Posted: Mon Jan 21, 2008 1:33 pm
Hi all,
I have spent the last week talking to various people and doing research on IVAS. I currently have debts around 78K and have been told that I am unsuitable for an IVA due to not being able to afford the 40%+ that HSBC (my major creditor) would ask for. All that said, it leaves me with the option of continuing on a DMP that will last 17 years (!!!!), perhaps trying again for a IVA in the future or looking at going bankrupt.
I currently have a property which I am co owner of with my wife, we have around 15-20K in equity. Obviously I won't take the risk that they may take my home away so I just want to know what happens in these cases. These are all debts solely in my name. Any advice is most appreciated.
Thanks
M
I have spent the last week talking to various people and doing research on IVAS. I currently have debts around 78K and have been told that I am unsuitable for an IVA due to not being able to afford the 40%+ that HSBC (my major creditor) would ask for. All that said, it leaves me with the option of continuing on a DMP that will last 17 years (!!!!), perhaps trying again for a IVA in the future or looking at going bankrupt.
I currently have a property which I am co owner of with my wife, we have around 15-20K in equity. Obviously I won't take the risk that they may take my home away so I just want to know what happens in these cases. These are all debts solely in my name. Any advice is most appreciated.
Thanks
M