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| scared01 |
Posted - 23 January 2010 : 22:45:47
we have been in an IVA since September last year, both working full time with two small children. I returned from maternity leave in september and after trying so hard to keep going i have handed my notice in at work. I was working full time with travelling and our children were in childcare for 11 hours a day. Our youngest daughter has been ill all the time since i started back to work and I just couldn't cope anymore. I was being put under more and more pressure at work and was so unhappy it was making me ill. I have made the decision to look after the children at home and although we now do not have to pay £1261 childcare a month and my fares of £243 a month we are now still down by £800 a month. We are about to contact our IVA company to discuss this but don't know if we will be able to suspend my husbands pension £200 a month, give our car back at £250 a month and make the rest up with me trying to find part time evening work or to go bankrupt. I am scared we will loose our home and be chucked out on the streets with an 11 month old and a 4 year old. Does anyone know if we can give a car back that is on finance, the agreement is due to finish in October this year anyway. i am so scared but just couldnm't continue to carry on with the way i was. what happens if they take our home and nobody will let us rent, will they give us time to find somewhere? will i get in trouble for giving up my job for these reasons? |
| 4 L A T E S T R E P L I E S (Newest First) |
| scared01 |
Posted - 24 January 2010 : 12:06:46
yes a big minus. £905 a month short. without paying our IVA or £465 a month and our car of £250 a month we would be £190 a month short which i am hoping i can get by working a couple of evenings a week locally, my husbands pension is also £205 so possibly we could suspend that for a while so we can live. we don't mind renting as we currently pay £882 a month on an interest only mortgage for a tiny 2 bed house with two kids, boy and girl sharing a box room but could rent a 3 bed for £800 a month but its getting someone to take us. We would be able to get a guarantor but not sure we could put our hands on 6 months rent in advance. we would be able to use my parents car for my husband to get to work etc. will they take any of our household belongings? also my work has suggested i take a career break rather than severing my ties there totally and see how i feel in a years time and if i can cope with working full time again, will this affect the bankruptcy? will the court allow us time to find someone that will let us rent. My son is also due to start school in september so we need to be near there as i will have to walk him to school. some helpful advice would really be appreciated. |
| Daniel Griffiths |
Posted - 24 January 2010 : 10:19:17
Hi
Can you revisit the Income and expenditure on your IVA, and change your total income to what it is now or what it will be in March when you give up work. Your IVA was based on a surplus of income which is at the bottom of the page. Recalculate the outgoings and see if there is now any surplus, from what you have said so far it may be a minus. If it is a minus the IVA is going to fail because its unaffordable, there should also be a section in the IVA based on your situation if you went bankrupt, this is what the creditors look at on determining whether to accept the IVA look at the figures closely and try and understand them. You then have to see if your mortgage is affordable and as it is interest only do you really want to continue with it anyway. If you have no debt can you continue with the mortgage is it affordable, if not do not worry about renting, thousands of bankrupts privately rent with no problems by being honest with the landlord.Based on what you have given if any receiving trustee were to repossess your home for the benefit of the creditors it would possibly cost them to do so, the beneficial interest may be purchased for a nominal fee, there are many ways to save the family home in bankruptcy, There is another option to deal with your debts ie bankruptcy,the key here is whether you rent or continue to buy. |
| scared01 |
Posted - 24 January 2010 : 09:53:54
yes in a real state. Our mortgage is around £164,000 but we have an early redemption penalty on it which it says on our latest mortgage statement that it is £6k. We had the house valued in July last year and they said between £170-£190k but expect to get £175k. I am presuming then that whatever equity there is someone could purchase as a BI and we could stay in the house. Problem is I have no idea if anyone will be able to do that for us. If we do have to rent a house it wouldn't be the end of the world but how can we get someone to let us rent. We will just about be able to afford to privatley rent somewhere on just my husband's salary and me not working as renting a 3 bed would probably be cheaper than our interest only mortgage on our 2 bed house. What happens then, do we just get left on the streets? my friend has a very very tiny 2 bed house she would let us rent privatley but needs to rent it out in March and I don't think we will be very far down the process by then, i only leave work at the beginning of March. Do we move into her house in case we can't get something else or wait and see what happens. i am off to the doctors this week to see if they can help with the stress as i am so frightened. also our car, i know we won't be able to keep it as it is worth about £7k but my husband needs a car for work and for us to be able to get the kids around, if we need to take them to the emergency doctors etc. will we be allowed to drive someone else's car, registered in their name? sorry for all the questions. |
| Daniel Griffiths |
Posted - 23 January 2010 : 23:39:09
Hi Scared
What an awful state you must be in, however before anyone can help you what is needed is some figures of your assetts and debts, these will be clear in the IVA. What is the value of your home and the amount of any loans upon it, saving the family home is far more important than paying into any IVA agreement unless failure of paying in to the aqreement could mean the loss of the home which may not be the case at all. Your creditors did not accept an IVA because they wanted to help it was most likley accepted because they get more return than in bankruptcy |
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