IVA or Bankruptcy

ej_blondie

Hi, new to the forum. I moved out of my house 3 years ago which I part owned with my ex partner. I trusted him to continue with the mortgage payments as I attempted to get my name off the mortgage and undertook tenancy elsewhere. Due to his finances I was unable to be removed from the mortgage so I have been on there ever since. I paid towards the mortgage for 6 months after I left and stopped as soon as I started renting. I have been informed recently that the mortgage is 7 months in arrears and they are now repossessing the house. I have looked into taking the morgage on myself but as the repayments are now so high, I have decided against it as the house is probably not worth as much as we originally paid for it. After speaking with someone from CCCS they have informed me to go thRough with an IVA for my current credit cards and overdraft debts, along with whatever the mortgage defect may be, as I have enough disposable income to pay into one. However I have also been advised by a 3rd party that bankruptcy would be a better option as you would still be on the insolvency register with an IVA and be on a very strict budget for 5years. I am planning to start a family in the next couple of years so don't want to be tied down to payments if I can't suddenly afford them and end up having to become bankrupt eventually anyway. But I'm afraid of the consequences of bankruptcy and being able to get a further mortgage.
Please help and advise me as I don't feel that any of this has really been brought on by myself and I need to know what to do next? I'm finding this so stressful and difficult to deal with.
Thanks all.
Ej_blondie

tigerfeet2006

We can not tell you to go BR or not, that is ultimatly down to you. You need to read as much as you can about BR. Start with the sticky at the top of the board that say READ HERE FIRST: BANKRUPTCY HELP ETC. The first post especially has a lot of info and links. There is a link on it for the Insolvency Service website as well which is a must read. Read as many post on the board and get a feel for BR and ask as many questions as you need.

Also do the same for IVA's. Go on to the IVA board and read and post over there.

Research, research, research.

As for houses and going BR, in the current climate you will have difficulty getting a mortgage within the next 6 years while it is on your credit records but after that you may get a mortgage with a huge deposit and possibly a slightly higher interest rate. Over time this will improve.It is not impossible and several have gone on to get a mortgage on this board. After BR take the chance to clean up your credit files and build your rating and start saving for your deposit.

ej_blondie

Is there any way I can get my name off this mortgage, like a loophole or legally because I haven't lived there for 3 years? X

IF

Hi ej, I'd try CAB for legal advice or Community legal advice.

Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)

Community legal advice - Click here

Best wishes
If...x