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Hi
Just looking for a little advice please.
Unfortunately,due to ill health I was pensioned off from my full time job and some debt I accumulated suddenly became a little more difficult to manage. I'm presently only working part time and that together with the pension from my previous employer gets me by.I have never fallen behind with any repayments on anything,although things can be a little tight at times.
I have mortgages for two properties,one of which is for sale at the moment. My share of the equity in those properties is roughly £80 000. Expecting my share of the money raised from the property that's for sale at the moment to be around £30 000. Would I be best to clear my outstanding debt with this money (with some left over) rather than even considering taking out an IVA?
I am hoping to get back to full fitness again as soon as possible and hopefully then I'll be able to get back to full time work.
Thank you for your advice.

Hello Pastry70,In my humble opinion if you have the means to pay off your debts I would, and clear yourself of the burden of an IVA,after all like you say you will have a little left over for yourself anyways.An IVA is on your records for 6 years where as if you do sell your property and pay your debt you are clear and dry.

Hello there
By the sounds of things you are not insolvent therefore IVA or Bankruptcy would not be for you!
Hope this helps
Z
x

Zoe
x
Keep your chin up - everything happens for a reason!
View my blog http://zoes.blogs.iva.co.uk/

Hi Pastry70,

From the information you have provided it seems that your equity is more than your debts owing, If this is the case you are not insolvent and therefore cannot enter into an IVA.

I think the best way forward is to use the money from your house sale to pay off all your debts and then try and live off the remaining until you can return to full time work.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

Thank you so much for all your replies. About 3 months ago,I had a panic and completed an online enquiry form re: an IVA (I wasn't sure whether I would qualify or not??!)A reply came back with a phone number to contact the company I had made the enquiry with. I didn't pursue it. Although I am very concerned about money matters,having only part time work at the moment,and a big drop in income, I will struggle on until the house is sold and I get back to full time work again.
Hopefully that'll be in the not too distant future.
Good luck to everyone.

Best of Luck with your house sale Pastry70, please do continue to post your outcome [:D]

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/