www.iva.co.uk

Posted: **Tue Jul 22, 2008 1:36 pm**

Hi, I'm in a real fix and would welcome any help please. My lender has agreed in principle to my letting my flat out as I couldn't sell it and cannot afford the mortgage. I will have to make up the shortfall and pay £25 p/m toward arrears.

However, I am currently out of work - my last contract (temp) having just ended.

I have a secured loan on the property also of 10k.

I will be going to USA to join my partner in a about a year when my visa comes through.

I don't have any savings. If the flat goes to repo, how much will I have to pay the lender and the secured loan - if I don't have earnings and no savings - what happens then please?

I did see a post yesterday where the lender accepted a lower figure in full and final but then the insurance company chased for the same debt. For your info, I took out a 100% mortgage - there's no equity because of arrears - and I still haven't bought back the interest yet from the Official Receiver.

Sorry it's a long one, but I welcome any advice you can give.

Thank you very much...

Posted: **Tue Jul 22, 2008 1:52 pm**

Hi Jessie and welcome to the forum

I am assuming that you are bankrupt?

Posted: **Thu Jul 24, 2008 8:02 am**

Hi Melanie

Many thanks for your post - I'm sorry I haven't come back earlier - I had to wait for your IT people to enable me to log on.

Anyway, yes to B - lasted 6 months and was discharged March 07.

Thanks again, I await any advice you can give me.

With kind regards,

Jessie

Posted: **Thu Jul 24, 2008 8:10 am**

What is it that you are actually looking for advice on Jessie?

Posted: **Thu Jul 24, 2008 8:15 am**

That in worse case scenario, the flat is repo'd. I would then be left with a hefty debt to the lender of say 20k plus the 10k secured loan. How would I pay this if I didn't have earnings or savings (which I definitley don't). What would happen in that instance. It scares the life out of me... And then to cap it all, one of your readers was chased (I think by the insurance company) after he'd come to an arrangement with the lender... It's all very scary...

Posted: **Thu Jul 24, 2008 9:32 am**

You might have to face a second bankruptcy here Jessie, if you have no way of offering any form of repayment to this creditor.