i owe a bout a total of £32k to various creditors (the usual) credit cards loands and overdrafts on old bank accounts. im currently paying into a dmp which is joint between me and my husband who on his own owes about 50k.
with the dmp that we are currently paying into will probably see us paying creditors off long after we are dead and burried! so no way of ever paying all of it off.
I have a house that i have on a mortgage in my own name, we have another house that we have rented out to tenants ( as a pension ) as we couldnt sell it in time and also thought of the fact we dont have pensions and thought at the time mmm property bound to go up in value so when we retire will have a pension that way, as pensions on their own wanted massive amount per month that we couldnt afford and because im 32 and hes 46 would be as much as a mortgage payment anyway so figured tenants effectively paying pension costs for ua.
Anyway obviously debts really need sorting with a realisic way of somehow paying at least something back to the creditors, i dont feel dmp is doing the job and i just feel sick and depressed and feel with no light at the end of the tunnel will always feel this way.
i have considered bankruptcy but dont want to loose my pension house or the house i live in i have 3 small kids and dont want to put them or us through loosing the homes.
have also looked into iva but again am torn on what to do, i dont want to loose the houses and really want to pay the debts off but dont want the risk of equity release in the final stage of an iva. becaue then id be securig a debt onto property putting me into more debt when really the 5 years should be debt free.
What do i do ?? obviously niavely got into a lot of debt and hold my hands up that i owe money and really want to pay back something. Do i do an iva in my own name and scramble about to find about 3k to do full and final on a joint bank account we owe money on then technically other than the 1 mortgage we wouldnt be financially connected with regard to the iva and creditors?? then thought once i am out of the tie in period on the mortgage i could sell the other house and my husbnand could make him self bankrupt in his own name only whislt id still be paying into my iva.
also when doing an iva how would they know i had 2 houses?? could i just not declair the house i live in in my own name?
sorry to sound like im not wanting to pay owt but i do and am trying but im sure even richard branson has prepared to safeguard his assets.
Any help would be appreciated, please dont anyone rip my head off im feeling really crap and couldnt handle nastyness..