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james.d
Junior Member
171 Posts |
 Posted - 09 June 2008 : 10:34:16
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Hi,
I thought i was going to take out an IVA, but having just spoken to the CCCS people they say this is not right for me and that someone will contact me tomorrow to discuss further options.
If they suggest bankcruptcy I was wondering if they could take my house. I live here with my wife and am not on the mortgage. She owned it before i met her and i moved in and now contribute by paying her a monthly amount. There is probably about 10-15k equity in the house?!!
Thanks for any advice.
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 09 June 2008 : 10:41:53
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Hi James.d and welcome to the forum.
Although you are not on the mortgage or the deeds, it is likely that the OR will deem you have a small matrimonial interest in the property. The worst case scenario would be that you'd need to make a "nuicance payment" to the OR of a couple of thousand to get the property excluded.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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melanie_giles
Senior Member
1191 Posts |
Posted - 09 June 2008 : 22:48:41
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I would be interested to know why CCCS do not think that an IVA is suitable for you, and what they actually recommend you to do.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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james.d
Junior Member
171 Posts |
Posted - 10 June 2008 : 19:43:01
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Hi,
I spoke to the CCCS today and asked them why an IVA was not a good option at the moment. They said that because of the fact my wife is due to have a baby in four weeks and that that was going to entail a change in expenditure and income due to childminder costs and her salary dropping to statutory maternity pay for a few months, they said an IVA would initially be too rigid and that a repayment plan would be better.
If, however, as your colleague posted in regards to banckrupty and our /the wife's house, he says that i may have to pay a'nuisance payment' of a few thousand, would that be the best route to go?! Or perhaps I should do the repayment plan initially and then go down the IVA route when our income / expenditure has settled down?!
Any help or advice would be greatly appreciated.
Thanks.
James. |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 10 June 2008 : 21:24:52
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James - it would be worth speaking to an Insolvency Practitioner like Melanie Giles before making a decision.
Repayment plans require the same payment commitment as IVAs surely?
See what the other BR assist experts suggest James, you will have enough on your plate with a new baby so don't need any problems with repayments!
Good luck!
Vicki x |
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melanie_giles
Senior Member
1191 Posts |
Posted - 10 June 2008 : 23:18:41
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I think that the advice provided by CCCS is appropriate - but only you can decide whether that route is better or whether you should declare yourselves bankrupt now. It might be better to sit things out with the informal plan until your income position is more certain - and you can go bankrupt at any time in the meantime if things get too hot to handle.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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wondering if they could take my house
