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| T O P I C R E V I E W |
| Aero |
Posted - 06 August 2009 : 11:39:02
Hello, hope someone here can help straighten my head out please?!
Have made just ONE payment into an IVA and believe me even that was hard. Basically, included in the income figures was maintenanace from my ex, this is now halved. That half that I have lost, is more than my IVA payment! I am penniless, literally. Have had the humiliation of having to ask my mother to send me money, so me and my kids could eat. I am stressed, extremely confused and dont know what to do. It might take the CSA months to sort out maintenance, I probabaly wont get a penny in the meantime, and so will default on my IVA and go into arrears on my mortgage.
I have been I should consider bankruptcy and now I am starting to agree as the stress and worry and uncertainty is killing me, I have 2 little boys and all I do is worry about money every minute instead of being able to enjoy my time with them.
Someone please just steer me in the right direction - will we be kicked out on the street? Will I lose my car? If I do I cant get to work, or the kids to school?
Thanks, and apologies for mind numbing babbling :P |
| 15 L A T E S T R E P L I E S (Newest First) |
| Aero |
Posted - 07 August 2009 : 23:39:48
Thanks Debtinfo your a star :))) I will probably think of somthing else in the middle of the night but that clears up a lot, thank you :)
Bit by bit... |
| debtinfo |
Posted - 07 August 2009 : 21:39:37
right one bit at a time
The Mortgage question - The Mortgage company as a secured creditor have a specific right over a specific asset (the House). They have a right regardless of the bankruptcy to get their money out of that house, but only up to the value of the property at the time they choose to retrieve their money. Until then they are a contingent liability which means they rely on their horded asset until it is no longer available. They cannot physically make you pay the mortgage but they can exercise their rights over the asset if you dont(sell the house). The other secured loans have the same rights but only after the first mortgage. If the asset is sold by you or them they can only take as much as the asset is worth. After the value of the house is used up, they have used up their security, and any amount left owing falls into the bankruptcy, even if this happens years later.
Who stays in the house - you both have equal rights to buy the equity so have to sort it out between you, (or go to court)
If he went bankrupt later - yes you would be offered the equity, just like he will be offered yours, a letter goes out to both owners in both bankruptcies
hope that helps |
| Aero |
Posted - 07 August 2009 : 19:13:10
oh lord Debtinfo - we cant even be in the same room as each other. But thanks I hadnt considered that! I better offer him the option I guess. I would be the one paying the mortgage afterwards as I am the one living here. If he in usual ****head fashion decides he would rather be awkward, and go bankrupt himself later on would I be notified so that I/myfamily could buy his beneficial interest?
and sorry - I really really dont understand - if your bankrupt, your debts go... so how come your mortgage stays??? really really dont get it sorry - I'm not thick, just brain dead at the mo lol :)How do we decide who stays in the house? he is such a jerk he would probably argue that he should as he could pay the mortgage if no other debts! Questions questions :)
Bit by bit... |
| debtinfo |
Posted - 07 August 2009 : 18:49:09
someone would need to buy his beneficial interest as well, if you go bankrupt together this can usually be done together for 1 fee. remember that whoever ends up with the property will need to contine paying to and mortgage or other loan secured on the property |
| Aero |
Posted - 07 August 2009 : 17:02:35
Ok done. the girl I spoke to was extremely nice and understanding. I can miss 3 payments which will automatically fail me, if I want out sooner I need to write and instruct them to fail it. At which point once I have written confirmation I can then go BR. Can I also ask please, when I do go bankrupt, would NR chase my ex for the full amount outstanding? If they do and he then goes bankrupt as no way can he clear 170k debt plus his own, what happens to HIS beneficial interest. What I mean is, if my mum comes to my rescue and buys my BI, how would this be affected if he then goes BR? Or have I got it totally wrong?? Been a hell of a week apologies if I come across as very dense about all this, have read sooooo much its all jumbled :)
And Jan, yes, the 3 months would give me the time to save the money - good point :)
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| Aero |
Posted - 07 August 2009 : 16:42:16
Ok thanks guys, I am gonna take a deep breath and call them right now, dont want to be worrying all over the weekend again now I ahve decided which route to take.
thanks :)
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| Reviva UK |
Posted - 07 August 2009 : 16:36:08
SPeak to your IP and discuss the change in circumstances and see how they want to play it.
