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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by cowboys[/i] [br]Hi Guys, I hope someone can help as I don't feel I currently have any options whatsoever to get my life back on track! I will try to keep it brief.. I am 2 years in to an IVA to which I pay £300 a month. I have comfortably made all my payments and I am not behind on any other outgoings as my wife and I earn a reasonable wage. I have just changed jobs and my earnings will drop by around £300 a month, but my main problem is my mortgage. I currently pay £1314 a month for my mortgage ( £1000 of which is interest )which is now almost my entire basic salary. I have never ever missed a payment, however now I have taken control of my finances I now begrudge paying so much money for bricks and mortar. I was much happier in a smaller house with half the mortgage. Anyway, problem is I want to move to a cheaper house but I have around £25,000 of negative equity. I can't carry that over to a cheaper house because of course no lenders want to finance negative equity so it seems there is no way out except repossession. Is there a way I can get out of this house without having to go bankrupt? We are fully prepared to go in to rented accommodation but if I sell the house I will be saddled with a debt of £25,000+ plus all the associated sale costs. I am inclined to just stop paying the mortgage and use the money to pay other bills for the next few months and let the house get repossessed. If I did that I would still be saddled with the debt for the shortfall but would I be able to then include that in my IVA? Or is letting my house get repossessed and going bankrupt to clear the lot my best option? If I did go bankrupt, would this clear my current IVA as well or do I need to let my IVA fail before I could apply for bankruptcy? I appreciate I would probably have to pay my excess income over for 3 years but that is no different to what I do now with my IVA. I just want this massive mortgage off my back. Any help or ideas would be greatly appreciated. Should I speak to my IVA company to see if they would take my mortgage shortfall on should my house get repossessed? Regards Carl [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.