www.iva.co.uk

I have a loan of £36000 (secured) and £18000 on credit cards, I earn (take home) £250 per week...is there anyway I can alleviate this problem ? An IVA just seems like another £300 a month or so debt...and I dont want to lose my home ...any advice anyone ? (other than dont be so stupid in the future !)

Good evening Mark,

Welcome to the forum.

Could you please tell me how much equity you have on the property?

Kind regards,

Julia

For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

Hi Mark

If you don't want to consider an IVA, or risk losing your house under bankruptcy proceedings, then a Debt Management Programme is probably a sensible option, where you work out how much you can afford to pay on a monthly basis, and offer reduced repayments to your creditors. The creditors will have to agree to accept these payments, however, and you will continue to pay until the debts are repaid in full (including ongoing interest).

I suggest you chat to the Citizen's Advice Bureau who offer a free of charge counselling service, or a debt management company who specialises in such arrangements. Thomas Charles may be able to refer you to one.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi Mark,

Same as Julia, what equity do you have?

Even if you have lots of equity a new mortgage might (will on £250 p/wk net)prove unaffordable even though there are plenty of lenders that will make you an offer.

How many cards make up the £18,000?

Recent confirmation of a client still only paying £1 per month on a couple of cards and £5 per mopnth on 2 others, £12,000 in total!

He told them that was all he could afford and they could accept or bankrupt him, been going on for 2 years now - but he has no assets, none at all so totally different to losing the house.

Regards
David N