I am currenyly in an IVA (have made 10 payments)paying £445 a month. My circumstances are about to change and I will no longer be able to afford payments at this level as my partner is re ocating to Manchester. I will loose the amount of £485 into my household each month. I am extremely concerned about my future. I also own my home but am just paying Interest Only. There is very little equity, perhaps £1k after fees. I have been in contact with my IVA company and an independent advisor. I am seriously considering the bankruptcy route but I'm aware I may loose my home and my car as its been valued at approx £3k. I am so worried abut my future if I continue with the bankruptcy option - but what choice do I have?
Please help - any advice would really help me right now.
firstly it is possible that you can keep your home, as long as you keep up your mortgage payments.
you will need to miss 3 payments on your IVA before you get a certificate of failure this will be needed to go BR.
IN three months time the value of your car will have depreciated so get a fresh valuation, if you can show need for work or hunting work you may be allowed to keep if valuation is about 2K.
If you have spoken to your IVA and advisor they will help with above, if not speak to one of the experts to the left.
Please help - any advice would really help me
Posted - 14 June 2010 : 09:59:45
