Posted: Sun Jun 29, 2008 4:28 pm
Hi All
Like I'm sure most are at this point, we have about £80k worth of debt - mainly the result of 2 panic 'reduce your monthly fee to one easy payment against your home' loans.
I've been thinking about IVA for a while and have some questions
- Does the IVA affect my mortgage (2 years into a 5 year fixed)
- What happens month to month now, before the IVA, I have a casual 2nd job that has seen us through food and fuel the last couple of months but this is not guarunteed income - it's looking like mid-august we'll have no money for food (with 3 kids!)
- Do I have to be 'bad debt' to get and IVA - we haven't (quite yet) defaulted on any payments, will the creditors not accept the idea unitl we have?
Any thoughts / help would be appreciated
Thanks
Andy
Like I'm sure most are at this point, we have about £80k worth of debt - mainly the result of 2 panic 'reduce your monthly fee to one easy payment against your home' loans.
I've been thinking about IVA for a while and have some questions
- Does the IVA affect my mortgage (2 years into a 5 year fixed)
- What happens month to month now, before the IVA, I have a casual 2nd job that has seen us through food and fuel the last couple of months but this is not guarunteed income - it's looking like mid-august we'll have no money for food (with 3 kids!)
- Do I have to be 'bad debt' to get and IVA - we haven't (quite yet) defaulted on any payments, will the creditors not accept the idea unitl we have?
Any thoughts / help would be appreciated
Thanks
Andy