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T O P I C R E V I E W
David.85
Posted - 10 August 2011 : 10:37:09 Hi We are out of our minds with worry. we have been in an IVA for two years and basically it hasnt worked out for us. After it began the car failed its mot and we faced a £600 bill to repair it, the following month the cooker died.To cover these costs we borrowed from family and have never caught up. We now have a couple of payday loans that are never ending(i realise we have probably breached the rules of the iva) In short we think we are now best handing our house keys back(large mortgage, secured loan, massive negative equity) think we have to admit defeat and realise that we made huge mistakes overstretching when we bought the property. I wondered if you could advise the order in which to do this process and how long it would be before the house was repossessed. We looked at the figures last night and think we would have around £80 per month for any IPA . When we applied for the IVA the IP explained our figures were very tight and looking back it was a mistake. If we intend to hand the keys back, should we start missing payments straight away in order to save for bankruptcy fees and hope it takes several months before repossession process begings. At what stage in this process do we begin the bankruptcy process. Sorry to ramble on, but we are desperate for good advice EVA
4 L A T E S T R E P L I E S (Newest First)
Viki.W
Posted - 11 August 2011 : 19:54:30 I advise you discuss everything with your IP and start the ball rolling with regards to failing your IVA. This can take several months and you need this to officially fail before you can petition for bankruptcy.
If you want your home to be repossessed, then stop paying any secured lending now and save up for your rental deposit and bankruptcy fees. Also stop paying your payday loans and of course your IVA.
Get your rental checks done and find accomodation.
You can always post any questions on here or contact an expert for a chat.
Posted - 11 August 2011 : 07:37:21 You will have to let your IVA fail so you do need to stop paying and use this money for your BR fees.
If you are intending to hand your house back then start looking for rental properties now. You do need to check with either the agents or private landlords how they stand with people in an IVA (as you are at the moment).
Follow through Make your dreams come true Don't give up the fight You will be alright 'Cause there's no one like you in the universe
Jan xxx
Richard P
Posted - 11 August 2011 : 07:19:45 get advice to help plan BR
from what you have typed your IVA provider is probably not the best to go for help.
experts are to the left
Good Luck Richard,
mistake09
Posted - 11 August 2011 : 03:25:10 dont make any payments if your going bankrupt, you might aswell owe afew months more and have the cash ready to pay court fees
