IVA payments?

foxy47

I currently am a jt owner of a mortgaged house with around 15-20k worth of equity.
My net income is £2k p.m
I owe approx 42k to various creditors.

if I agree to releasing some equity in yr 5 on my half of the hse and make payments from my salary which is very secure. P How much do you estimate I would be paying towards the IVA each month. I'm worried that they will leave me with hardly anything to live on. IVA would be preferable to BR.
Suggestions most welcome folks
thanks
Foxy47

Over_the_Edge_2

You will have to release half of the equity even if you don't want to.

Do you have a car, valued at over £1,000 then you will need to give that up to.

Is yours the sole income? ~ If it is then you are paying for all the "normal" living expenses.

You really need to SOA, look around here and you will find one.

This will tell you how much money you have "free" from your £2,000.

With the equity and at 75p in the £1 you will be looking at around £430 payment.

I was left with £5.19 just for me at the end of every month and my wife is paying for my half of the equity on a monthly plan. (Equity agreed at the start not at the end, after 3 or 5 years it will have increased)

You need to get some advice on what you are doing before you go ahead, jump into the "Non-profit Debt Counsellors' List" for some names.

OtE