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| T O P I C R E V I E W |
| PMD |
Posted - 16 December 2009 : 11:41:41
Hi all. I have been silently reading all of the posts on this forum for a few months now and finally have the courage to write a post.
Where do i start?
Basically, we bought our first house 8 years ago. The house was very cheap and we spent a lot of time and money making it into a beautiful home for us and our now 3 children ( a boy of 11 and twins aged 6). However, what started as manageable became hell. We were young and excited about owning our own property and were offered credit cards, to which we used, not extravagantly, just to make our home nice. Things then escalated over the years to a point where last year we handed back the keys to our mortgage company, as we had taken out a secured loan and due to myself having post-natal depression and then losing 3 immediate members of my family to cancer all in the space of 18-months, i just couldn't cope and had to have time off work. This is no excuse for being in a bad situation financially, but i was just knocked sidewards and feel as though i am only just taking a few steps forward.
We moved into rented accomodation last year and since then have looked into an IVA, which turned out not to be suitable for us, as there wouldn't be enough spare income each month. All together we had a 70,000 shortfall from the property and we have about 30,000 of unsecured debt. To say we are embarrased and ashamed is an understatement.
However, we have finally come to the realisation that bankruptcy is probably the best route for us. We just want to have a fresh start and build a better future for our children. I just cannot believe that we are in the mess we are in.
I have recently been put on anti-depressants, as i am still struggling to cope with what has happened with losing our home last year and am just thankful that i am married to the most amazing man and have 3 beautiful children.
We are trying to save the fees and hope to go bankrupt, hopefully, in the new year.
Sorry to go on, but just feel as though i have lifted a tonne from my shoulders. You despair and feel so lonely in this situation, but i have hope in that we are not on our own and that we have reached the bottom of the barrel and hope that we can just keep looking up.xxx
Thanks
xxxx |
| 9 L A T E S T R E P L I E S (Newest First) |
| Richard P |
Posted - 21 December 2009 : 20:23:24
Hi worried wife
you enquired as to why i went down the IVA route and then bankruptcy.
I did not enter a formal court approved IVA route, my initial approach was with halifax sponsored pay plan, the easiest way to explain it is this is a low level cross between an IVA and debt management plan. The payments were set by payplan and were far too high to be long term sustainable (about £1200 PCM) and i suppose it was the only option that i was aware of (i think i paid 7 months follwed by 3 months of £1 to each of my creditors)
what it did do was buy me time and keep the hounds away from the door, i had some a civil litigation legal issues that i wanted to fight as long as possible, once i had eaten into all of my savings trying to defend my position, i put my hands up and conceeded, then i knew that BR was the only option.
yes it is true that i might have managed my own BR and complete the forms online but it was unfamiliar territory and i needed the guidance of experts, (house, family, cars, job and pension all at stake)
worried wife I hope that clarifys and helps
regards Richard |
| RHB |
Posted - 21 December 2009 : 07:09:02
Plus, your house could still be at risk as I assume you have not mortgaged 100% in this financial climate. Are you paying te mortgage payments yourself? |
| RHB |
Posted - 21 December 2009 : 07:07:23
I still would contact one of the IP's on the IVA site they may be able to help you do a full & final settlement with your creditors with the equity you have banked & if you can avoid going BR it is best to. |
| worriedwife |
Posted - 21 December 2009 : 00:10:11
Hi all after reading and reading and reading i think a BR would be the best route to go down , can u tell me Richard P why u went down the IVA route first then went BR thanks xjx |
| Niobe |
Posted - 19 December 2009 : 14:23:48
I do think that you need to speak to one of the experts who post on the sister site to this one.
They will advise you about all of your options and the initial advice is free.
The glimmer gets brighter all the time
Jan
xx |
| RHB |
Posted - 19 December 2009 : 14:16:48
have you posted on the IVA board? |
| Richard P |
Posted - 19 December 2009 : 11:22:47
Hi jayne
welcome also to the forum
you have so many comments that need help, that at the moment I am going to say Email one of the experts.
from my experience most of the upset and fear is from not knowing what is going to happen, I needed someone at the end of a phone who understood the whole process and would treat me as an individual and not just another number.
I have spent the last XY months planning my bankruptcy, my finance figures are / were on a par with your partner, I needed the expertise of Paul and his team at Reviva. I am one day into my bankruptcy and it feels much better
regards Richard |
| worriedwife |
Posted - 19 December 2009 : 02:13:16
Hi after 9 months of dealing with a recovery company who was passed on to us after a 4 hr consultation with a solicitor costing £600 , 3 weeks ago the recovery company decided an IVA was not the best option and that B/R would probably be a better option im very angry that all these months of worry when B/R could have started 9 mths ago ! the recovery company acting for us after 7 mths then started sending us recovery letters from one of our creditors !! which i thought rather strange ! acting for us and against us ! my husband contacted them regarding a recovery letter and after that they seemed to be less interested in us , my husband then went in to see them and they said well we now think the best option would be to go B/R . initially they gave us lots of advice and advised me to buy my husbands out of our shared property told my husband his creditors would more than likely accept an IVA and if i bought him out of the house and made the funds available this would be good all round that he had funds available . I proceeded with the mortgage and 4 weeks before completion they said ask your letter to delay it, at the same time my husband recieved a recovery letter from them !!!!!!!rather strange then we were no longer right for an IVA . I sought advice very quickly and was advised to get mortgage done asap as possible a charge could or may be put on the property ! I completed the new mortgage 4 weeks ago and banked my husbands part of the equity which is there for who ever may request it at a later date so im sure i have not done anything allegal. May i add im not involved in this B/R im just a wife trying to back my husband in a very bad time of dispare ! My husband was a partner in a buisness that struggled with the recession and after losing £30k a month turn- over throught B/R customers as a limited company they asked the bank to accomodate them over a slow finacial period ! no help was ofeered /given /or options , so the company accountants advised insolvency which happened may i add it was a LTD company all that was required at the end was his PG £15k or so we thought !!!!!!!! after trading alone for 10 yrs he join forces with another patner and al machinery and assets formed the new company ! so we thought but now the other company is in solvent 3 creditor of machinery are now saying they go back to the original signiture on finance hence we not got approx £90k !!!!!!!!!! to find !!!!!! aprox £15k is personal debt which has to go in because that is what happens !! he has £25k lock stock and barrel !!!!!! SO AFTER ALL THAT story will he be looked upon as bad in B/R and do you think B/R is his best option ,sorry its a long thread but its a long story which only seems to get longer
Jayne Partridge |
| Richard P |
Posted - 16 December 2009 : 11:55:51
Hi PMD
welcome to the forum and well done for plucking up the courage to ask a question.
The first thing that i will say is that you are not alone, many of us are or have been in a very similar circumstances.
despite what the credit card companies will say to you, it is not a criminal offence to get into debt, yes you feel it is very embarrassing (got that T shirt) but this is the start of you getting control of your debts. contrary to public perception you do not have to walk around with a placard saying i am bankrupt !
because of the family and what you have already gone through i would suggest that you speak to Mel or Paul the experts use the link to the left and have a discussion with either them it will definatly help you to understand the process. PLease email them TODAY as they may start help by making this Xmas time easier for all of you.
From my perspective lack of understanding and control caused upset adn fear, once i started to understand my fears and anxiety reduced
Hopefully your new landlord will be help ful, if you have any home based questions Richard Housing is about and offers lots of good stuff
regards and best wishes
Richard |
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