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T O P I C R E V I E W
dutchngez
Posted - 11 July 2008 : 21:46:42 We are looking at renting a property as soon as possible so we can get on with applying for bankruptcy. I am worried about our credit rating as we are currently in an IVA. Are letting agents likely to say no? I can easily provide them with garantor and proof that we have never defaulted on our mortgage payments but I'm not sure they will take this into consideration. Is it better for us to declare ourselves bankrupt or wait foe a failure of the IVA. I have to miss 3 payments before they fail us and my husband would have to miss 12
4 L A T E S T R E P L I E S (Newest First)
JulianDonnelly
Posted - 14 July 2008 : 11:36:46 Great advice as usual Melanie.
Posted - 13 July 2008 : 23:44:16 The costs of the bankruptcy will be dealt with out of the estate.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
dutchngez
Posted - 12 July 2008 : 11:17:42 The IVA is failing due to increases in our general living. Our mortgage has come out of a fixed rate so has increased by £160 month and general costs of living have just increase so much as well. We worked out that we are £300 worst off a month but our IVA provider has offered us an £80 reduction each month with an extra 2 years added on to the agreement. Anyone can see that this is not possible. It seems the only way to go is bankruptcy. If the IVA fails and the creditors declare us bankrupt are we still liable for the costs of the bankruptcy?
melanie_giles
Posted - 11 July 2008 : 21:52:14 From what other posters have been saying on this site recently, which I am yet to encounter from my own experience, is that you cannot declare yourselves bankrupt unless you have a Certificate of Non-Compliance in your IVA - and this cannot be issued until you are three payments in arrears. It seems odd that your husband's is twelve.
Why is the IVA failing, are you struggling to meet your monthly repayments? Letting agents will generally perform a credit check, and obviously the fact that you have a failed or failing IVA on record may create cause for concern.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
