Quick questions

cootambear

I apologise that are lots of its and buts in this but here goes.

I have a 90k mortgage on property which in todays market for a quick sale would probally go for 120-125k

I owe 5k to one lender, and 30k to another. Both debts, (unsecured), are being managed by the same debt recovery company.

I am currently unemployed but have high hopes of getting a job as I have 2 interviews soon, one job is for 25k and one for 17k (gross).

My mortgage is 420pcm.

Assuming average living expenses for a single man;

1. would the debt company be willing to deal with both debts as one for the purposes of negotiation?
2. might they try and force a house sale to recover money, or make me bankrupt?
3. what kind of monthly payment should I expect to pay if an iva is accepted?

Many thanks for any help, as you can understand I`m pretty desperate.

Charco_2

Who is the debt company... not sure they can treat as the same because it's really not up to them, they'll have to follow the agenda that each of the creitors have laid out - which as you see, may not be the same!

However, depending on who they are (an inhouse recovery unit, an outside recovery company, a company that actually buys the debt) they'll be likely to be getting a percentage of the amount recovered so while they'll keep insisting on more more more they will also take what you're offering AND keep pressurising you!

No-one without an interest in the property can force a sale... if they want to do that, first they'll have to attach the debt to your home by taking you through the courts. That's a long way off and unlikely to happen so long as you play ball.

For ANY debt solution you should be paying as much as you can afford - no more and no less!

Since you are currently unemployed then that isn't going to be much, but try working out a budget now for when you do find gainful employment... if you need anypointers, throw a draft of the budget up here and people will make a few suggestions!

The very best of luck to you!

(with TWO creditors, an IVA may not be possible but no harm in trying a few IP companies... just dont pay anyone for chat or advice)