BR, IVA or DMT - what is likely to be best for me (see thread for details)

DotNetter

Hi all

My wife and I own our house. It's being valued on Monday by 2 estate agents and I am going to guesstimate that the value will be around £145k.

Our secured debt is £127k with Northern Rock.

Our unsecured debt is £60k - £30k of that with Northern Rock.

After completing the CCCS budget rememedy we have approximately £150 per month remaining.

The only thing we are worried about is loosing the home.

Can any of you with experience suggest if I'm likely to be accepted for either a DMP or an IVA and if not and we're forced to go BR, would we loose the house if we couldn't raise the equity to give to the creditors?

I'm speaking with CCCSVA on Wednesday so if there are any questions you think I should ask them also let me know.

Cheers,



Wayne

DotNetter

blimey, I should be an estate agent!

First agent said that if we finished outstanding DIY jobs (of which there are a few) it would be worth between £145k - £150k and if we tried to sell it as it is then £140k - £145k.

Any thoughts on what my options might be now?

Cheers,


Wayne

tigerfeet2006

Do me a favour and put your SoA up please.

http://www.makingsenseofcards.co.uk/soacalc.html

Let us look at how an OR will see it and maybe that will help make up your mind.

Have you read Martins article on IVA's?