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Jan.jy
Starting Member
4 Posts |
 Posted - 27 January 2011 : 17:57:22
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Hi, I am struggling with my IVA. I have been told I could go Bankrupt instead of this and have my debts wiped out.
Is this the correct way forward or should I try and manage somehow on the IVA.
What effect could Bankrutcy have for me over and above the IVA?
I am 13mths into my IVA. I am a house owner which is close, if not in, negatove equity at the moment. Thanks |
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Viki.W
forum expert
United Kingdom
2211 Posts |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 27 January 2011 : 20:20:44
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Thanks Viki, Jan has already sought advice from the sister forum.
She's had one of those dodgy letters telling her she has been missold an IVA.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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Jan.jy
Starting Member
4 Posts |
Posted - 28 January 2011 : 09:20:33
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Hi Viki/Kallis
I was just trying to obtain more information on Bankrupcy. I have read a little more about it now and it is not looking very favorable.
Thanks anyway
cheers
J
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 28 January 2011 : 12:44:34
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Why is it not looking favourable Jan?
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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Jan.jy
Starting Member
4 Posts |
Posted - 28 January 2011 : 13:17:18
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Hi Kallis
I read something that stated my house (being an asset), could be taken off me if there is any collateral in it after the end of the bankrupcy period. This looks risky and I was unsure that this is the same case with an IVA. I am sure an IVA states you need to get a revised mortgage if this happens.
Perhaps you know more about this?
Thanks J
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 28 January 2011 : 14:48:12
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If your house has equity then the OR can take it. If it is in negative equity then they can leave it until the end of the BR before either selling it (if there is enough equity) or taking it out of the equation.
With an IVA then you would be expected to release a proportion of any equity towards the end or continue on for a further 12 months.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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Jan.jy
Starting Member
4 Posts |
Posted - 28 January 2011 : 15:11:27
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Exactly, so with BR they can sell it but with an IVA they ask you to release any equity. Who knows whether it will be in negative or positive equity at any point int he future. It is a hard call to make
J
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 28 January 2011 : 17:11:24
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It is a difficult position to be in. It depends upon your circumstances at the time. If you can afford to make payments to an IVA then it has to be a favourite if you want to make sure your property is protected.
Otherwise, you can go BR and hope that your house remains in negative equity.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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Told I can go br and have my debts wiped out
