relocating, IVA's and secured debt

Ratfighter

Hi,
I'm new here, I entered an IVA in October 2009 with £51000 of debt. I also have a mortgage and a secured loan against the property. The current valuation shows me to be in negative equity and with the loan, very negative equity.

My company is in the initial stages of relocating, the building is still being built so I guess I am 12 - 18 months away.

The round trip would be 150 miles a day, so commuting and 12 hour shifts are not an option. So I have to move. Can I sell within the IVA and transfer the debt onto the new property? I doubt I would get a new and increased mortgage from my lender. I doubt that I would get a mortgage with anyone else, so my only option would be to rent.
If I sell what happens to the secured debt?, there would be insufficient funds to pay it back.
Can I rent out my property and use the income to rent a place near to my work, which would be ok as long as ernt was coming in to me.
Am I best off just going bankrupt and handing the house back, or is there an other option.
thanks, any help would be appreciated, I am losing sleep over this

debtinfo

hi ratfighter, i think you are going to find it difficult to renegotiate the mortgage or to sell the property with the consent of the mortgage providor. just out of interest why did you choose an IVA over bankruptcy.

Ratfighter

Hi,
Quite simply, it was what Payplan advised I should do. At the time, my partner had left, I was suffering from depression and my wages didn't even fetch the account into the black. I now find that I can barely make ends meet still but at least most of the nasty lettes have stopped

debtinfo

are payplan your supervisor as well, have you taken any advice about bankruptcy

Ratfighter

Yes Payplan manage my IVA. I haven't taken any advice regarding bankruptcy as yet. I'm just trying to get a feel for where I stand with it all

debtinfo

surely payplan must have told you about it before you signed up for the IVA though. anyway if you have any questions about bankruptcy give us a shout

Ratfighter

In your opinion, should I have been advised to have gone straight for bankruptcy?

Charco_2

No-one here could possibly say that on the information given (and your situation now is different from the situation then) but it should certainly have been discussed with you at the time and put into a context that suited your situation.

debtinator_2

Hi Ratfighter

You should certainly have been advised about all of your options so you could make an informed decision.

What a lot of IVA co's do is simply tell you that a bankruptcy is a terrible thing and the world will end! Truth is it's not and it may have been a very real option for you.

Can anyone think of a reason why PP didn't tell you the whole picture about all of your options and simply shoehorned you into an IVA instead?

One question about your mortgage; is it "portable"? ask your mortgage lender, they may let you transfer the security from one property to another.

Ratfighter

Is there a way to find out whether I was wrongly advised into an IVA. To be honest at the time, I was close to being sectioned by my GP and my counsellor. If I had been told to wear a clown outfit in the middle of Burton, I would have done it. I've come a long way since then. But decisions I made at the time weren't always the best.