Hi Ste,
Can you post a little more about the property, you say that you have two years left to run on the mortgage, so i assume you dont owe very much and a secured loan of £20,000 - what is the value of the house.
The only advice i could give about the secured loan, is perhaps contact them to see if the payments can be reduced, but this is likely to increase the term of the loan, as it is secured if it is not paid then they can force repossession.
Bankruptcy would probably mean the loss of your home if you have substantial equity, and if you were to go down this route then it may be better for you sell the house as you would get a much better price and retain more equity to start again.
How old are you ? Equity release may be a option
IVA would not help as you owe £5,000 which is not enough, and your income would probably not support an IVA.
You could consider a Debt managment plan, which would reduce your payments and freeze interest
Last edited by
carlmcmullen on Sun Mar 16, 2008 9:51 am, edited 1 time in total.
