i need to reduce the payments

[zjl]

i am in deat of 25000 i am paying them still but im finding it difficult to pay the full amount i need to reduce the payments,can i get a iva only i dont want to loose my home .

[kezza]

Hi,

If an IVA is accepted you usually have an equity release clause in year 4 dependant on how much equity you have in your home.

Have you spoken to a debt advisor yet?

[zjl]

hi no i haven't spoke to a debt advisor yet not sure how to go about it also can you tell me what a equity release clause is thanks.

[MelanieGiles]

Hi zjl

Could you confirm how much you feel you could afford to pay your creditors each month, together with the value of your property and amount you currently owe on the mortgage.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[zjl]

zjl yes i ow round about 23000 might be little less yes i have a morgage for 86000 and the house is worth 192000 that was 3 years ago thanks,

[zjl]

sorry forgot to say i could afford 200 per month

[iva_squirrel]

Good morning,

Welcome to the forum.

So you have £106000 equity and £23000 debt, is that right?

Regards,

Julia

For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[MelanieGiles]

Hi zjl

On those figures you should consider remortgaging your property and paying off the debts in full. The cost of a higher mortgage will probably be a lot lower than £200.

You would not be able to get an IVA accepted as you are not insolvent.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk