Which way shall i turn?

alfie10

Here is my situation


I own a house , but the mortgage is the same value as the house


I am unemployed,

I have no savings,

I owe 17k on one loan (northern rock),

I owe £1500 on another loan (hsbc)

I owe £1500 on creditcard (barclaycard)

?


is the best option a IVA?


My Wife is also out of work.


I do hope to find some work soon, but im a joiner, and there is non about at the moment


What shall i do?

alfie10

We also own another house which does have some equity in, but not much, we are trying to rent it out, but we have no takers at the moment,

One house is in my name (the one with no equity) and the other is in the wifes,


All the Debts are in my name,


Would it be best if me and the wife split up?


After reading some threads on here, it maybe better if i was to become bankrupt

Charco_2

Dont let debt ruin your marriage!

With no form of income at the moment (other than perhaps the dole - make sure you're getting all you're entitled to, check some of the other forums about for advice on that)... with no form of income at the moment an IVA would certainly not be your best option, even Bankruptcy would cost £510 which presumably you dont have at the minute (you can get help with some of the fees using form EX160A which would make it £360 or so).

Far better to make token £1 payments to your creditors if you have to and if you can. You'll be better equipped to make a more infomed decision when you find gainful employment again and put a bit more stability back into your household.

The fact that your wife owns a property with equity is neither here nor there since the debts are in your name!

alfie10

Thank you for the reply

I will look further into your advice


Thanks again

snicz

You say your other house has some equity, despite it being small, is it enough to clear the debt?