IVA Voluntary reposession & secured loan

CardiffAntony

Hi there looking for some advicw who may have had a similar situation

I owe 88000 on mortgage
House is worth about 101000
I have a secured loan with first plus for 43000
unsecured loans for approx 9000

I have been give advice that if Ii volunteer for house for repossession(really not bothered Its got too many bad memories tbh) I am eligible for an IVA paying back creditors 288 a month which i can afford, the secured and unsecured loans are killing me and I'm paying for more out each moth.

Id this correct ref IVA and has anyone similar experiences?

CardiffAntony

CardiffAntony wrote: »

Hi there looking for some advicw who may have had a similar situation

I owe 88000 on mortgage
House is worth about 101000
I have a secured loan with first plus for 43000
unsecured loans for approx 9000

I have been give advice that if Ii volunteer for house for repossession(really not bothered Its got too many bad memories tbh) I am eligible for an IVA paying back creditors 288 a month which i can afford, the secured and unsecured loans are killing me and I'm paying for more out each moth.

Id this correct ref IVA and has anyone similar experiences?

excuse spelling by the way!

FoggyBrain_2

Hi. An IVA is possible, as the shortfall on the mortgage and secured loan would become unsecured on sale and be able to be included in an IVA.

However, have you considered bankruptcy ? As you will have no assets to protect it might be worth investigating, provided your line of work doesn't preclude it.

I would also advise you to speak to a couple of IVA firms to compare advice. Who has advised you so far ?

CardiffAntony

Harrington Brookes are the company i have spoken to, seemed very helpful and quite a bit of positive feedback on forums.

Is it worth trying to rent a house ebfore sale or do I wait?