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Hi Everybody.
I got a phone call from debtmatters yesterday to say there was to much equity in my husband house for my iva. They told me to contact cccs and to go on a dmp. I owe 31,000. cccs said it would take me 6years and 9 months to clear my debts paying them £379 amonth.
I got into this mess and I want to get myself out of it with out it effecting my husband credit and my childrens future. If I agree to a dmp Could they still charge me interest and send me to court. and what about a charging order on my husband house. I don't know what to do I really need some advice. my creditors are Egg,Abbey,LLoyds TSB and barclaycard. Please can somebody give me some advice and what would be my best solution. Thankyou.

Hi Bontom

Your 6yr and 9mth @ 379pm is just short of £31,000 in total, so there is no element of interest included (or fees, but CCCS don't charge).

Therefore CCCS are assuming they can get the interest frozen with the creditors you have and if anyone should know what they are talking about in this respect they should, but if I was you I would be checking this with them to make sure.

As long as that is the case there is no way you will end up in court as long as you keep up payments.

I would imagine the reason you can't get the IVA is because you (jointly with your husband) are deemed able to settle the debt from assets, but you need someone like Melanie to come along and confirm this. However I can't see any way they could get a Charging Order on your husbands property UNLESS your name is also on the deeds. You would also have to be CCJ'd first (which seems very unlikely).

I hope you can get a better solution because 6-7 years is a very long flog.

-Best

New to the forums - but not to debt !

Hi Bontom

You say that there is too much equity in your husband's house? What difference does that make to your creditors? Is this property jointly owned?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi Bontom, I'm so sorry to hear that things haven't worked out as you hoped. As far as I am aware creditors don't have to freeze interest in a DMP, and if they do so they can change their minds. Regarding charging orders and the courts, I'm not sure what they can do, although I do know you don't have the same protection in a DMP as you do in an IVA.

I'm sorry I can't be much help, but I wanted to reply to you. I'm sure Melanie or one of the others will be along to help you soon.

Good luck, and keep posting x

Onwards and upwards!!!
View my blog at: http://skippy13.blogs.iva.co.uk/

Hi Melanie.
No the property his only in my husband name and my name is not on the Mortgage.

I live with my partner and our flat is in his name only and it wasn't taken into account so I don't really understand what they mean.

Onwards and upwards!!!
View my blog at: http://skippy13.blogs.iva.co.uk/

If I were you I would go through IVA so you have a chance of paying less then 100p in the £

Hope you are well