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rollercoaster
Junior Member
United Kingdom
327 Posts |
 Posted - 06 July 2008 : 11:27:50
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posted on other forum regularly but now looking at BR. Confused at what to do first. OH lost job and secured new employment fairly quick but the reduction in income means that his IVA will fail.
questions: 1. after 9th july We will have missed 2 payments with the 3rd being due 9th Aug, do we need to wait until after this for the IVA to fail or can we ask for it fail now.
2. Cannot work out the best way to deal with house, mortgage up to date and would just be able to afford payments but is interest only and cannot see point of keeping when can just afford interest only payments, problem i have is looking for rental. very important that we stay in our locality (Jobs, childrens schooling ect) and no rental around at the moment, seems to be a little equity in the house at the moment, although conflicting to how much (IVA valuation few months ago said £11k but estate agent £25K) Do we file for BR and let the OR deal with the sale of the house allowing us 12 months to find suitable rental, or is it too unlikely to find rental when BR so wait and try to find rental first, then file.
3. house is ready to go on market when i drop in papers, but all this uncertainty has made me wait, reason is that in addition to my OH IVA i have been struggling to get a DMP running smoothly for a debt approx £17k (last time i looked) if we wait and allow the house to sell then my share of the equity may allow some sort of a settlement with my creditors and i would not need to go bankrupt, just my OH.
i know this all sounds a bit silly, but i am off work for summer holidays and this is the best time for us to get ball rolling. but what do i do, roll BR ball, or wait and try to sell????  |
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melanie_giles
Senior Member
1191 Posts |
Posted - 06 July 2008 : 13:02:54
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Hi there and welcome to this forum!
1 Get the IP to provide you with a letter that on grounds of the reduction in your partner's income you cannot continue to fulfil your commitments to the IVA. This should suffice if the Court needs to see anything from your IP, and not all Courts do.
2 I would wait until you are bankrupt before you decide what to do with the house. The OR will not rush to deal with it, and you could save up some money to go towards a new rental deposit if it seems likely that it will have to be sold. If there is no equity, you are far better off continuing to pay an interest only mortgage than moving into rented accomodation, so long as the amount you are paying would be similar to a suitable rental.
Bankruptcy first, property second in my opinion.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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rollercoaster
Junior Member
United Kingdom
327 Posts |
Posted - 06 July 2008 : 20:18:07
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| thank you for your advice, we will get the ball rolling during the summer break. i was just worried about the difficulties in finding a rental within 12 months when both bankrupt, really need to stay in area, as i said work, schools (in particular placement for SEN child) |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 07 July 2008 : 13:00:20
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Hi Rollercoaster and welcome to the forum.
Just to add, I would ensure you take a letter/certificate of failure of your IVA to the court when you go BR, or it is likely you'll be turned away.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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what to do first??