You will need some documentation from Payplan to show the court that they are aware that you are petitioning for Br and that the IVA has indeed failed
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
| Niobe |
Posted - 07 August 2009 : 11:08:28
I think that you may still have to let it fail though now that a payment has been made.
At least the three months missed payments will mean that you can probably save up your court fees.
The glimmer gets brighter all the time
Jan
xx |
| Aero |
Posted - 07 August 2009 : 07:25:13
Wow! Thanks Debtinfo that has made my morning :))I dont understand the whole beneficial interest thing - but am certain house is in negative equity - was valued just last month at 12k less than the mortgage. All I need to do now is contact Payplan tell them the cheery news eeeeeek :P
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| debtinfo |
Posted - 06 August 2009 : 21:00:19
Hi aero, dont worry about the fact that you only made one payment as there was a clear change of circumstances. As Paul says make sure their is negative equity. If their is the property will not be taken off you for at least 12 months and probably not at all if you or family can stump up £212 to buy it back. |
| Reviva UK |
Posted - 06 August 2009 : 19:12:11
You need to triple check the value of the house to confirm any equity position BEFORE petitioning for Br.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
| Aero |
Posted - 06 August 2009 : 17:22:15
oops and just realised I said IVA was for 7 years, its not its 6, NR insisted it went for another 12 months. at least.
Bit by bit... |
| Aero |
Posted - 06 August 2009 : 17:19:45
Hi Jane - wish I had had your sense! And yes I think you are correct - am quaking at the thought of telling Payplan that I wont be making further payments or should I just not contact them or make payment or answer my phone?? cant believe I am so scared to tell them what a chicken! anyway apparently once fails, then I can go bankrupt if thats the only option. To be a honest it would be a relief I think - thanks for the info on my car. Am still really confused about what happens to my house though - its mortgaged, in negative equity and in joint names with ex - had seen you can stay in the house for a year - but how come? I dont understand this as they repossess people really quickly for non payment/arrears? If I am bankrupt wont NR want me out like a shot - who decides how long I have basically? Thanks - I love this site wish I ahd found it sooner!!
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| Jane.l |
Posted - 06 August 2009 : 17:04:33
I know it is easy for me to say, but bankruptcy is not the end of the world, if you need your car for work, and it is worth less than £2000, you should be able to keep it.
I had an IVA proposal drawn up and I too, had the dreaded NR and they insisted on 6 years IVA. I was only in a temping job (IVA company never mentioned that this would be a problem but I wondered what if I could not get another job? How would we pay the IVA for all those years? ) and the payments were to be around £800 per month after the first 18 months and once we were sent the proposal to sign, I just looked at it and thought "No, there is no way we can manage this" so I shredded it and went bankrupt. Hindsight is a wonderful thing and you have already had your proposal accepted and I think, but could be wrong, that you may have to wait 3 months and let it fail before you go bankrupt |
| Aero |
Posted - 06 August 2009 : 15:11:23
Hi guys thank you all for responding -
Jane I went ahead with the IVA as I didnt expect firstly for my ex to not stick to the amount we agreed, and secondly, I didnt realise the CSA amount would be a lot less. Now I find out it could take ages to sort anyway. I am reluctant to keep asking my family for money, so I can pay into an IVA that in my heart I know will fail.. sorry if that sounds defeatist, but I am pretty beat now I reckon!
Suzanne - my house is in joint names with my ex, and it is also in negative equity. Its with NR. Have a massive unsecured loan with them (Together mortgage) on my IVA and they are the ones that insisted it runs for 7 years with revaluation of my house half way during 6th year. Have visions of them extending the IVA year on year!
My car is an ol jalopy :) well it may be worth over 2k but unlikely. I need it desperately as I work in a little village about 8 miles away from where I live. I own it, well I am the registered keeper, my ex would probably argue its half his.
And Paul, I hope there is some relevant info in here so that you can maybe help me.
Thanks again, any input/advice greatly appreciated :)
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