please help me - crying

patchy987

hi

i hope someone can help us on this one before i flood my house with tears.

we had a letter today saying our mortgage was going to increase by £105 per month as from 1st July.

we are currently in an IVA so have no spare money available but are paying £60 per month in arrears to the mortgage. we figured if we didnt have to pay this then £105 would be almost manageable . i spoke to the mortgage company to see if they would add the arrears to the end of the mortgage and i was told no because they have stopped doing any new mortgages or remortgages.

i then spoke to the IVA supervisor who basically told me that if we needed to alter the amount we pay the IVA it would fail.

we really dont want to go bankrupt as we have pets and renting with pets is almost impossible plus i suffer badly with depression so the thought of having to most probably move every 6 months fills me with anxiety.

i dont really know how anyone can help but i really just need a sympathetic ear as i am going mad.

rubydoiwannabee

Sorry I can't offer advice, but wanted to send you a big (((((HUG)))). Hang on in there.

boredofbeingathome

Have you got a repayment or interest only mortgage? sometimes you can swap to an interest only mortgage, and that will keep your repayments down.
Don't cry hun, it can be a bit much sometimes but that is what we are here for.
Perhaps pop up you SOA, and see if we can help you reduce your bills a bit.
BOB X

rayday2

Have you tried ringing the CCCS I have a feeling it is possible to come off IVA onto a DMP but not entirely sure and would hate to get your hopes up but I strongly recommend ringing either the CCCS or National Debtline they are very good - you could even ring both!

skylight

Bankruptcy does NOT automatically mean that you will lose your home. It depends on the arrears, if you can keep up with the mortgage payments but more importantly what equity is in the property.

You MUST get proper professional advice. Leave the IVA people to it - they are getting paid to keep you in the IVA, so get some independent advice from people that will advise you that are not in it for financial gain - Payplan, CCCS, CAB or National Debtline (links are at the top of the main Debt-Free board).

And chin up. Its very difficult I know, but you hold your head up high.

BenL

Don't worry about having to move when renting.

Very few renters move every 6 months, landlords love long term easy tenants.

I've done 18 months now renting and it has flown by. No rent increases so far (touch wood coming to renewal time now) and with the price of everything going up my landlord will not want to risk a void with no rnetal income.

**Amy**

Hi There

As others have suggested give CCCS or National Debtline a call, they are non-profit people so have your best interests at heart.

If it does come down to you renting its not too bad. I have 2 cats and have rented since i was 16 (25 this year). I did move around a bit at the beginning but have been in my current flat for nearly 4 years, its in most landlord's interests to keep a tenant as long as possible.

Anyhoo, give the above a call, im sure they will be able to offer some sound advice.

x

MrsTinks

Plenty of landlords will accept pets if you put down an additional amount in your deposit and agree to have the carpets etc professionally cleaned when you vacate the house.
I've rented for many years with 2 cats and never had a problem. Not had to rent with dogs but again so long as the property is returned in a clean and neat state a lot of landlords are cool about it.
And yes they too prefer long term lets rather than changing tenants every 6 months - infact some will only do 12 month lets rather than 6...
It's not the end of the world!

patchy987

hi, thanks for your comments, i have just spoke to the cccs who said there is nothing we can do as an IVA is legally binding. i could list my incomings and outgoings if anyone thinks they may be able to help ?

as for renting, i did it for 10 years before we bought our house and never got a lease longer than 6 months, plus due to having pets culd never find a nice one.

also our mortgage is currently less than the average rent round here even with the inrease so we wouldnt be any better off anyway.

i just feel there is no where to turn now and i am fighting a losing battle

**Amy**

I would definitely do an SOA (your incomings and outgoings), you never know what you could manage to shave off here and there, making that £105 could be easy.

Fingers crossed for you.

x

patchy987

skylight wrote: »

Bankruptcy does NOT automatically mean that you will lose your home. It depends on the arrears, if you can keep up with the mortgage payments but more importantly what equity is in the property.

You MUST get proper professional advice. Leave the IVA people to it - they are getting paid to keep you in the IVA, so get some independent advice from people that will advise you that are not in it for financial gain - Payplan, CCCS, CAB or National Debtline (links are at the top of the main Debt-Free board).

And chin up. Its very difficult I know, but you hold your head up high.

we were told by the iva people that we would definately lose our home if we went for bankruptcy as we have got about 20k equity in the house.