hi i am new and stuck

[kezza33]

ok we are in a very tricky situation and i need help. when i met my hubby 7 years ago i had a dmp with cccs after separation from prev partner. i owed 38,000 and after paying for last 7 years a payment of 341 per month i now owe approx 8,000 ( def figures not given as interest charges may still have to be added)
his employer went into liquidation 5 years ago and with a new baby on the way we were in a state. i sought help from financial adviser who got us a 2nd charge on home to clear some of his debt and mine but not the dmp as he said we had to keep this to have the re mortgage agreed ( gulable i know )
We have between us 21,158 including creditors on dmp.
our mortgage has come to its 3 year fixed rate end and we owe 129950 plus second charge 44250 the house valuation is around 185000
we have applied for re mortgage again for another 2 years and the second charge wont accept deed of postponement so we would have to take a mortgage of 157000 an increase of 27k to repay them 23k and our creditors 4k then in 2 years our rate will rise again and we will be even deeper in it. its feesable to do in the short term cos we will be 421 per month better off and could use this to repay other creditors but then we will be in a stick in two years anyway.
do i take the extra mortgage to get us by? do i look into iva? do each of us have to apply for iva separate and each have debts more than 15k? the 2nd charge people say not sufficient equity for their purpose but is there equity for iva purpose so could i loose my home?
we have 2 cars one on HP with 2 years left to repay do the creditors make you sell the car cos i wont be able to travel to work- we have 3 children. all our commitments were being met until the arrival of our un planned 4 month old baby and childcare is going to be sooo expensive its cheaper for me to reduce my hours at work and go back part time. we have looked into tax credits etc and have maximised our income. hubby salary basic is 28k but has wrked overtime and earnings to date 35k this overtime is not guarenteed so how does that work with iva? my income on return will be 11k
sorry about the long post. we are just about to sign re mortgage paperwork when i started searching the net and wondered if this was a better solution - iva given the fact that dmp has reduced to 100 per month since change in circs and will 80 months to clear.
any answers much appreciated i will also look around the forum too
many thanks kez

[MelanieGiles]

Hi there Kez

To be honest with you, you really need to take specialist direct advice on your situation from an insolvency practitioner rather than posts on the forum. Your case is fairly complex, and whilst the forum is here to help and maybe supplement the advice you are given elsewhere, it cannot help you to make definitive decisions about your future as we do not have direct access to your documentation or circumstances.

There are several firms of experts who post on the forum, who would be delighted to assist you, so why not give a couple of them a call tomorrow for a discussion on your options.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[catullus]

I agree

[mikebdomain]

I would hold off on signing the remortgage papers until you have spoken to some one else and have satisfied yourself that this is the right thing for you to do.

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