possible iva ??

[jojo1368]

i got divorced last year and our house was voluntry repossed the balance outstanding after the house was sold was 77,000 and 30,000 for a loan we had with the mortgage.

i recently phoned the mortgage company and asked for the balances as interest is still being added to the loan ! I was told that the mortgage account was 0 and closed just leaving the loan account

does this mean they have just written off the 77,000 ?? if so this would bring my debts down to 45,000 ish and would an iva be an alternative to bankrupcy ??
i have worked out i could afford �150 a month

[factor-fiction]

Weren't you happy with the answers you got yesterday to the same question?
http://www.theanswerbank.co.uk/Business-and-Fi nance/Question771289.html

[jojo1368]

no cause the only reply i had was actualy asking me a question

[factor-fiction]

okay, just noticed you have changed a couple of words from the original question.

Really, for a definitive answer you need to ask the mortgage company to clarify things (although I assume you'd rather not just in case they say " oh yes, thanks for reminding us- yes you do in fact owe �77000"). Or you could look at your credit file to see what it says

[jojo1368]

ok thanks

if it urns out they have written it off do i stand a chance of getting an iva to pay off remaining debts or would i need more disposeable money each month ??

[themas]

See my answer to your other question.

[jojo1368]

thanks was hoping iva was another option but guess bankrupcy is only one.

am already under a local debt advice centre just cant get hold of my case worker to ask her

thaanks for helping x

[johnnybriggs]

What has probably happened is the bank has sold the debt on to a debt collection compnay so the balance on their account will now sho as zero and you will be contacted in due course by a different creditor.

I'm afraid to say that an IVA isn't going to work on �150 per month. - thats only �9,000 and there would probably be �3000 of fees to come off that.

If you want to talk through your options by all mean try www.talkaboutdebt.co.uk or www.debtadvicefoundation.org

http://www.youtube.com/watch?vNaW4ZlNjCJE

talk about debt