www.iva.co.uk

Hi. Over the past year i have been finding it difficult to maintain my payments for debt which i owe. Although i have never fell behind im finding it extremely difficult to keep up and im forever into my overdraft. I have debts equal to around £47k as im a homeowner with a secured loan. Its this loan that is killing. I am sinlge and in full time time employment. Could an IVA be the answer to my problems. I do not know much about IVA's and have not really wanted to go down this route but i feel like im running out of options. Can you help??

Hi jason and welcome to the forum

An IVA may well be a possible route for you, but it would be best to take advice directly from an insolvency practitioner as you do need to have all options described to you and understand the advantages, disadvantages and implications of each one before making a reasoned choice.

Do you have any equity in your property after the secured loan has been taken into account?

Hi Jason, your situation sounds very similar to ours, we too had never missed a payment but were only putting off the inevitable, I'm sure you would benefit by talking to Melanie or Ian who could look at your debts and discuss this more in depth with you.

Sorry, forgot about my finger to keyboard ratio of one word a minute [:)]

Hi Jason25 and welcome to the forum

It would help to get an idea of the following:-

Value of house
Value of 1st mortgage
1st mortgage company
1st mortgage payment

Value of 2nd mortgage
2nd mortgage company
2nd mortgage payment

your disposable income after all esential living costs are paid - EXCLUDING payments to unsecured creditors.

The IVA actually will only deal with unsecured debt so the 1st and 2nd mortgages will remain - however with the above info hopefully we can provide some guidance