Forces family in need of IVA

AmandaJane_2

Hi,

I wonder if anyone could offer any advice please.

My husband is in the Forces, and we are currently living abroad due to his posting. We have a home that we are currently renting out to a family member, this rent covers half the mortgage (we cannot ask them to move out to gain more rent I'm afraid). We are living in a forces provided home, paying rent.

We have managed to get into massive debt over the last few years - mainly due to renovating our old cottage, but the debt is currently around the £40-£50 k mark - most on credit cards.

We are struggling more and more and feel that an IVA is our only option other than going bankrupt and therefore losing everything. The idea of that, whilst breaks our hearts, has got to be better than going on as we are now.

To cut this long story short, we sought advice from a company that deals with IVA's and have been told that due to the nature of my husbands job (i.e that he's in the forces), and that we are currently getting rent for our house, but we've not sure for how long due to the fact we could be sent back to UK to live in our home at any time. They have said that we our situation is not stable enough to qualify for an IVA. This has devastated us and do not know where to turn next, we just hope there is somebody that can help forces familys through times like this. After all the debt may well be our fault, but can we really not be helped because he's in the forces?

I'm sorry for what is probably a very badly written post, but I cannot bear to see my husband so upset any longer, I hope that someone can offer some advice/help. It really would be much appreciated.

Kind Regards
AmandaJane

thecableguy12

beimng in the forces you should be able to get iva no problem i did it for many of my clientss and did not affect there obs, although if there is equity on the property that totals to near the debt amount the iva will not go through, hope this helps:j

laurax_2

Hi Amanda,

Hubbys in the forces, and he's managed to get one through Gregory Pennington. They were great, he phoned them a week before he went to Arizona, kept in touch with myself when they couldn't get in touch with me, and even sent out all his paperwork directly to Arizona.

Hope this helps.

AmandaJane_2

Thank you both so much for your reply, both very positive - we will keep trying rather than go down with the sinking ship!!!

Kindest Regards
AmandaJane