not original at all - any advice greatfully received though - super long post sorry

w-inthepoo

Hi SSA

Mine is about the same as yours at £1250 - I did originally think about that, however rent v current under an IVA of 30p in the £1 would have at one end of the rent spectrum created a -£100 hole and at the other end a +£100 which like you say over the 5yr life of the IVA an increase of the interest rates most likely to happen post next election by up .5% would put me in trouble on the IVA.

Also staying put would not help with the circa £4k tax bill either.

As an aside is it people's experience that whilst you continue to dig yourself deeper that the OR says look mate you've not been so smart and apply a BRO to you?

Thanks
W

dalip

BRO's are usually applied for things like gambling,taking on credit when knowing you have no way of repaying it,not co-operating with the OR not for being smart:D.

Back to the other comments poo. If you up the increases i have suggested make sure you are not in deficit. Many have done it that way but i for one think it is better to seen to be in credit. Thats just my opinion though at the end of the day it's up to you.

Agree with DC about the car,wait and see;).

As far as an IVA is concerned who were you going to do that with? Sorry if you have already said. Another point here which you may not have considered, you mentioned 30p in the pound. As far as i know that is a bit low,i was under the impression that most creditors look for 40p-45p these days. So you are basing your thoughts on your offer being accepted,which is how likely??
Just some thoughts for you to mull over.Dx

w-inthepoo

Hi D

All good points.

That IVA was actually with / through B&E and took a little bit of pressure but in the end decided against for all the above reasons. That said I don't know if I had gone through with it if that figure or length of time might have gone up.

And like you say 40-45p would have put me at neutral or negative post IVA with interest rate increases on the cards for the future

Cheers
W

w-inthepoo

Hello again just wanted to thank all for the pointers on the SOA, but before I get ahead of my self would it be possible to get a show of hands on the following

1. Go BR, keep house get the BI bought - Pros - keep house. Cons -hold on for the interest rates to go up in the hope that can get a better paying job
2. Push the unsecured debt to the IVA, Pros - keep houise Cons - again waiting for interest rates to up
3. Move to rented. Go BR, put house in for vol repo, have shortfall of mort and SL put into the BR along with the unsecured

Thanks again all....

Background copied and pasted from the first page....

Situation in a nutshell

1. House well under water - Mrt = 277000 Sec Loan = 72000 in todays market its gone from 380000 to 295000, Total payments are 1253
2. Unsecured debt comes in at 32000 and includes some tax that has crawled out of the woodwork and costs about 1100
3. Then on top of this OH has upped and left with youngest son in tow and is getting 300 maintenance as calculated by CSA calc
4. I also have my son from a previous relationship
5. My net pay is 2900 pm and then all the general day to day of insurance, bills etc to contend with comes to my net net p/m is -750
6. -750 is used on the basic soa calc on making sense of cards and so includes zero firivolity and within limits as provided by the OR spreadsheet
7. Some how I have managed like this for over a year and have reduced down the -1000 it was to -750 though income maximisation.
8. Where did it all go - divorce and listening way to much to pita ex wife and poorly trying to dig my way out of it - conolidation etc etc
9. Oh and its in my name too

IVA?
I did look into this and the best I could manage on the unsecured debts was to bring my payments down to 178 per month, however that would leave me the princely surplus of 74 which over its life would be highly unsustainable given that the second the interest rates change upwards the game is up and the IVA terms breached