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I owe £80000 have 5 years left on mortgage and have a secured loan on the house, I can afford a payment of £400 a month plus at least £30000 from the house in 5 years. I have a private pension from a old employer worth £58000 that I am more than happy to use (if possible) so is a IVA suitable for me.

Hi David
Can you confirm the value of your house and the current outstanding secured debts on the house ?
We will be able to advise you once we have this info
Regards


Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

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About £110000, outstanding debt 0f £80000

Hi David
You say that you have five years left on your mortgage,do you have an endowment policy maturing at that time ?
The private pension can not be used for the IVA,unless you can access it and use the monthly payment and/or lump sum.
If you are indeed insolvent and can pay £400m per month this will generate 24k less IP fees[7k ish],so 17k.This is less than the normal minimum dividend of 25p in the £ so you will,as you say,have to look at a deal with your house equity.
Please post as many details as possible
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

David

With five years worth of payments at £400, and an equity release of circa £30k, this would appear to make a very viable IVA. You of course will need to find an insolvency practitioner to advise you further, and eventually represent you, if you choose this option.

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