what would the situation be for me?

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louisaL

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Joined: Sun Aug 19, 2007 5:10 pm
Location: United Kingdom

Post by louisaL » Tue Aug 21, 2007 9:02 am
my house is 50% shared ownership and we paid £87,500 and just had it valued for £97,500 by an estate agent. if we sold it it would need to be valued by a chartered surveyor.
we also pay rent of £350.

we are in arrears with our mortgage by £2,700 and it has been to court to get the warrant if it needs repossessing so far for the past 6 months we have paid our mortgage with £50 extra per month to cover the debt. our rent is also in arrears and again we pay £80 on top to cover arrears but if it falls behind they said they will approach the mortgage company and issue the warrant for repossession.

my husband has £35k debts i have £16k. alot of mine are small catalogue ones for no more than £300 lowest 2 being around £150 -£181. the 3 biggest ones are £7,500 for a HP car which i no longer own as i surrendered it and another HP car for £3,500 which got repossessed.

i have 2 ccj's and would like to know how they affect a IVA, can they be included?

we get £1,900 per month and £1,450 approx is paid out on everything excluding the debts.

as i have explained in previous posts we want to sell the house and private rent and pay off the debts with any money we have left over.

i just dont know what is the best thing to do.

if u need me to answer any questions just ask!
 
 

MelanieGiles

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Post by MelanieGiles » Tue Aug 21, 2007 6:46 pm
Hi Louisa

Sorry it has taken so long for one of us to answer your post.

Assuming that you are looking to put together a "joint" IVA, you say that you have disposable income of £450 per month - although this may change once you enter rented accomodation, I assume? Could you also confirm whether you have any equity in your property?

With more information I am sure that one of us will be able to advise you of your options - but only you can decide on what is the best for you to do.

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
Regards, Melanie Giles, Insolvency Practitioner
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