Thanks Melainie, your advice is most appreciated. I will begin to research rented options then take things from there.

If we volunteer the keys back is this the same as repossion? I would find this a humiliating experience. Is there not a more amicable way to resolve that would mean we retain some dignity?

Yes we would consider moving out and taking on cheaper rented accomadation but I do not know if we are allowed to sell given the negative equity. Our first mortgage is for £140,000 (£130,000 secured, £10,000 unsecured) and the second lender has around £55,000. The property is in good condition but a...

Many thanks for your responses. Unfortunately the secured debt exceeds the current value of the property. It is beginning to feel a very desperate situation. My first lender has switched our mortgage to interest only which will ease the situation but our total income falls short of our total outgoin...

Following redundancy I have taken up a new job with a much smaller salary. I am struggling to maintain my current commitments. I have been made aware an IVA (if accepted) could help with my unsecured debt but my biggest outgoings are secured on my property. Can an IVA be put into place for secured d...