www.iva.co.uk

hi, dont know what to do, we are in a finacial mess..not sure to go for an iva, bankruptcy or get the house repossessed and still struggle every month...have tried to get re-mortgaged as it would help by paying off debts through it and giving us extra money at the end of the month but creditors not willing...all asking for money...in arrears with some...all want it now!...dont know which way to turn...hubby says "let baliffs in come and take everything i've had enough!"...not really helpful as we've got 2 kids...please can you give me some advice?

Your problem sounds similar to ours, we have a 120% mortgage & a secured loan, we decided to move to a cheaper house to minimise outgoings, we have more going out each month than we have coming in! We found a buyer for our house but the secured loan company will not transfer the loan to a cheaper house and are blocking the sale, we have negative equity. We have applied for an IVA and have not paid our bills this past month, we have got a rented house and are moving out at the end of the month and if the sale of the house cannot go ahead, then we will have to leave it to be repossessed. I don't know how this will affect the IVA, we may even have to go bankrupt in the end!!!!!!!!!

hi melanie
just to let you know you are not alone im married with 2 kids and im in the same boat as you
were 46,000 in debt and are trying for a iva weve tried all different routes but are hoping we get approved for a iva and be debt free in 5yrs
there is light at the end of the tunnel 2months ago i felt like you but since getting advice from the experts on this site i sleep at night
take care
nicky

Hi Melanie

Dont let things get worse there are solutions. Try ringing a few companys ( start with the ones on this site and definately NOT Synergi)A good company will give you advice on the best way forward also if you are patient I am sure one of the technical experts will give some advice. I felt like you a few months ago and now it is all sorted we feel so much better and the worry we suffered for years has been lifted.
All the very best to you

Ang

Hi Melanie

How much is your house worth, and how much do you owe on your mortgage? Also how much do you owe in total?

There are probably several options which you might wish to consider, depending upon your circumstances. Could you also work out what you disposable income is, taking account of any debt repayments other than the mortgage.

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

melanie j
There will be a solution for you.
Please post the info requested so that advice can be given.
You are one step nearer.