Do you included Mortgage in debts? (It's the credit cards + loan that are crippling me) I have a repayment (7 years left) plus an endowment which matures in 3 years, but will not cover the origional mortgage so to meet the shortfall will have to remortage then, and as it is within the 5 years of IVA, will it affect my ability to remortgage?
Speak to an IP firm directly to discuss your options. Creditors have the final say as to whether they will accept IVA proposals or not, and there are various factors which need to be considered. For example, endowments can be required to be cashed in and the proceeds used to give the creditors a better return. This is not a given, but certainly needs considering.
You may be better looking at a DMP, converting the mortgage to capital and repayment and using the proceeds of the endowment to negotiate short settlements of the unsecured debts. When the endowment payment is finshed, and consequently the DMP payment as well, then that money can be used to reduce the remaining balance on the mortgage.
I am speculating, of course, but a professionally trained eye, preferably 2 or 3, looking at your situation would be a good place to start.
23+ years in debt advice
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