Is Bankcruptcy our only option?

[chris.g]

MBNA already threatening property charge so they will probably go ahead as a precaution even if a DMP is in place!
xx

[Helen030166]

our mortgage is 145K and the MBNA will put a £10K charge on the property so we wont get alot out of the property even if we did get the asking price of £170K when taking into account the solicitors, surveyors, estate agent fees.

We tried doing a DMP based on the CAB's advice but the creditors wrote to us saying the amounts we could afford to offer wasnt enough so we went for the IVA which, as you know has been declined

[chris.g]

Helen, they could force a sale of your property which may mean it goes to auction selling at a lower price. I really think you need to get expert advice on this sooner rather than later to help you decide which is the best route for you, get in touch with Paul at Reviva UK and see what advice he gives.
xx

[Adam Davies]

Helen
You are getting alot of differing advice,as is the nature of insolvency.
I suggest that you speak with Paul Johns and an IP,before deciding anything.
One thing that is for sure is that you need to do something and you are asking all the right questions,so you are half way there
Regards

[Helen030166]

Hello all, thankyou all for your kind advice and support, it really is appreciated I have spoken to Paul Johns this morning and he has given me some sound advice and really put my mind at ease and put me on a path to hopefully begin sorting my problems out and get my life back in order.

He is a really nice person and knows his stuff so please anyone out there in a similar situation to myself then get in touch with him!

I will be in touch to tell you how im getting on xxx

[chris.g]

Well done Helen, you've took the first step in getting this sorted, good luck with whichever route you decide is best, [:)]
xx

[MelanieGiles]

Helen

Did Paul think that an IVA was not a solution for you?

[Helen030166]

Hi Melanie,

We have already been declined for an IVA with a company called ClearDebt - for the reasons i have outlined on page 1 regarding our mortgage rates increasing.

Paul has suggested that we put the property on the market asap and try and sell it as quickly as possible so that we can go private rented and then either re- apply for an IVA or DMP plan or at worst bancruptcy so that is what we are doing. The house has gone on the market today and hopefully we will be able o do a dmp with Paul in the meantime to keep the creditors happy till the house is sold?

Regards Helen x

[ianmillington]

Great advice from Paul there. Yes if you have decided to sell the house you have taken an enormous step and will then have the luxury of some options.

ian

[Helen030166]

hi all the house went on the market on Thursday and we've got 2 viewings already will keep you updated on how it goes. Been busy decorating to make it look as presentable as possible to hopefully get a quick sale - wish me luck! Also Paul Johns please can you contact me asap to arrange the DMP for the time being. Thanks Helen xx

[Soulgrowth]

Great news Helen! All the best

Debbie

[chris.g]

That's great news Helen. Decorating and selling your house should keep you busy for the next few weeks....when you're finished I've got a few rooms that need new decor!! lol

[Reviva UK]

Hi Helen

Will call on Monday unless you are about tomorrow.

[Helen030166]

im at home tomorrow got a viewing at 3pm though
but you can call anytime before then thanks Helen xx

http://www.thenottingham.com/main.asp?p ... 1017002184
this is the link to my house if you want a look ?

[chris.g]

Helen, lovely house, you should have no problem selling it, good luck
xx