What should i Do ? http://joej.blogs.iva.co.uk Just another Blogs.iva.co.uk weblog Fri, 25 May 2007 08:57:31 +0000 http://wordpress.org/?v=wordpress-mu-1.2.5 en http://joej.blogs.iva.co.uk/2007/05/25/2/ http://joej.blogs.iva.co.uk/2007/05/25/2/#comments Fri, 25 May 2007 08:57:31 +0000 joej http://joej.blogs.iva.co.uk/2007/05/25/2/ My partner and i have built up a large debt consisting of around 10 creditors amounting to £70K. I have a mortgage of £210,000 paying £1000 per month in a discount period. This period is up at the end of June and my mortgage is going upto £1200 per month. I earn a good wage as an IT consultant and my partner works part time. We manage to cover our monthly bills etc but we have had problems paying the mortgage and are in areas at the moment but not by much. As a result of all this we have a bad credit rating.

We have 3 kids between us ages 4,7 and 10 and losing our hous is not an option really as we need the stability of a home.

I am writing this to seek advice and find out what others would do in our situation. I am going to apply for a new mortgage with a discounted period thus dropping our monthly payments. We are currently paying £115 a month to a debt management company for the 70k debt.

I am not sure what action to take, do we enter into an IVA or not ?
If we did, how would that affect getting another mortgage in 2 years when this discounted period is up ?

All in all a pretty bad situation all round, we know its completely our fault that we are in this mess and we have to do something to sort this out for our kids sakes.

All advise would be gratefully recieved

Thanks

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