hi i've applied for an iva. And they've worked out i can afford to pay them roughly £255 at the moment. However both my mortgages are interest only and when the bank of england interest goes up so will my mortgages which will leave me unable to complete my commitment to the iva. Both properties have no equity and one is currently rented out. The iva advisor said they'd advice me when the situation arose. I think it would be better to declare bankruptcy and pay what the court orders.
The best adivce i can give you is to look at IVA.com a reveiw site of Insolvency Practitioners and contact one on the site, to ensure you have a full reveiw done of your circumstances and that ALL options are discussed with you
When i speak to clients i go through ALL available options NOT just an IVA - it is important you have the information on all the options available or you cannot make an informed decision.
YOu are quite right to be concernd on the longer term viabiity of an IVA taking the low mortgage payment into account - any rise in interest rate make affect your ability to afford the repayments.
Please see some independant advice. You can look on the site i mentioned above or contact me direct and i will happily go through the options with you, with no pressure or committment, i just want people to have access to free advice but without your full details i cannot say which would be the better solution
Hope this helps
Melanie
Melanie Nicholas 29 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
hi i've applied for an iva.
Posted - 08 March 2010 : 12:53:06
