confused debt help

claire4930

Hey my partner and i have been struggeling for a while with our payments and have stupidly enough took on more debt to help with existing debt. we now have alot of debt and own our home. we have another house we are moving into private rented and its cheaper and closer to work nursey etc. we have decided before we take on an iva we must sell our house but we are finding it difficult coz we dont have the money to put it through the estate agents. we thought of handing it back to mortgage company but we would still have to pay monthy mortgage fee until it is sold by auction..
This move is a great move for us but the only thing holding us back in our debt senario is the house. please help. any advice????

terill

Have you considered renting it out? If you have a reasonable amount of equity in it, the rent could more or less cover mortgage payments- possibly with a bit spare. The way the housing market is at the moment, it will probably take 6 months to shift anyway which is the standard length on an Assured Tenancy Agreement. If you have a digital camera and can take good photos you can sell it either totally privately or through an estate agent like Easymove who only charge a few hundred quid providing you take the photos, etc. :A Best of luck with everything X

Deep_In_Debt

Hi
Are you actually going down the IVA route? If you are then please think carefully before taking it out. IVA's are only suitable if you have property to protect and if you are selling and thinking of handing it back, then I think an IVA would not be suitable for you.

Please do seek advice from one of the FREE charities who are there to help you and and not make money - CCCS, National Debtline or CAB.