Hi, myself and my husband have around 50k in debts and are thinking of going bankrupt as we thinks this is the best solution for us now. At the moment we are in an IVA but think it is the wrong decision we made, we have no equity in the house and we pay monthly for the car which is worth 4,000 but if we dont pay for the car it is taken back, I know this was long winded but do you think we will lose the car and house? Many thanks in advance.
If there is no equity in the house, it is unlikely that you will lose it. However, please be aware that the laws regarding property changed over the New Year. Now the OR will keep an interest in your property for at least two years and three months in case there is an increase in value. If there is, then the OR can take a charging Order over the property.
Due to the car being on finance, there is probably more outstanding than the car is worth and t5herefore is unlikely to be repossessed.
Do you think we will lose car and house ?
Posted - 16 January 2011 : 22:15:58
