John, please don't feel you have to explain anything to "us". I really wish you all the luck in the world, please keep posting, Viki X

Good luck John, I really hope things work our for you. As Viki says please keep posting to let us know how you're getting on x

Good luck John.