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| dun |
Posted - 24 April 2009 : 18:43:31
Hi there, I'm currently in an IVA that a large debt agency arranged for me. My IVA is for 6 years, and I have 5 years left. My payments are completely up to date. I got into the IVA because my 15 year relationship completely broke down and I was left with all the unsecured debt which stupidly was in my name only (£70K approx). I am still in the shared property and maintaining the mortgage payments with Northern Rock on my own. Northern Rock will not agree to a change of parties to remove my ex-partners name until the end of my IVA. My ex-partner is now applying to the courts to force the sale of the joint property. There is very little equity in the property. I am really stressed and frustrated and don't feel my IVA supervisor is supporting me. I'm starting to wonder whether declaring myself Bankrupt may be a better solution for me and one final way to end this misery of being stuck in the IVA for the next 5 years. I had asked my IVA supervisor if I could sell my car (currently ear marked for my creditors) to pay off my ex-partner, but they will not permit this. In addition, I received a £3k bonus last month and again asked if I could use this to pay him off, again they refused and said I must pay half into my IVA. Unless I can make a cash lump sum payment to my ex-partner, he is adamant he will go through with the sale of the property. I just don't know what to do. I had tried to discuss the bankrupcy option with my IVA supervisor, but he was very negative. I would really appreciate some impartial advice please. Thanks so much. |
| 2 L A T E S T R E P L I E S (Newest First) |
| chester2005 |
Posted - 24 April 2009 : 23:45:50
Did you actually read the IVA forms when you signed them? sometimes tucked away in the middle of LOTS of pages can be a section that says after 4 or 5 years you have to remortgage your house 85% to value and give that money away, so the IVA becomes 5 yrs plus the remortgage time of 25 yrs Total indebtedness time of 30yrs!!!!!
So even if you have no equity at the start of the IVA in 4 or 5 yrs you probably will so you lose both ways and you may well have been better off going BR and if in neg equity keeping the house and buying the BI for £1
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
Life's too short!!! |
| Reviva UK |
Posted - 24 April 2009 : 23:04:52
Hi
really sorry to hear about your challenges. It certainly seems that you are up against it regards the relationship, debt, home etc.
The important thing is not to jump or be too hasty. You need to review all of your options to ensure you chose wisely.
You also need to understand the consequenses of things that you do and how they will effect you and your ex partner.
Some thoughts:-
1. Don't be bullied by your ex - it will cost him a significant £ to force a sale, take ages and ages and if succesful ( not guaranteed at all ) in this current market there may not actually be any equity left AFTER legals, and estate agent fees.
2. If you made a payment to your ex then if you were to petition for Br it is probable that the OR may ask for that back in the event they are unable to get money out of the house.
3. Take your time to review the options and don't be bullied!.
4. I realise it is not in the creditors or IVA companies best interest for you to petition for BR
Finally I would recommend you have a long conversation with one of the forum experts so that you can understand your IVA ( becasue you have a northern rock together mortgage you are now in a 6 year IVA rather than a 5 year iva, and there is certainly a risk that you will need to refinance the house in the final year).
Then go over the option of Br and see how it will actually impact on you, your job, home etc etc.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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