I have debts around 26000 pounds

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rasika

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Post by rasika » Fri May 28, 2010 12:26 pm
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I have debts around 26000 pounds. at the moment i am with debt management plan but i wanted to make sure that i took the right decision. i am paying 265 pounds for 10 years to be debt free.The debt management company said i cannot go with IVA because i am a home owner.
i wanted to know the options available to me from an expert.
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Michael Peoples

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Post by Michael Peoples » Fri May 28, 2010 12:31 pm
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Hi Rasika and welcome to the Forum.
You can do an IVA whether you are a homeowner or not. However it would depend on the amount of equity you have as to whether or not creditors would be better off if you just remortgaged or sold. If you have a lot of equity your DMP may be the best option but if you have little or no equity an IVA may be a more suitable option.

If you are unsure you can alwaystake a second opinion or let us know on the Forum how much equity you have.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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MelanieGiles

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Post by MelanieGiles » Fri May 28, 2010 11:22 pm
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How much equity do you have in your property Rasika - based on a valuation at forced sale basis rather than open market?
Regards, Melanie Giles, Insolvency Practitioner
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