www.iva.co.uk

just been told i not working anymore....how does the IVF work if the house has Equity to cover the debt...??? will it be added to mortgage...not sure how it works..i have money to cover everything for at least six months...would be selling house be best and just pay bills off..or just informed creditors off lost of job and try to stop interest ect

Hi shaun

I assume that you have been made redundant? Are you already in an IVA? Can you be more specific about your enquiry as it is a little vague.

I suspect from your comments that you are not yet in an IVA, so it would probably be better to wait until you have found another job before deciding what to do. In the meantime inform your creditors, and try and make some token payments to avoid them harassing you too much.

A house sale is also possible, what is the value of your equity compared to the amount you owe?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi Shaun

Can you please post some further information on the Value of the property and the equity in your home.
If you can liase with your creditors and convince them to freeze the interest then you are doing very well but my guess is that this will prove v.difficult.
You should seek expert advice on your current financial situation. I would recommend one of the companies on the forum.
I would also agree with Miss Giles that it might be better to wait until you are back in employment.

Regards

Lee
www.123debtsolutions.co.uk