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Posted: Tue Sep 23, 2008 5:15 pm
by jta
I have three buy to let houses which now in present market conditions have no equity in them. Is there a chance of my creditors asking me to sell them? My second question is just with these mortgages and my personal living expenses ( wife and baby) we are already in negative with my earnings so can I agree a figure to pay back to debtors if a family member pays it eg the £180 you mention in your example. My debts are a bank loan £15000 and cards £12000.
Posted: Tue Sep 23, 2008 5:48 pm
by steve532
Do you have more than 4 creditors? If you post more details, one of the experts will give you more advice.
I think there will be a lot more buy to let investors in trouble with the credit crunch.
Posted: Tue Sep 23, 2008 6:19 pm
by MelanieGiles
Not sure what the significance of four creditors is Steve?
If you decide to propose an IVA, then creditors may ask you to sell the properties if the rental income is not covering the outgoings.
Are you suggesting that family members will provide you with a monthly amount to repay to creditors, on the basis that you currently have no disposable income?
Posted: Wed Sep 24, 2008 9:48 am
by steve532
Sorry Mel, he said he had a loan and a credit card!!! I thought you needed 4 creditors to have a successful IVA!
If this is incorrect im sorry
Posted: Wed Sep 24, 2008 1:00 pm
by Adam Davies
Hi
It's two or more with at least three lines of credit
Regards
Posted: Wed Sep 24, 2008 5:23 pm
by MelanieGiles
But it used to be four Steve - so that is where you probably got that impression from!!