Hi.My husband and I owe £115000 in credit card debt.We are both working professionals with a combined net income of £4240 monthly.We have a mortgage of £243,000 and no equity in house.We have 2 children.I have been reading extensively about our options ie.DMP and IVA.I much prefer the IVA but main concern is that at the moment we are at a ridiculously low mortgage rate which is a tracker rate so will continue to rise as economy improves.Can you tell me if this could be managed somehow with an IVA or will that render us totally unsuitable for an IVA? I have also read about IVA one off offers.I have no idea how we would fund this (rare chance that parents may give us loan depending on amount)Please keep this confidential...so worried! Many thanks
Others who have much more expert advice will be along soon to advise you. You have made a good start and dont worry no one really knows who you are on this site.
Good luck, its a horrible feeling but so many people here including myself have been where you are. I am in my 12th month of my IVA and its a real change for the better as it really does give you that chance to change habbits and or life style even though it may seem daunting at first it does get better
Others who have much more expert advice will be along soon to advise you. You have made a good start and dont worry no one really knows who you are on this site.
Good luck, its a horrible feeling but so many people here including myself have been where you are. I am in my 12th month of my IVA and its a real change for the better as it really does give you that chance to change habbits and or life style even though it may seem daunting at first it does get better
Bye bye
Hi Nicola
Go and speak to an IP, we did it last week and it s such a relief to speak to someone, we saw ours again yesterday and have now signed the proposal and have our creditors meeting first week in Aug, we are still of course extremely worried if it will be accepted but it helps to know someone is sharing it with you, make the call today!!
Good luck. I think one of the worst bits is over. Admitting that theres a problem. We're nearly 5 months into the plan and kept ours all secret and its still the best move that we've done. Budgeting took a bit of getting used to but its all been worth it so far. xx
I would talk to a company about your situation and get case specific advice for you. All debt solutions will be discussed and most of all this advice will be free. Talk to 2 or 3 companies to get impartial advice and why not try looking at www.iva.com for a list of companies and some reveiws of these. Our professionals who post on the forum also come highly recommended and can be found via the experts link.
Your mortgage should not be a problem within an IVA, my mortgage was fixed rate for two years and then altered and this was built into my IVA. All the best.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Ultimately, only you can decide which path to follow, but nothing you have said so far would rule out an IVA, so as the others have said, speak to 2 or 3 companies to get an idea of what your options are. Visit www.iva.com and have a look around, you should at the very least get no nonsense, no obligation advice as to what all your options are, and you can then make an informed decision going forward.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
It may be prudent to get your mortgage onto a fixed rate prior to agreeing to an IVA,you may also be expected to switch to interest only for the time of your IVA. These are all questions that will be answered by an insolvency practitioner,so best advice is to contact 2 or 3 companies and see what they say about your case. Please do come back with any other questions you may have,trust me theres no such thing as a daft question on here,because if 1 person asks a questions,normally half a dozen others were too scared to ask!!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I rang them to ask about a fixed rate and they said we are in negative equity so they wouldn't be able to offer us a fixed rate or any other discounted rate
It is not vital to have a fixed rate mortgage whilst being in an IVA and it certainly isn't a condotion - it is merely a good idea if you can so that you have more certainty with your payments. If you cannot get one at present does not rule out an IVA.
Your income and expenditure will be reviewed each year to make any necessary amendments and of course, if you have a sudden change mid year then you just pick up the phone to the IP looking after you and they can review your payments at that time. Any good IP will be available to you throughout your IVA and will help you with whatever crops up.
As the others have said, speak to 2 or 3 companies to get some free advice and to compare what you've been told and see who you feel comfortable with moving forward.
The first thing any of us will do is go over your situation to understand the full extent, help you work out how much you can both reasonably afford and then talk you through the options so you can then make a more informed choice - but this is always a good place to start and to see what others have to xsay about their experiences.
Anything more we can do to help just let us know,
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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I am glad to see that Nicola has taken the advice provided by forum members and that we are now able to help her. It must be such a relief to get that first phone call over, and know that the person at the end of the phone genuinely wants to help rather than judging you for the situation you find yourselves in.
