would i have to sell my house

5 posts Page 1 of 1
Post Reply
 
 

dm00

User avatar
Posts: 2
Joined: Tue Apr 29, 2008 8:19 pm
Location:
Post by dm00 » Tue Apr 29, 2008 8:20 pm
Quote
i owe 5 different credit card companies £22000,how much would i have to pay back,and would i have to sell my house.
Top
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:
Post by Adam Davies » Tue Apr 29, 2008 8:28 pm
Quote
Hi
An IVA will require all your disposible income over five years and a slice of your equity,but you won't have to sell your house.
A debt management plan may be better depending on how much disposible income you have
Please post more details
Regards
Andam Davies
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Tue Apr 29, 2008 9:56 pm
Quote
Could you let us know how much equity you feel that you have in your property (if any?)
Regards, Melanie Giles, Insolvency Practitioner
Top
 
 

dm00

User avatar
Posts: 2
Joined: Tue Apr 29, 2008 8:19 pm
Location:
Post by dm00 » Wed Apr 30, 2008 5:50 pm
Quote
there is approx £40000 equity ,we have tried selling for 4 months with no luck to pay off debt
Top
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:
Post by Adam Davies » Wed Apr 30, 2008 8:39 pm
Quote
Hi
Well an IVA is out of the question as you are not technically insolvent.
You could come to an informal arrangement with your creditors whilst you sell your property
Regards
Andam Davies
Top
Post Reply
5 posts Page 1 of 1
Return to “postings for april”