What should I do

llcooljayne1

hi everyone,

I am pretty desperate for help and not sure what to do! I have around £40k worth of debt and just about covering everything every month!

I have spoken to pay plan and cccs and one has suggested an Iva and the other a dmp (which will last 17 years!!) the thought of either of these frightens the life out of me because I am worried about how they will affect me long term.

Right now myself and my partner have a mortgage on our house but my parents live with us and are on the deeds as they own the majority of the house. They put down a large deposit and myself and my partner got a mortgage on the remainder. Will either an IVA or DMP affect this? I don’t want to put anyone else at risk as this debt is all mine!

Not sure where to turn 😞

Grumpelstiltskin

OK Your mortgage will not be affected as long as you stay with the same lender when it is up for renewal, no credit check, just don't try to go with a different lender.

I would suggest you go over to the Debt Free Wannabe board, read that and complete an accurate SOA then we can suggest the best way forward.

llcooljayne1

Thank you so much! I will do that now