Cant do IVA any advise

[LINB]

Just been told we cant do an IVA as there is a small amount of equity in our property. We have been in debt so have a bad credit rateing so don't think a mortagage company would touch us. Dont know what to do now so worried need help please anyone help?

[toddle2u]

Linb - How much is the total debt and how much equity is in the property?

[sequenci]

hello there.

sorry to hear about your situation.

give national debtline a ring, they are a charity and would be able to give you some free impartial advice on your best options.

CCCS are very good too

[LINB]

we have around 49,0000 equity and debts including a loan to the mortagage company of around 42,0000.
We ahve been dealing with Debt Free Direct. They have said that our creditors may force us to sell the house to repay them. This is the last thing we want. All this comes from my husband being ill and not being able to claim anything, we got lots of bank charges and had to live off our credit cards. sorr yto rammble on but it helps to get it off my chest. and i feel i can through this site Thanks guys

[LINB]

Sequenci, can you tel me what CCCS are , as you can tell i've never been in this sort of position before, so dont know what to do.

[gizmo111]

Have a read here http://www.consumeractiongroup.co.uk...ling-debt.html

IVA's are dependent on surplus income and not equity - a creditor in an IVA cannot force you to sell your house. Although there is sometimes the provison to release equity in year 4.

[sequenci]

Originally Posted by LINB

Sequenci, can you tel me what CCCS are , as you can tell i've never been in this sort of position before, so dont know what to do.

CCCS and National Debtline are free impartial debt-help charities.

Debtfree Direct are NOT.

my advice would be to get some decent advice about ALL of your options without a sales person trying to force you into an IVA or a fee-charging Debt Managment Plan.

It sounds (on the face of it) that a free Debt Management Plan might be your best option. Please give NDL or CCCS a ring, they will give you all the facts.



edit: NDL are on 0808 808 4000, CCCS are on 0800 138 1111

[LINB]

sequenci, I,ve sent an e-mail to NDL and had a reply giving some good advise and livks to their site with letters for creditors ect. Going to give NDL a call after work, Thanks for the advise and support, im at rock bottom, even thought of doing the worst then my hubby can claim on the insurance. I find the help and advise from all on this site so helpful, its like having friend to talk to as i cant ask family as they dont know the situation, sat here with tears rolling down as i feel so bad.
Been to Payplan 3 months ago all they did was say we should remortgage through them and like idiots we thought that was the way out all they did was take £250 for survey then tell us house wasn't worth what we thought and they couldn't help. So next step was Debit Free Direct they tried but said as we have the equity they couldn't do IVA but will try somthing else, like to bet they also say remortagae and want a survey fee. But we've lernt from you not to be taken in.
Thanks so much for the advise

[gizmo111]

Have a read here as well LNIB

[sequenci]

Originally Posted by LINB

Going to give NDL a call after work

you'll feel 10000000000% better once you've spoken to them I can promise you that.