www.iva.co.uk

Posted: **Tue Feb 05, 2008 10:22 am**

[font=Comic Sans MS]Hi everyone,
Just after a bit of advice please, this is our situation (in a nutshell).....

*Joint income of 2000per month
*Debt of 53k - 13 creditors in total
*We have 69k equity in our home

We will be remortgaging at the end of the month and although we have enough equity in our home to clear our debts we would not be able to afford the monthly mortgage payments if we did so its not an option.
We are thinking of going down the IVA road but would like to do a F&F rather than a 5 year plan. This is because we don't have very much spare money each month (2 young children to pay for !) but we could in theory remortgage and get hold of approx £15k and be able to afford the mortgage payment. Does anyone know if that would be an acceptable amount to offer on an IVA and if the F&F would be a good option for us, Alternatively, if we can't do a F&F maybe we could put that £15k into an account to pay the monthly payments from for 5 years - I suppose at least that way we could get some interest on it !!

Any advice would be much appreciated !

Thanks Guys
x

Posted: **Sat Feb 09, 2008 8:43 pm**

I've just returned from annual leave and am catching up on some outstanding posts - so am not sure if you reposted this as you had no reply!

The bottom line is that a £15k offer to £53k worth of creditors when you are left with £54k of equity is not a viable proposition. You would be better off considering selling the property and downsizing to an affordable property.

Your suggestion of using the £15k to fund your ongoing contributions is also not suitable.

www.iva.co.uk

Any Advice please !