www.iva.co.uk

Posted: **Mon May 04, 2009 2:00 pm**

hi, i am in a dmp with payplan and struggling to keep up mortgage payment. I want to hand back the keys to my house on my terms rather than wait a few weeks and be booted out.... I have found a house to rent and want to know if I am doing the right thing. I want to move to the rented property and transfer to an iva and have the shortfall on the house included.

Posted: **Mon May 04, 2009 2:08 pm**

How much do you owe under the dmp and can you adjust the monthly payment to stay in your home. If you owe more than the property is worth then the shortfall can be included in the iva

Posted: **Mon May 04, 2009 2:55 pm**

Hi
It is possible that you can move from a DMP and include your house shortfall.It will depend on your circumstances but in theory it can happpen.
You also have the option of bankruptcy to consider alongside an IVA
Regards

Posted: **Mon May 04, 2009 3:19 pm**

Yes - an IVA could work for you if you could afford to make ongoing monthly payments to creditors from your disposable income once you have moved.

Posted: **Mon May 04, 2009 7:43 pm**

I was just woundering if handing back my key to the house was in some way the wrong path to take - or do you wait until you have no choice.
My dmp is for 40k and i estimate my house is in about 40k neg equity.

Posted: **Mon May 04, 2009 7:47 pm**

Hi
It will make little difference as long as you have secured rented accomodation. You may actually save your mortgage company some costs if you surrender voluntarily.
Regards

Posted: **Mon May 04, 2009 7:48 pm**

You do know that with little or no equity in your house you probably wouldnt lose it if you went BR?

Posted: **Mon May 04, 2009 7:50 pm**

Thanks, I have been in two minds if I am doing the right thing. Some days I think I am going mad cant seem to do anything just dither and cant make a decent discision.... also cant spell!!

Posted: **Mon May 04, 2009 7:51 pm**

Anne dont worry about the spelling,some on here cant read anyways!!!

Paul

Posted: **Mon May 04, 2009 7:56 pm**

Do not want to go bankcrupt,as my husband was made redundant in sept last year and we have started our owm company, so bankrupt would not be option...told the dmp that i could top up my wage with money out of the business - i was stretching the truth a little but just wanted it to go thro... now i have been in a dmp for 3 month am coming to realize that this is not an option. So i think getting out of my large mortgage may be my only choice.

sorry to ramble but have all this stuff going round in my head day and night...

Posted: **Mon May 04, 2009 8:07 pm**

I have apologised for that Plasticdraft.

Posted: **Mon May 04, 2009 8:12 pm**

I dont think my dig was aimed at you ivas4us.

Posted: **Mon May 04, 2009 8:16 pm**

oh, who then?

Posted: **Mon May 04, 2009 8:30 pm**

David. Regarding the question Moretolife had posted.

Posted: **Mon May 04, 2009 8:34 pm**

To be fair to David originally he said he thought the tax refund should be treated as a windfall. It was later on he suggested if someone had been dishonest and I don't think at any point did David ever intend that his comment was to suggest mtl had been dishonest but just that it should be treated as a windfall otherwise it was a loop hole for somebody to be dishonest. Perhaps I havn't put this as good as I could but what I am trying to say is that David was not suggesting mtl had been dishonest.