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| jason |
Posted - 17 August 2008 : 22:57:20
I am currently in an IVA and have a secured loan on my property worth £60k, and are paying interest only on our mortgage.
I am thinking of 'handing the keys back' on the house and renting. I am aware that the IVA is offering us some protection from unsecured creditors, but cannot see the point in continuing to pay off all over £2.5k a month in payments to mortgage/second charge and IVA, and lose any sort of quality of life. I have 3 kids with another one on the way and want to know what will happen to us if we decide this course of action.
My wife and I work in the finance sector and are concerned for our jobs if we are made bankrupt. We have been told by the IVA supervisor that we cannot be made bankrupt due to the level of loans we took our three years ago, and apparently this could be considered as fraud. I dont want to spend another 20 years paying people off and leading the life that I am currently.
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| 2 L A T E S T R E P L I E S (Newest First) |
| Skippy |
Posted - 18 August 2008 : 09:25:49
You would need to check your contracts of employment to see whether your jobs would be affected.
I don't agree with your supervisor that you couldn't go BR due to the loans being taken out within the last 3 years - I had a loan from Natwest for £25k taken out in July 2005, and a loan from Egg for £16.5k taken out in February 2006 and I went BR in March 2007.
As DM says, you can fail your IVA my missing 3 payments. Some courts want a letter of termination from your IP, others don't so it would be worth checking with your court.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
| Trolly-Dolly |
Posted - 17 August 2008 : 23:04:31
Hello there,
For you to go BR, the IVA has to fail; that is you stop paying it and have it in writing as having failed.
Many jobs in the finacial sector are not allowed in BR but that is down to the company.
The majority of people on here going BR have used credit or taken it out in the lst 12 months, I know I have, So I believe that you can go BR, but there are better people to advise you than me!
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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