Can anyone advise please?

Walter_J

HB,

There are a couple of things I don't understand.

Your mortgage is £795 per month. This suggests that it is for about £120k depending on the term.

House prices have tripled in the last 8 years, yet you say that you have only £15k of equity in your home. Have you remortgaged recently?

Please elaborate so that someone can help. I think it could well be possible to go bankrupt, have your unsecured debts written off, and keep the house.

I would stop paying the IVA, live on beans on toast, and catch up with the mortgage payments. Your mortgage provider could be your best friend here.

tigerfeet2006

bumping for HB.

honeyblonde_2

Fermi, I have joined that forum, lots of advice on there too, thank's for the link.

honeyblonde_2

It's a while since I posted on here, I thought I'd give an update on what happened.
We tried to get the IVA to allow us to sell our house to someone who would rent it back to us, we had found a buyer willing to do this, however, the amount owed as a full and final payment to the IVA would be reduced.I had to wait until they agreed to do this.To cut a long story short, the house sale fell through do to the IVA being very slow in sorting this out with the creditors.We were desperate to find a property to rent then, as we were getting so much hassel from the mortgage and the IVA, due to missed payments.Luckily for us, we found a place, not to far from school and with the money saved by not paying the mortgage, we had enough for the deposit.We have been here three months now.My mortgage has continude not being paid, as we were stupid enough to think that once we told them, we were leaving, they would just sell the house as a repossetion.The debt is mounting.I have now been told that they will accept the keys back any shortfall we will have to pay back.I would assume they will only get half the market value now, as the area we lived in has got even more rough, and it was an excouncil house too.
What I want to ask is, are we better to go bankrupt now? or wait till they make us bankrupt?There is no way of us paying back any shortfall.We have no assests, no valuables, my husband rents a van and needs it for his work, he is self employed.I don't work.Since moving my eldest three have moved out.If we have to go bankrupt, will my landlord need to know?
Any advice welcome.