We are self employed and in approx 85k worth of unsecured debt. Our house has 269k on mortgage and is worth about the same in this market. I have a van and car we use in the business, both have outstanding finance. We do not have enough disposible income on a regular basis to support iva. If we went BR would we be able to keep the house, car and van. Van worth approx 2.5 k 900 outstanding. Car worth approx 3k outatanding finance 5k
before you elect to Go BR email one of the experts to have a look at your full circumstances.
House, more than likely depends if you in arrears and you can afford to keep up payments (also number of secured loans against property
Van depends on type of loan and why you need a specialist vehicle valued at that amount when allowance is 2K (can be argued for higher value motore vehicle by experts on your behalf)
Car very little chance (but some people have put up good arguments why they should have a higher value car and been sucessful)
BR is not an exact science just interpretation of guidelines.
Thank you for your quick responses. The house has one further advance but the whole debt is under one account number. The Vans finance is on a conditional sale agreement taken in Aug 2006, so finishes this Aug. The Cars finance is on a Fixed sum loan agreement taken in Feb 09. If the van was to go then I would not be able to carry on working and then would not be able to earn a living. The car we could probably get around but would have to try to raise the cash to buy a replacement. Currently on a DMP but struggling to keep up.
i would definately talk to one of the experts about your situation if considering BR i would talk to Paul Johns from RevivaUK www.revivauk.com if IVA talk to Mel from JonesGiles www.jonesgiles.co.uk
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman) RevivaUK and Paul Johns helped me through it all i can't recommend them enough!!
Check the agreements paperwork for the car and Van, if the van company are happy with BR then you need to put a case forward to justfy why you need it, and why you couldnt sell it and get a cheaper one or why you couldnt do without it. Usually ORs are understanding about it.
It may be worthwhile going for assistance in Bankruptcy I would speak to Paul Johns he is an excellent non-judgmental gentleman and really helpful.
Or you could speak to Andrew Graveson at Brightoak to see whether the DMP could be salvaged through them http://www.brightoak.co.uk
We are self employed and in approx 85k of debt
Posted - 22 February 2010 : 20:17:50
