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Posted: Tue Sep 23, 2008 5:13 pm
by jta
I have three buy to let houses. All have mortgages which are not covered by the rents received. There is also no equity in them. What would happen to them if I went down the IVA route. My debts are bank loans and credit cards totalling £27000. My current job driving ( was in the property business) does not cover all these. How do I then make an agreement to pay a figure back?
Posted: Tue Sep 23, 2008 6:11 pm
by MelanieGiles
Your creditors would not be happy to see you using your disposable income paying for mortgages on properties which are not covering their own costs in rental. I suggest that you look at selling the properties, writing this project off as a bad loss, and then seeing how much you are left with to offer to creditors on an ongoing basis.
How much do you actually owe to creditors, excluding the mortgages?