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Posted: Thu May 15, 2008 6:08 pm
by robalidabily
Hi
I am new on this forum - hello everyone - I hope someone can help...
My husband and I are seriously considering an IVA - my main concern is that we will loose our house? is this possible? also we have negative equity in our house - what effect would this have?
Can anyone advise the best IVA company to go to?[?]
Thanks
ALison
Posted: Thu May 15, 2008 6:51 pm
by cfnc
Hi,
an expert will reply soon I am sure.
As far as i know you should be able to keep your house with an IVA, but will probably have to release some equity it possible in year 4. LTV 85% max
Kirsty
Posted: Thu May 15, 2008 6:54 pm
by angela18
if you have no equity I think sometimes you can do a 6 year IVA but if you post your debts and creditors I'm sure an expert will be along soon
Posted: Thu May 15, 2008 7:16 pm
by robalidabily
I am really confused as I have just filled in a form on iva.com and it has stated that an iva wont work for me - even though 2 other companies have stated that an iva would be right for us.......
Posted: Thu May 15, 2008 7:19 pm
by kallis3
It all depends on the amount of your unsecured debt and your disposable income.
An expert will be along soon I am sure. Perhaps if you posted your total debts and income it would be a help for an expert?
Posted: Thu May 15, 2008 7:22 pm
by robalidabily
ok
My house is worth £175k and we owe £190k - our total unsecured debt is around 95k. We own 2 cars with no finance outstanding. Income per month between us is £3200 and outgoings are around £2800 including all our debts. We spend £950 per month on mortgage.
Does this help?
Many thanks
Posted: Thu May 15, 2008 7:26 pm
by vickir
Is your mortgage the only secured debt?
Posted: Thu May 15, 2008 7:31 pm
by robalidabily
I have a together mortgage - I have 95% mortgage which is approx £173K and £19,000 (approx) unsecured. There are no other loans secured on the house.
Posted: Thu May 15, 2008 7:37 pm
by robalidabily
Actually I have just checked and our outgoings are £3150 including all debts
Posted: Thu May 15, 2008 8:35 pm
by facingittogether
hi soory i cannot help you but i am taking your post back to the top so an expert will see it!
good luck!
barb x
Posted: Thu May 15, 2008 8:43 pm
by Viki.W
Hey robalidabily, welcome to the forum. Don't read too much into online forms, they are only a guide. The only person who can really advise you on all your options is a qualified Insolvency Practitioner. There are experts who post on here who can advise you but you may not get a reply until tomorrow. Hang in there, you are in the right place for good advice and support. Viki X
Posted: Sat May 17, 2008 12:23 am
by MelanieGiles
I cannot see why an IVA would not work for you - and I would place more reliance on you having a chat with an insolvency practitioner rather than filling in forms on websites without human, professional guidance. These are placed for guidance only, and cannot be a substitute for taking proper professional advice.
Posted: Sat May 17, 2008 8:45 am
by Soulgrowth
Hi Alison
As Melanie advises it's always best to talk to a 'human' ... you could do a lot worse than to give Melanie's team a call. You will find them very caring and non-judgemental and will help you to find a workable solution for your situation.
And do keep in touch with the Forum as we are all here to support you.
Good luck
Debbie