i have been made redundant as of today but prior to that i had been considering an iva after the break up of a relationship and being left with a large mortgage and other debts, my ex partner is refusing to contribute anything towards the joint mortgage and RBS the mortgage provider has agreed to accept 50% payment off me since april 2010 for a 3 month period with a likelihood of another 3 months at 50% after that. the mortgage balance currently stands at around £148,000 against a house that is worth less than £120,000
Added to this i have a personal loan with a balance of £18,755, for which a monthly payment of £341 is required together with the following credit card balances;
RBS mastercard £2,530
Capital One visa £3,270
MBNA visa £6,075
Vanquish visa £1,997
and my current account is £1,800 overdrawn with a limit of £2,700
when my ex-partner and I bought this house we were jointly bringing in over £3,000 a month net, but after loosing that job I quickly got re-employed on a smaller salary and our medium term plan was to struggle through for a couple of years and then hopefully remortgage to include all the debts once the house value had risen, unfortunately the house value has plummeted and i need some advice as to how to proceed from my current unemployed situation
Hi Jason and welcome to the Forum.
It sounds like bankruptcy would be an attractive option and any shortfall to the property would be dealt with. You could then start again and move on but bankruptcy does have implications.
An IVA would also be an option if you were to find suitable employment and of course the options would depend a lot on whether your employment status would be affected.
Seek some free advice from an insolvency firm and at least you will know what your options are now and when you return to work. Best of luck.
So sorry to hear about you losing your job. You sound as if you have had a rough year, and as Michael says perhaps bankruptcy is the best way forward to free yourself of these debts.
Hi
Just to echo Michael and Melanie it would be sensible to look at bankruptcy and to give yourself a fresh start. Speak with several companies/experts who should be able to advise you on the steps to take
Regards
