Hi all, I am a newbie looking for some advice about BI. At the moment I am waiting for my creditors meeting for a one off IVA using money that a relative is very kindly lending us. I am worried sick about what will happen in the case that it is rejected and feel I have to have a plan B. We owe too much money for a DMP so the only other alternative will be BR. The wonderfully kind and supportive people on IVA.co.uk advised me to post on here so here goes....owe £125,000 all unsecured debt, only secured debt is a mortgage which is not in arrears and we have never missed or been late on a payment, no assets other than house which is in negative equity. My main concern is losing our home, it would be devastating!! My query is if our IVA is rejected and we then go BR, would we be able to buy back the BI in the house using the money that our relative is lending us? Would they make us wait 2 years and 3 months under the new rule to see what the house was worth or if we made them a good offer straight away and there is no equity in the house would they sell the BI to us right away (the money from relative won't be available in 2-3 years time)? Also, does it make any difference that we live in Northern Ireland? Thanking you in advance and thanks for listening.
the 2 year 3 month guideline is only for England & Wales Official Receivers. I think that in NI the case will be handles by an insolvency practioner. They will have their own guidelines
advice about BR
Posted - 30 January 2011 : 22:15:44
