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The right decision
Starting Member
United Kingdom
1 Posts |
 Posted - 22 November 2011 : 22:06:14
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HI all, this is my first visit so please bare with me. Me and my husband are in a debt repayment plan and have been for 4 years, we don't seem to be getting anywhere and considering an IVA/Bankruptcy. I have the following questions (some may seem selfish/silly)
1 - My son goes to karate at £60 a month and my husband to golf at £75 a month will they have to give these up?
2 - We have a car that has a hp loan attached to it but the loan is in my husbands mother name,( we pay her monthly for it) but the car is in his name, what will happen, value approx 2k?
3 - My husband is a mechanic by trade and has many tools that are currently kept at home but needed for work purposes (currently on a secondment hence they are at home) would we have to declare these as assets?
4 - Can we still have sky?
5 - Would they want to take my sons xbox, my laptop and husband ps3 away?
6 - Husband also smokes is that an issue cost about £150 month?
I know mainly of these are very minor things but we don't have a life at all, every month we scrape by and it isn't getting any easier, despite both working full time. The above is all we have to relieve the stress of every day life.
We owe 110k on mortgage with extra 50k as secured loan so negative equity (house vale approx 120k) and then 60k on top in unsecured debt.
I hope you are able to shed a little light on my questions, I am due to forward upto date info to payplan shortly just like to know answers. We have made so many mistakes in the past and learned from that just want the next decision to be the right one. Also I am expecting our 2nd child to add to it all and huge concerns over my job, things are not looking good there. |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 23 November 2011 : 11:54:51
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Hello there - the best thing I can advise you to do is to speak to an IP to fully assess your situation. You have items listed which may be allowable from an IVA perspective, but would not be allowed in bankruptcy - for example sky/internet
with regard to your sons items, the would not be at risk with either option
With regard to the car, this would not be a problem in an IVA, butyou could find difficulties in paying for the vehicle ifyou were to take the bankruptcy step as the OR may not 'allow' the payment to your mother-in-law
If you would like me to go through things with you, please feel free to contact me direct (via the experts button on the left hand side of the screen)- totally no committal and at no cost - I pride myself on ensuring people have access to free advice
Hope this helps, Melanie
Melanie Nicholas CertDR
30 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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HI all, this is my first visit so please bare with me
