www.iva.co.uk

Hi again
someone has told me that rather than go into BR to look into taking a 125% remortgage on the house and paying off my debts this way - has anyone experienced going through this before! thanks fudge x

I would certainly not recommend putting your house at risk by taking out such a huge mortgage, and with a possibly now poor credit rating would not have thought this sort of product would be available to you in any case. Remind me how much equity you have in your property now, compared to the amount you owed to creditors, and how much would this extra borrowing cost?

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

Hi Melanie
I need to contact the financial advisor to go through the figures as in what extra this will cost me every month but in essence i brought the house last year for 153.00 our mortgage currently stands at 146.00 and we have an early penalty of 5 grand if we change our mortgage before the 3 years - its a joint mortgage so its only half of my equity.

opps meant to say that I owe 62.000 in debt and that includes a 30.000 loan to NR

Fudge34

I applaud you for covering all options and cant offer you any expert advice, I also thought of every possible option prior to going BR yesterday, but really it comes down to affordability, and for me I would have been really struggling for a lot longer than an IVA or BR period. Do remember that if you have very little equity in your property and have redemption payments on your mortgage product, your home perhaps would not be lost in BR, I really hope you find the right solution, good luck Fudge, I wish you well.

Pippa

Will this mortgage be transferable to another propety as otherwise this negative equity situtation will make it very difficult for you to move in the near future?

Best Regards
Oliver

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