Melanie . I have justt had a very good conversation with Tina (1.5Hrs), and she was very helpful and informative indeed. She certainly makes you feel at ease. I am not sure that her cats appreciate the hours she works however as they are desperate for attention.
One of the options Tina mentioned to me to get the divvy up was to consider changing the mortgage to int only. Do you have any experience with the Halifax and their attitude towards this now that our credit rating is shot at. I will speak to them tomorrow but do am not sure as to whether I should mention we are looking at an IVA.
Your helpful advise would be appreciated.
It would probably be better to discuss this one off-line, as I am unsure at this point why Tina would be encouraging you to increase the dividend to creditors, unless it is presently unrealistically low.
I will get the papers from her tomorrow, and then give you a ring if that is OK.
Melanie...In all honesty I think that is why. She is taking a reasonable and realistic view on things I feel, which I suppose is the benefit of her knowledge.
Melanie.
Out of interest are you aware how the Halifax react to changing mortgages to Int Only. And does there reaction differ once the IVA has been actioned.
I have no real experience of Halifax doing this - but I would have thought that in the current economic climate they would be relatively sympathetic if you are struggling. How much is your property worth, and how much is outstanding on the mortgage?
Speaking to Tina I think we agreed that at an estimate if a forced sale was considered (Quick Sale) if would be approx £315k..Mortgage is £224k.
There is also an issue with a secured loan which would reduce the equity. I just dont know if when speaking to the halifax if I should mention the IVA.Will they run a mile or will they see the sense of it all. I would rather not go down that avenue as missing payments against the capital sum will simply leave the mortgage life being extended by a further 5 years. These 5 years being the EOL of the IVA at which point I suspect my children will be at there most expensive.
You need not mention the fact that you are thinking of entering into an IVA, but if you are asked the question you will need to answer honestly. From their position, the appear to be adequately secured, so it should not be too much of an issue.
I have discussed your case with Tina today, and I can see why she is trying to help you to cut areas of your expenditure - but do be careful you are not simply going to jump from the frying pan into the fire.
Thanks Melanie. That is my concern however I can see where Tina is coming from and is simply trying to develop additional revenue/resource to apply to the Dividend Calculation. I would be much happier to simply acknowledge that I need to secure additional mortgage in year 5 as this could be taken as a paralell mortgage (2nd) which would hopefully did expire at the same time. I would almost be happier to continue with the PPI Insurance Payments which would also provide a further £17k in 2.5 Years
Tina will definately not be encouraging you to make a dividend fit, as we know that this would be a recipe for disaster. We cannot develop more income for you, but I am prepared to look at all aspects of your case when Tina sends the documents over to me.
If you want to discuss your case with me specifically, we should do this off-line and you can e-mail me at my website so I can respond.
Melanie. No I would certainly not suggest for one min. that was Tina's position. I know she was simply looking through the options that may be available to try and give the IVA the best chance it can possibly have. Tina only had a short while speaking to me and she was able to absorb all the worries and concerns I have been building up over the recent months. If Tina is a typical example of your staff then I would safely say that you are surrounding yourself with the right kind of people to ensure that your business is promoted in the very best fashion.
She is just brilliant - and we are very priviliged to have her as a member of the team. Take your time to consider the options, and phone her as much as you like.
I am going on holiday tomorrow, and I want my staff to be kept busy while I am away!
If you're still about, have a brilliant holiday Mel.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I think Melanie will have already gone as she is off to support the British and Irish lions. She has always been an avid rugby fan and this trip would be her perfect holiday.
I do not know if she will dip in while away but I agree with you Jan that I hope she has a wonderful [and fully deserved] holiday.
