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
It is certainly a big problem that will only get worse when interest rates start to climb. Currently many buy to let landlords are hanging on by their fingertips and if they lose their tenants or rates increase there will be a raft of repossessions. BTL landlords are not going to be able to subsidise the mortgages if the rent does not cover the payments and if there is negative equity they will likely through back the keys.
Given the lack of affordable social housing I am surprised that the government is not buying up these properties cheaply to replace the housing stock sold over the last couple of decades. This would at least put a floor under the housing market and get people out of expensive short term accommodation.
The village in which I live has alot of buy to let (it's by the sea)- there are 107 buy to let houses up for sale. No takers and the owners will only let for holiday lets - no long term lets at all. The Local Authority says it has no money to buy up the properties or to build social houses.
I wish more social/council housing was around too. We have been on the Council List in the town where I was born for over 7 years & still no luck - yet if you take a walk around some of the council estates, there are empty boarded up properties. If we never get a mortgage (fully knowing being in a IVA damages our chances. We are looking at renting for the rest of our years - the only chance we may have is any inheritance we may get in the future - giving us a near 50% deposit towards a mortgage. But its not definite - nothing is.
Renting privately causes alot of worry as with our previous landlord whom we where with for nearly 6 years - the rent went up every year to start & then every 6 months.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
