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T O P I C R E V I E W
websi7
Posted - 27 April 2009 : 20:45:29 My eldest son has an IVA and owns his house with nil equity and high fixed interest (£800pm+). He is married with a new baby and wants to move back to be near his family.
He is talking going Bankcrupt but is unclear if he can do that from an IVA, or this would happen if/when he is unable to pay his IVA (£300 a month).
He wants to rent a house, but again his credit status is already bad, he cannot even afford to put his house on the market and there is no benefit from selling.
Any advice, I am a loss as to how he should go?
2 L A T E S T R E P L I E S (Newest First)
websi7
Posted - 28 April 2009 : 04:55:58 Thanks for advice Dave - great
Any advice for people with BR to rent - many private landlords rent via agents who do credit checks so will fail that now ith IVA let alone BR later?
They also have 2 cats and a dog (fools) so that is another hurdle as many (most) rentals exclude pets.
Also rental is usually for 6 months at a time where as they want long term security.
Could Housing Associations be better?
Any advice on renting when BR from other members welcomed
chester2005
Posted - 27 April 2009 : 21:25:08 Firstly welcome to the forum To go BR the IVA would need to have failed , normally after 3 months the IP will process the failure If he chooses BR then he need not worry about the house and if he is sure of BR then timing is essential, he could stop paying the mortgage for a few months to get the money together for a deposit on new rented house, private landlords are often better for people with bad credit. If he stopped paying the mortgage and IVA then he would have £1100 a month to put towards rent , deposit and court cost £510. It is something that should be considered first but any questions will normally be answered on this forum and you can always question the experts directly if you wish via the link on th left hand side of the page.
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!!!
