Not sure I quite understand your post. What was the £16,000 for? Was it fees?
Were you not able to keep up with the payments?
Can you give us a little more information.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Why are they saying that you will lose your house?
What company have you approached?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
my Debt is £53000 the company is Clear Debt, they said I will have to pay around £200 a month for 4 years and them sell my 3rd of the house (the rest belongs to my ex and my family lives there) and pay £62000 which it does not make sense to me. thanks
I think that what Cleardebt mean is that you will be expected to release some of your equity in the house by way of remortgage in the fourth year of your IVA.
You will never pay more than the total amount you owe to your creditors plus fees.
If you can't remortgage then you usually find that your IVA will continue on for a further period of time, usually 12 months.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The other owner is my ex and she lives there with my 3 children, there is also a court order preventing me from this until my youngest is 23 at least I don't want to do this to my family
Given that the property is to be sold when the youngest is 23 would it be an option to remortgage now on an interest only basis to clear the debts. Your ex would need to take legal advice but there is a possibility that the property is at risk now anyway as creditors could go for bankruptcy and try and get the equity sooner.
not a possibility, I'm in management debt agreement no interes are added to my debt and it will take 10 years to pay off, I'm looking for a better deal
If you are in a DMP with the interest frozen it sounds like your best option is to stay there. If you propose an IVA there will be fees to be added[ although the £16,000 you quote seems very high] so it seems the wrong thing to do.
Furthermore, if you can remortgage to clear the IVA in year 5 you will be borrowing £62,000 at adverse rates meaning you could end up paying back up to double what you borrowed.
I see no reason why your current DMP is not best option for you especially if interest has been frozen and there is no legal action. In my opinion there is not a better deal out for you at this time.
