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T O P I C R E V I E W
harryevieizzy
Posted - 06 April 2009 : 23:16:03 Hi I have posted before but think I might of posted in the wrong place.
We are currently in an IVA had total debt of 57000 and have been paying £521 pounds a month for the last 2 and a half years,our IVA was for 5 years and we have extended it for 6 months because we had to take a payment holiday whilst i was on maternity.
The problem we now face is that we are requesting a variation in payments , we can now only pay £170 pounds a month. Husband works for Toyota(car industry) and has lost a lot of income and our mortgage/bills and a 3rd child have meant we cant keep up our original agreement. Now we are hoping that somehow the £170 pounds might be accepted, however if not we would like to know what would happen in bankruptcy and if we can keep our house which has hardly any equity if any by getting a family member to buy beneficial interest.
Now from my previous post I know that it is possible to arrange to buy the beneficial interst but I have a few questions re the process of this.
Firstly would my IVA company pay for the bankruptcy if variation is not agreed?.
If not then how much does it cost for 2 people to go bankrupt.
Who arranges the house valuation ourselves of the OR and is it best to go to court with a house valuation?.
What are the costs involved in buying beneficial interest, obviously the equity and if no equity is found then i understand that this is set to a £1.00? and then solicitors fees fo £211 POUNDS?.
Is a bond required to buy the beneficial interest someone has mentioned this to us?.
Are there any restrictions on who can buy the beneficial interest?
Are payments for the beneficial interest required on the day of court or would this be able to be arranged after.
How likely is it that the OR will refuse to allow us to buy the beneficial interest and sit on the house until house prices rise?
Lastly bearing in mind our current situation with our IVA, what is the best option IVA/BANKRUPTY?.
SORRY FOR SO MANY QUESTIONS!!!!
1 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 06 April 2009 : 23:49:49 Hi
You are obviously going through a very stressful time with the IVA and the uncertainty of the job.
With regard to the IVA failing the best first step is to speak to your IP and have an open conversation with them.
Shouldthe 170 not be agreed by the creditors then again it is the creditors who vote on the next steps. These may include failure of IVA and no action ( but you would still have debts) , bankruptcy petition by creditors paid for from IVA proceeds, other.
Unless there is something to gain from making you Br it is unlikely that the creditors will make you Br because it costs money.
If you had to make yourself Br the costs would be £510 each ( possibly less depending upon income etc)
The beneficial interest element of the property doesn't come into play for several months so you don't need these funds for a while, however you need to be certain of how much equity there is in the house because this is what the Official Receiver will require.
I suspect you are better off having a brief conversation with one of the firum experts to put your mind at ease and get a better understanding of the process.
