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s1274
Starting Member
1 Posts |
 Posted - 16 October 2008 : 20:19:25
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| HI 8 months ago I released the equity in my house £60k to pay the IVA early, this increased th emortgage, however this is going up and life has become harder and we now have a mortgage of £1700 per month due to increase to 2200 interest only, my mortgage is 292k and the house is now worth 200k leaving me short fall of 90k, so I have been in contact with the mortage company they have been good but they want there money, I have agreed to hand back the keys and they will take over the sell of my house, I have rented some where for me and the family at 1000 per month, i have done and income and expenditure form and i only have £150 spare each month, so what do i do, i will owe the mortgage company approx 90k as an unsecured loan and it will take 30 years to pay off, but i will eventually want to but again, shalli go bankrupt? was the previous IVA worth it when I should have gone bankrupt before? I am moveing in 10 days, so any help would be much appreciated, shall i do another IVA? life is at its worse and I thought that when we went through the IVA it was hard, this is even harder, i have nothing any more! Please help and advise? |
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siobhan
New Member
United Kingdom
66 Posts |
Posted - 16 October 2008 : 20:30:31
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Hi s1274,
from what u have said, i would definately go BR- this would drop the debt and give u a manageable amount to live off and a BIG weight off ur shoulders, it's a pity u didn't do it earlier but at least this will help ur future and make it happier
Good Luck
S x |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 16 October 2008 : 20:42:09
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S1274 and welcome
I would certainly say that BR would be a good option for you.
I would contact our office if you need more one to one advice on anything, but we are here if you have any more questions.
You say you have only £150 left per month that means the OR may well take half of that towards an IPA income payments agreement towards your creditors but after 3 years that would be it.
Best of luck
Take Care
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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marka
Starting Member
6 Posts |
Posted - 17 October 2008 : 09:39:55
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hi S1274 hey crap happens in life go BR, in a couple of years it will all be a distant memory the sooner you go BR the sooner you will sleep easier.
good luck marka.
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| bankruptcyhelp.org.uk Forum |
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i have nothing any more! Please help and advise?
