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Corinna.w
Starting Member
1 Posts |
 Posted - 28 April 2011 : 17:34:50
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| I am pregnant, in an IVA which I have already defaulted on, and have a mortgage on a property in negative equity. When I have my baby in September, I shall have to stop paying my mortgage too. I want to fold everything in. I also want the worst of this to be dealt with before September. My mortgage lender will not provide assistance on sale until I default on my mortgage, and I need to be able to guarantee that any loss on sale can form part of my bankruptcy. I also of course, would much rather deal with all of this, before baby comes, but of course my I&E shall not before September indicate an iniabiloity to pay my mortgage. When is the best time to go bankrupt and how do I ensure losses on sale of my property are rolled into the bankruptcy? I should clarify, I am intending to deal with my bankruptcy myself by appliction to the Court and OFR. I am not intending to go bankrupt with my IVA company. I should also clarify that I am leaving the property in September, since I am single and without support near to my mortgaged property. I am leaving and living with relatives and hoping to start all over again! I shold further clarify that at the moment I am in employment, but from September shall only be in receipt of SMP, and thereafter don't stand a chance of returing to even my current earnings which aren't proving adequate without baby! |
Edited by - Corinna.w on 28 April 2011 18:00:10 |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 28 April 2011 : 20:30:56
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Hi Corinna,
You will need to inform your IVA company that you want to fail the IVA. You will then need to miss 3 months payments, the IVA company will call a creditors meeting to fail the IVA and you will receive formal notification of this.
Unfortunately you can't do anything until out of your IVA.
You can hand the keys back to the mortgage company when you are ready to leave, but I suggest you take advice from an expert regarding this and the bankruptcy.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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