what is the best option for me?

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steven.c

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Post by steven.c » Thu Jul 24, 2008 1:06 am
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if was made unemployed on may21 and sice then i have struggled to make repayments consistently. i have a mortgage (52,000 outstanding), personal loan (7,000), car loan (11,000), overdraft (2,000) and credit cards (3,000). my income is jsa (less than 400 a month). what is the best option for me?
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Viki.W

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Post by Viki.W » Thu Jul 24, 2008 1:31 am
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Hey Steven, welcome to the forum. Sorry about your job. Do you think you could find employment soon? You may want to just inform all your creditors and your mortgage company of your situation and ask for a payment break. Please wait for the experts to advise you. Good luck, X
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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MelanieGiles

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Post by MelanieGiles » Thu Jul 24, 2008 8:08 am
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If your only income is job seekers allowance then neither an IVA or a DMP is going to be an option for you. How much equity do you hae in your property?
Regards, Melanie Giles, Insolvency Practitioner
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steven.c

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Post by steven.c » Thu Jul 24, 2008 10:06 am
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hoping to find employment soon. possibly start on business. purchased my house through the right to buy scheme. House is valued at 90000 and i received an 11000 discount from the council.
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MelanieGiles

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Post by MelanieGiles » Thu Jul 24, 2008 10:29 am
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Then an IVA might be a real possibility for you when you are back in work. How much is your outstanding mortgage?
Regards, Melanie Giles, Insolvency Practitioner
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steven.c

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Post by steven.c » Thu Jul 24, 2008 11:47 am
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outstanding balance on my mortgage is 52000.if a started my own business would an iva still be a possibility
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MelanieGiles

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Post by MelanieGiles » Thu Jul 24, 2008 12:23 pm
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You really have enought equity in your property to be able to repay your debts, so have you considered selling the property to get back on your feet again? An IVA is still possible if you start a business, but with equity at the level that you currently have it is unlikely that creditors will support one based on contributions.
Regards, Melanie Giles, Insolvency Practitioner
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steven.c

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Post by steven.c » Thu Jul 24, 2008 3:01 pm
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the terms of the right to buy scheme indicate that i have to keep the property for three years before i can sell, i believe so anyway.
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