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| JemJem |
Posted - 17 March 2008 : 19:18:33
Hi,
my husband lost his job, and took a job on a lower wage. We were stretched anyway, and we then were unable to cope.
My husband owes £36k and we are looking at entering into an IVA via payplan. My husbands earnings do not cover 1/2 of the household bills, and as i earn more i will be the one financing the iva, based on bouns i receive via work, which are not gaurented.
We also own a property, the value being £220k - £225 aprx and we hold a joint mortgage. we have early redemption charge of £7.5k and the mortgage its self is £200k
I understand if he decided to go bankrupt i would be able to but his equity from the OR, is this aways the case, how long would this process takes. What happens with the morgage given it is based on a joint income? How does this work?? How much would i be expected to pay?
also would he be liable for a payment order, if i am financing an iva, and we opted for bankrupcy, and i then have to finance a payment order for 3 years? do they take my earnings into account?
any advice would be very helpful?
Thanks
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| 5 L A T E S T R E P L I E S (Newest First) |
| Helpful Advice |
Posted - 18 March 2008 : 12:24:32
Hi Jemjem,
You have a complicated situation so my advice is to talk this through with an expert.
Both Paul and Alan are very skilled in this area and can be contacted via their website links.
As far as your income is concerned as Alan says it is about what you contribute not what you earn.
Although your expenditure is joint, they will take into concideration that you credit debts have to be paid also that you are the main bread winner.
It sounds like after you credit debts and bills have been paid your husband is only contributing a small sum, therefore this would reduce the risk of him getting an income payment agreement.
On this basis your bonuses would not be taken into consideration.
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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| AlanO |
Posted - 18 March 2008 : 09:04:17
Hi JemJem,
The Key is your 'contribution' to the household which whilst influenced by your income including bonus will not necessarily be your income as you will have other commitments.
This is all part of the planning and is a reason why you should talk with professionals to ensure that you put in place the best arrangement for both of you.
All the best Alan
www.debtdr.co.uk |
| JemJem |
Posted - 18 March 2008 : 08:55:04
bases in sutton, surrey.
income is nmot likly to increase, other then yearly reviews.
can i ask why any bounes i have at work, will impcat his bankrupcy. i want my finances to be indepandant if his now, given i am able to meet my own creditor payments.
My bouns are monthly, some times i get one and sometimes i don't, these bounes are enabling me to meet my own creditor payments, and i don;t think i can commit to entering into an iva on the basis i was fianancing it with a bouns a may not get, whcih is the reason we are giving consideration to bankrupcy.
it is likely i would borrow the funds form family to buy-out his equity which means i would need to pay back my parents, form my bouns.... will they take this into account?
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| Reviva UK |
Posted - 17 March 2008 : 20:50:16
Hi JemJem - welcome to the forum
Alan is absolutley correct in that you have a lot going on here and I would fully endorse Alan's recommendation that you should review all of the options before you sign on the dotted line.
The sister website - iva.co.uk - is littered with folks some of who struggle with an IVA because of poorly a considered situation .
You actually have more options than you think and it would be well worth sitting down ( face to face) with an expert to map out each of the solutions and how they may effect you and your family.
These face to face meetings are free so you have nothing to loose.
You should always beware of "solution providers" who only offer 1 solution.
If you then decide on Bankruptcy or an IVA then there are specialists on this site and iva.co.uk that can help you achieve the very best outcome available.
If you could let us know which part of the country you are in we will be able to suggest the best local assistance for you.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| AlanO |
Posted - 17 March 2008 : 20:32:28
Hi JemJem,
Firstly have the situation reviewed by an expert they will look at both an IVA & Bankruptcy and also consider other options.
Much will depend on whether your husbands reduced income is likely to be permanent or is there a likliehood of a later increase - also the magnitude of your bonuses will have an impact.
If there is creditor pressure at this stage you could look at an interim creditors arrangement to buy time and enable you to make a considered decision. An expert will review this and other points
All the best Alan
www.debtdr.co.uk |
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