Landlord Debt Advice - IVA or CVA

Struggling to meet mortgage payments?

X-debt are very pleased to welcome Landlords and Tenants from www.roomsforlet.co.uk.

A number of landlords have approached us to assist with their debt problems as they are struggling to meet mortgage payments.

It may be that you have tried to ease the problem by renting out rooms in your own home which brings some short term financial relief. However, if debts have mounted and you are struggling to meet mortgage payments due to other debts and monthly payments rising then a structured long terms solution should be considered before it is too late. Missing mortgage payments or payments on loans secured on a property can quickly result in the risk of repossession.

It is important that professional advice is sought as soon as possible.

X-debt provide free debt advice, IVA advice and advice on other debt solutions. However, if your personal circumstances meet the criteria of an IVA then this should be seriosuly considered in the first instance as it aims to protect your home from reposession and you from bankruptcy.

An IVA aims to protect your home and stave off bankruptcy so long as you keep to the terms of the Arrangement. In an IVA you can reduce your monthly outgoings substantially ensuring you have sufficient disposable income to meet your mortgage and other essential outgoings. Once the IVA is successfully completed, usually after 5 years, any outstanding balance will be legally written off and you will be debt free.

If you would like further advice on solving your debt problems, protecting your home and avoiding bankruptcy, please contact us here or call us free on 0800 043 2424.

Alternatively, you may wish to try our IVA calculator which will give an indication of whether an IVA is appropriate for your circumstances.

Tenants not paying rent?

Do you have tenants who are struggling to pay you rent on time due to other debts such as credit card, loans etc?

We maybe able to help both you and them by looking in to their finances and providing a suitable debt solution to their needs.

Re-arranging their finances so they pay a reduced monthly payment to creditors, be it in an IVA, debt management plan or other debt solution, will free up income to enable them to pay their essential outgoings such as rent payments etc.

If you feel your tenant could use some help with their debt problems, please tell them to contact us for free advice. Alternatively you could complete our Refer A Friend form and enter their details so we may contact them directly.