Where should I post my SOA??

LostBoy

yeh they are Scottish. They are equivalent to your IVA I believe. I've also been informed today that Northern Rock probably won't agree to it. and since they are owed more than 30% of the total debt then they can effectivley force bankruptcy. :eek:- should my discussion now be directed to another more appropriate board??

regards

judi24

can't answer you but sit tight someone will be able to!

LostBoy

judi24 wrote: »

can't answer you but sit tight someone will be able to!

Thanks Judi24

Phill_555

Hi lostboy,

Can you confirm that the £600 in the 'Other income' part of your SOA is the rent you receive from the tenants in your second house? Does this actually cover the cost of that mortgage and costs associated with letting the property?

Can you get both of these mortgages switched to interest-only asap to free up a few hundred for repayment of debts?

What about the possibility of downsizing to a smaller house and freeing up capital for repaying the highest APR debts? I realise in England it's getting very hard to sell houses but is that still the case up in Scotland at the moment?

Also just a quick thing about your SOA - you have missed the part about Secured debt at the end - ie how much you currently owe on your mortgages secured on the houses you own. Knowing this figure may mean people can offer alternative solutions...

LostBoy

Phill_555 wrote: »

Hi lostboy,

Can you confirm that the £600 in the 'Other income' part of your SOA is the rent you receive from the tenants in your second house? Does this actually cover the cost of that mortgage and costs associated with letting the property?

Can you get both of these mortgages switched to interest-only asap to free up a few hundred for repayment of debts?

What about the possibility of downsizing to a smaller house and freeing up capital for repaying the highest APR debts? I realise in England it's getting very hard to sell houses but is that still the case up in Scotland at the moment?

Also just a quick thing about your SOA - you have missed the part about Secured debt at the end - ie how much you currently owe on your mortgages secured on the houses you own. Knowing this figure may mean people can offer alternative solutions...

Hi Phil_555,
Yes the second property pays for itself.
Both mortgages are already interest only. - there is also a redemption penalty on the second property if we re-mortgage or sell before June 2009.
If we were to downsize it would mean moving into rented accomodation - it's prretty near impossible to get a mortgage right now unless you have a 30% deposit. - which we don't.
Finally, the outstanding balance on the mortages for both properties is £267K - there is approx £40K of equity between them.
regards