www.iva.co.uk

Posted: **Mon Feb 07, 2011 7:32 pm**

i have debts of Â£92,000 on 9 credit cards however i have a property jointly with my wife.
it is worth approx Â£370,000 with a mortgage of Â£215,000 and secured business debts of Â£82,000(though bank has Â£100,000 security to cover charges etc )i also have a penalty of Â£16,000 if i pay off my mortgage before 2015.
I am a director of my own company and can no longer cover the minimum monthly payments,(after outgoings i could afford Â£350 to Â£400 but the minimum is way higher)do i have any options. thanks Denis

Posted: **Mon Feb 07, 2011 7:39 pm**

Hi there and welcome to the forum Denis.

On the basis of the facts it would appear that an IVA would work quite well for you, but you will need to agree to explore whether it would be possible for you to raise equity against your property during the final year - usually this is year 5. Your wife would need to also agree to this, but it will only affect her share, and if she has not benefitted at all from the secured business borrowings, it may be possible to set these off against your share without affecting your wife's.

The best thing to do would be to contact an insolvency practitioner directly, who can run through this and other options for you. Is your company currently trading profitably?

Posted: **Mon Feb 07, 2011 7:42 pm**

Hi and welcome.

I sugges that you speak to a professional as per Melanies advice above. Visit www.iva.com for a list of companies and reviews. Give one or two a ring for free and impartial advice as to all the options available to you.

Posted: **Mon Feb 07, 2011 8:19 pm**

Hi Denis - I can't add anymore to what's already been said but wanted to say hello and that there will be options for you.

Posted: **Mon Feb 07, 2011 8:40 pm**

Hi Dennis take the advice and talk to someone asap - the interest alons on that kind of unsecured debt will be huge - so as soon as you get going the less will be the debt

Posted: **Mon Feb 07, 2011 8:51 pm**

Good luck Denis - the forum is always here to help.

Posted: **Tue Feb 08, 2011 11:37 am**

thanks for replies, i will call melanies office on monday.
On the equity release in year 5,will they require the full balance outstanding or do we negotiate a figure at the start of the iva
Thanks

Posted: **Tue Feb 08, 2011 11:43 am**

Hi - it won't be the full equity. There are a number of elements to this clause and I can never remember them all! One of our homeowners will know it by heart I'm sure!

Posted: **Tue Feb 08, 2011 11:44 am**

It's usually 85% LTV.

Posted: **Wed Feb 09, 2011 12:00 am**

We will be very happy to assist you with your enquiries Dennis.