Can anyone help me with some advice.i am a single mom with 2 children under 3.I have a mortgage that is in negative equity by 13000.I am finding hard to make the payments each month but if I sell or get it repossed I still have to pay the 13000.Anyone have ideas of whether to go bankcrupt or what to do.I cannot afford a loan of that amount.please help.
Hi. Please pop over to www.iva.com where you will find the details, with reviews, of insolvency firms. Have a chat with a couple ( it's free). It will help you get things sorted in your mind, before deciding on the best way forward.
Do you have any other loans, making life difficult? The mortgage, being secured, cannot be rolled into an IVA, but, if you sold it, or were repossessed, the shortfall could.
There are solutions to most problems, but its best to have a chat with the experts, who you can discuss specific details with.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
hiya angela,
iva's seem to be for people who want to protect their mortgaged homes, or morally want to pay as much of their debt back as possible to their creditors.
if you dont have a home to protect, and your not concerned with paying your creditors back, then bankruptsy would be an option for you.if you did decide on an iva then the short fall from the sale of your property could be included. either way take a look at the sight that foggy has recommended, or read some of the other posts here, some from insolvency practitioners themselves who are very well respected within the buisiness, and give them a call.
kat
IVA accepted 6th May 2011, Full and Final accepted 17th April 2012.
I would seek advice via the link posted above. They will be able to give you some free and impartial advice about all the options open to you.
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 mortgage is 525 a month,i could get rented for 450 and it would be bigger for kids.i only have 2 bedroom at present and i have a boy and girl.I am in a no win situation cause its only interest only im never paying any off it and it always gonna be in negative equity.I feel like just giving keys back but i cant pay the downfall.I work full time but all my wages go on mortgage and bills.
Why not get yourself a rented property sorted and then consider bankruptcy. The shortfall will then be lost within the bankruptcy, and you may only end up paying affordable repayments for a maximum of three years if you have a surplus income. Do you have any other assets of any value?
I am sorry but I just got this message. I don't think the forum admin team like people making direct approaches to IPs on the forum, so if you could e-mail some details to my link I can get on of my colleagues to call you that way.
