I have debts of around £125,000 and have now lost my home. The second mortgage I took out went into negative equity so I could not sell my property to cover the debt. Would an IVA be the right solution or with such a large debt would it be better to straight to bankrupcy ?
It really depends on your own circumstances as to what is the right way forward for you, and even then you alone must decide which way you go. You may wish to visit www.iva.com and have a look around there. Take time to speak to 2 or 3 providers and then go from there. No reputable firm will charge you for any initial advice or put you under any pressure one way or another so you have absolutely nothing to lose by making the call.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
I agree with Size5. You need to take professional advice. There are several IP's who post on here who come recommended.
Their contact details can be found under the experts link on the left hand side of the page.
Give one or two a call, and they will explain all your options to you and advise as to the best way forward for you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Just because you have a relatively high level of debt, this does not mean that you have to go bankrupt. There are bound to be other options, and an insolvency practitioner can guide you through these to see if they are suitable and whether you wish to avail of any of them.
With a New Year now with us, it would be a good idea to see if you can broker your own debt free start to the year! Good luck and let us know how you get on.
Take the advice of several IP's and then make your decisions - yes it is a large amount but an IVA may be feasible over going bankrupt, although as you no longer own your own home this may steer your decision towards bankruptcy - however an IP's advice is my advise - take your time to decide as once your mind is made, things happen relatively quickly and you need to ensure whichever route to choose is affordable to your circumstances - best wishes !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
