i have 67000 in debt i am now 50 and have never missed any payments in my whole life until 3 months ago. my health seriously deteriorated + lots of disabilities and medical issues as a direct result of illness which meant my income reduced from 70k to 1800 per month as can only work part time due to severe mobility and psychological issues. i own my home with a mortgage home is worth 330k mortgage left is 210k. i would like to know if i can arrange an iva with the 5 creditors (all major big banks) without losing my home and hopefully without destroying my credit report as i work in a financial sector and this would most likely mean that i would lose my job.
With an IVA your credit report will go down the tubes -- there is no getting away from that. However, not all financial jobs are at risk in an IVA and an anonymous call to HR might put that straight in your mind, if that is the case with your job.
Regarding the house ... some creditors are reluctant to enter an IVA where there is sufficient equity to cover the debt. But this is by no means a given. So still worth a chat.
Alternatively, you could try to raise an amount of capital from the house to make a lump sum F&F offer to creditors, based on what they would get in an IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk