- I am looking at remortgaing our house in the wifes name at market value and she will pay me my half of any equity in the property(i am doing this before contacting any of my old debtors + money adviser...is this wise to do especially as i will ensure transfer at full market value to take the house out of the equation?)
-My previous debts which i left behind amount to £60k + any interest that the companies may have charged
-My current debts amount to £50k which i am paying with no problems (so total debts approximately £110k) which i will stop immediately after speaking with IVA
-I am self employed(director of own company) and no real profit in the last 12months of trading, maybe slight loss..i have not taken a wage or any dividends. My wife was in good job hence covering the gap, but she is expecting and she wont be working for a while.
-Looking at properties around i think i will get £10k-£15k for my half of the equity, which i will give my dad to hold for me.
-can i get a trust deed/protected trust deed in my circumstances?
I would like to get a trust deed and pay £310(which i feel i could just about afford) per month for 36months or Pay the £10k lump sum and close Trust deed earlier.
Ideally i would like to continue paying existing debts as normal and put the old debts into a trust deed and pay lump sum 6k(but cant afford to pay any monthly instalments as other loans costing too much.
Are my proposals reasonable that creditors will accept or am i not offering upto the mark. I just want to be clear before seeing an IP so that i can sort out this mess and sleep easy.