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mlal
Starting Member
United Kingdom
1 Posts |
 Posted - 12 May 2012 : 20:27:09
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| My wife and myself are in an iva. We have to pay 1,000 per month, which we can no longer afford. Our house is valued at 120k mortgage of 108k a forced sale may result in a lower value ?? we have a further house let out at the moment, values approx the same as our home. We bought a home in spain a few years ago, the spanish market has crashed and the house is valued less than what we paid for it. We think bankruptcy may be the best option ? Can anyone help and advise ?? thanks |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 13 May 2012 : 08:09:26
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If your circumstances have changes then you need to contact your IP as soon as possible and see if the IVA can be varied.
If it can't and you really want bankruptcy, then the rental property and the Spanish property are at risk. If there is equity in your home, then the OR will want that, if it's in negative equity, then it will be value again in 2 years and 3 months.
I really suggest you get bankruptcy advice from your IP, and you can also speak to an expert on here.
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 |
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year 2029
Average Member
590 Posts |
Posted - 14 May 2012 : 10:46:07
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| It might be worth adding, that if you have negative equity in your property, the OR often lets you buy the 'interest' in that property, therefore removing it from your bankruptcy estate. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 14 May 2012 : 11:25:00
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A possibility, if it's your family home that you live in, but they don't have to. It used to be that if in negative equity, you could buy the BI back for £1, but you can't do that anymore.
And this doesn't apply for rental properties.
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 |
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year 2029
Average Member
590 Posts |
Posted - 14 May 2012 : 20:36:44
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My Bankruptcy was passed across to trustees, and they allowed me to buy the interest in my property as it was in negative equity.
It was quite a bit more than £1 though! |
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Viki.W
forum expert
United Kingdom
2211 Posts |
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Topic |
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Thinking that bankruptcy may be best option. Can anyone help ?
