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happyagain
Starting Member
United Kingdom
3 Posts |
 Posted - 14 July 2012 : 02:01:21
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I am in a iva, but will have to let it fall owing to a change of job with a big drop in pay.(but heath is a lot better)
As im now only geting 1100 per mouth and cant pay the mortgage and live.
So know I will lose my flat and go BR.
should I stop pay the mortgage now and save a dispost so I can rent a flat.
my flat would sell for arould £105,000 and I have arould 73,000 owing on the mortgage. with debts of arould 46,000.
how long will the br last for?
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year 2029
Average Member
590 Posts |
Posted - 14 July 2012 : 02:30:36
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Hi happyagain,
Will look at this more closely in the morning, I'm sure others will too :-)
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 14 July 2012 : 07:03:31
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Hi HappyAgain,
Firstly you need to have a chat with your IP to see if they can help at all, possibly with a reduction in payments.
How long have you been in the IVA? It's always possible that the IP coud put forward a variation to accept what you have paid as a full and final depending upon how long it has been.
Your BR should last for 12 months max before you are discharged and, if you have more than £20 per month disposable income after your normal bills have been paid, you will get an Income Payment Agreement/Order for three years.
Your credit rating will be shot for a further six years from the date of the BR.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 14 July 2012 : 07:47:44
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Hi happyagain,
As Niobe has said, you really need to speak to your IP and chat all of this through.
Depending on what you have paid to the IVA so far, and if you really don't want to stay in your flat, then the IP may suggest selling your home, keeping some of the proceeds for a deposit, moving and setting up costs for a new flat, and offering the rest of the sale proceeds for a full and final. If you have no disposable income each month now, then the creditors may agree to this.
That way, you don't need to declare bankruptcy.
but, again, it's your IP that needs to advise you on this.
Please let us know how you get on.
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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debtinfo
forum expert
2826 Posts |
Posted - 14 July 2012 : 08:35:38
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| Yep as viki says, because you have a significant chunk of equity in your property you should be able to sort somethung out in full and final settlement and hopefully not have to go bankrupt |
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happyagain
Starting Member
United Kingdom
3 Posts |
Posted - 14 July 2012 : 10:27:35
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Thanks for all your replys.
I am talking with a person from my iva company and she is going to get back to me after speaking with my IP.
---------------------------------------------------------------- viki. (reply)
Only been in iva 6 mouths.so know payments to date won't work.
would be happy to sell up.
(G/friend lives 50 miles away and we have talked about me moving nearer to her)
I dont have any disposable income each month now.
doing a full and final with the sale of the flat would be a lot better for me then going BR.
will talk this over with my ip, Thank you
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 14 July 2012 : 11:58:31
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Good luck and please let us know how you get on.
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 July 2012 : 12:53:40
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I'll echo that.
Good luck and keep posting.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 14 July 2012 : 12:55:49
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Good luck from me as well. I hope you can get something sorted
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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happyagain
Starting Member
United Kingdom
3 Posts |
Posted - 18 July 2012 : 20:21:57
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after talking things over with my ip company, hopfully I won't need to go br.
As looking into selling my flat and make a F&F offer to end iva.
leaving some thing to start over again.
thanks for all your help. |
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year 2029
Average Member
590 Posts |
Posted - 18 July 2012 : 20:37:36
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I hope all goes well.
Good luck and keep us posted.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 18 July 2012 : 20:48:07
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Good luck with your F & F offer x
View my blog at http://skippy13.blogs.iva.co.uk/
The more I have to do with humans the more I think that the world would be a better place if it was run by animals.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 18 July 2012 : 21:02:31
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Good luck from me as well
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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Viki.W
forum expert
United Kingdom
2211 Posts |
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Topic |
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looking into going br
