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T O P I C R E V I E W
guy.es
Posted - 27 October 2009 : 14:19:48 i am half way through an IVA, but want to get rid of my house. There's no equity in it and we have moved into my Mums house. Am I better of going bankrupt as I cannot afford the mortgage any longer? Currently out of work too. Guy
2 L A T E S T R E P L I E S (Newest First)
guy.es
Posted - 28 October 2009 : 09:24:48 Hi Melanie and thanks for the reply.
I gather by IP, you mean the company dealing with my IVA? Well I have told them of the change to my circumstances and they have agreed I can hold of next 3 months payments as it wouldn't go into default until 3 payments have been missed etc.
How likely are the bankruptcy payments going to be similar to the IVA payment. Do they use the same criteria etc?
Also I have been looking around at the 'buy it now' companies and the shortfall from one of those looks to be about 15-20% of market value (approx £15K) so if this route is taken I wouldn't have the bankruptcy to deal with. What are your thoughts on that, and I'm sorry I know you must be busy.
Guy
Melanie.n
Posted - 27 October 2009 : 16:01:17 Hi Guy.es welcome to the forum, and sorry to hear the changes which have led you to leave your property and post on here
Have you contacted your IP and advised them of the move and loss of job? If not, get in touch with them and explain the situation. If you proceed with bankruptcy you are going to have to obtain a 'Certificate of Failure' from your IP before the District Judge will hear your bankrtupcy petition.
If you are out of work, it is probably best for you to go down the bankruptcy route, the property would get repossessed and any shortfall from the sale of the property would be included in your bankruptcy together with all your other creditors.
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
