Is an Iva the way to go?

eddyboy121

Hi all, this is a bit of a long story but please bear with me.

In 2005 i bought a house for £105k with my ex, with a £20k deposit provided by my ex's dad. All was well at first until after about 12months the ex reveals she has massed up £15k in debts on credit cards and store cards. The only way to sort this was to borrow on the mortgage. (it was the only way we could at the time). we then cut up all her cards. Again everything was fine until i found out she had massed up more debt, this was the end for us and we split up, i left her in the house and agreed i would continue paying my half the mortgage. 6 months went by and she had not paid me a penny towards any bills or mortgage so after a heated argument we decided it was best if she found somewhere else to live ( ihave no idea where she has gone and still dont) and we put the house on the market, which is what i did. 8 Months later she walks into the estate agents saying she has not agreed for the house to be sold and wants it removed from the market. After advise from numerous people i went to the solicitors to and i was advised to get an order for sale. Many ££££'s later and a lot of debt for me on credit cards i got my order for sale (and a ccj for £9k in her parents favour against me). I put the house back on the market. After 6 months the estate agent claims it is highly unlikely we will be able to achive the price we need to clear the mortgage. I cant rent it out as i need her to agree to this and the ex wont....

Because of this i have £19k debt to my name, so last year i contacted the cccs about going on a dmp which short term is doing ok, but i have just spoken to a lady from the cccs about my up to date statement of affairs and she suggested that i let the house be re-possessed and put all my debts into an iva (includeing ccj and any short falls there may be on the mortgage). Which brings me to my Questions:

a: How does an iva affect me and my business partner as i am self employed? (not ltd company)
b: Do i get to keep my bank accounts as i have only just started one in the last 12months for my dmp?
c: Are the people who set the amount lenient as to how you got in debt in the first place, as in if its not your fault?
d: how does it affect my current partner?
e: Do they want to know of every penny that comes in and out of your possession?

While all this is going on i have got a new partner and rent a property off my new partners mum and dad at a steal, it would be crazy not to at the price we have it for. So i have need for the house with my ex and just want rid. its now been empty for 24 months and its just costing me a fortune.

Do you think an iva sounds right for me? is letting the house be re-possessed a good idea? i've got to say i'm a bit sceptical myself but would really appreciate any thoughts advise you could give me. Hope that made sense

thanks in advance

endora

One thing you should be aware of with regards to repossession, it is not the end of your problems, lenders pile on a lot of fees and charges on top of your mortgage, they also often auction off the property or sell it for a very low price then chase you for the alleged shortfall. You must have heard repossessed property is always regarded as a bargain, this is because banks want them off their books quickly and sell below market value, knowing they can go back to YOU and demand the rest!