Hi there, lurker turns poster, opinions sought.

trickydicky_4

Hello.
I would just like to quickly run over my situation and would be grateful for any considered views on the steps that I am currently taking to pay back my creditors.
My total unsecured debt is currently £41.5k accumulated over the past 6years through 11 CC's and 2 PL's. I have always managed to pay each creditor on time and even up to today's date that is still the case. Over the past year this has only been possible through having a mortgage payment holiday which ends in Dec and so from Jan I will be officially insolvent.
Following discussions with an IP, he is going to offer £30k (my total equity in a joint mortgage) as a Full and Final Settlement. The IP is currently drawing up the IVA and he informs me that the Creditors meeting should be in mid Dec. He is very confident that the proposal will be accepted and that a remortgage will then be possible with the declared IVA. He said that most Mortgage companies will not now do it the other way round ie get the remortgage 1st whilst declaring that the extra money is to be used to consolidate debts.
My own view is that I want to get rid of all 13 creditors at the one time and this course of action will hopefully do that. However, I've been around enough corners to know that life ain't a bowl of cherries, so over to u guys and gals to point out the dangers, issues, pitfalls etc
Thank you for reading.

Broken_hearted

where is everyone

chevalier

Hi there
I think the main point is that it is all very well to do an IVA, as long as you address the underlying issues as to why your outgoings exceeded your income. If this does not take place then you may end up in the same position again.

Secondly whilst I am sure the IP is fine, have you given either CCCS or Payplan a ring for FREE independent advice (ie they aren't making any money out of you, but your IP is via commission)? They may suggest an alternative option, or confirm what your IP is saying, but it would be nice to get a second opinion. ( their details are at the top of the forum page)

Have you posted a statement of affairs on here? See southernscousers sticky at the top of this forum.

We might be able to find you some savings, and so avoid the issue of the IVA.

Best of luck
chev

joeblack066

Just sayin hi and welcome, not savvy enough to offer advice! Debs

CLAPTON

it's not entirely clear

your IP has charged you no fees yet?
his fee is included in your 30k remortgage?

is so then there seems no risk to you of your IP putting this proposal to your creditors. if they say no then you continue as now and have time to consider the way forward, if they accept them you merely have to raise the 30k on the mortgage....how will the remortgage happen and if it doesn't what happens then? will you have to pay anything in the event of the remortgage failing. do you have any say in the remortgage deal (like interest rate).?

now personally i can't see any reason why your creditors would jump at this deal if you are currently paying your full payments but without seeing a full SoA its difficult to really say.

jet77

Just wanted to wish you best of luck with everything. If you want to post an SOA the fantastic peeps on this board will be able to advise more.

Hope everything works out well.

moozie_2

Hello and welcome

I think chevalier is absolutely right. You do need to address why/how you got into so much debt and learn from it.

Do post a SOA if you like and then we can see if there is another way.

CCCS/Payplan/CAB/National Debtline are free and incredibly useful in advising what the best way forward would be.

Think things over before you sign on the dotted line!

Good luck.