For us the option was either sell the house and go into rented or consider bankruptcy.
Due to my employment bankruptcy was not an option so we sold up and moved into rented for 3.5yrs - a decision we have never regretted. It allowed for the secure loan to be paid off as well as the mortgage, and then our iva was set at a repayment that provided 91p in the £ return.
Due to sad, unforseen circumstances in December 2009 our iva came to an early end and through inheritance we paid 100% back of our original debt plus IP fees.
I presume you have not actually put any proposals forward but an IP has told you an IVA would not be viable based on whatever alternative you were proposing?
What did the IP tell you was your best option?
The reality is that it is a paper exercise.
If i did sell my house and pay off the debts I would be homeless as couldn't buy again as insufficient funds and would be declined a mortgage and would not even be eligible to rent as that involves a credit check.
What do you advise?
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