Negative Equity

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Brokendenton

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Post by Brokendenton » Fri Mar 13, 2009 9:03 pm
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Hi have no money left in the house at all, mortgauge interest only £640--------IVA £440 -------Income £1800 Wife 2 Kids-


Any advice what to do really hard to cope with this
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kallis3

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Post by kallis3 » Fri Mar 13, 2009 9:56 pm
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If you are struggling with paying your IVA as well as your other bills, I would suggest that you speak to your IP to see if you can get your payments reduced to a more realistic level.

Otherwise, if you are in negative equity with the house and can't cope, bankruptcy is another option, but speak to your IP first.
Last edited by kallis3 on Fri Mar 13, 2009 10:04 pm, edited 1 time in total.
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.
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http://kallis3.blogs.iva.co.uk
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David Mond

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Post by David Mond » Sat Mar 14, 2009 4:55 pm
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Talk to your IP - is renting an option at a lower rate than what your mortgage is? Is your mortgage a repayment one? If so try and change it to an interest one. In any event have a chat with your IP asap.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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plasticdaft

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Post by plasticdaft » Sun Mar 15, 2009 12:35 pm
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Surely if a house is in negative equity it would be unwise to just hand back the keys go BR and rent when in BR you are unlikely to lose the house(if its in negative equity). Why throw away money you have invested?
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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