We are soon to declare ourselves BR after being in an IVA for 5 months and struggling to manage.
We own our home, its worth 65k, we have a 41k interest only mortgage and a secured loan of 16k. We want to give up the house and move into rented accommodation before declaring ourselves BR.
How do we go about giving up the house and not paying the loan? Will it all be sorted by the trustee after we are BR, does anyone know the process of what will happen. Is there something we must do, or just literally stop paying and leave it to the trustee to sort?
We no longer want to live in this house and dont mind rented accommodation so its not a problem giving it up
Hi Flashingblade I have been reading your posts on the IVA forum, and following your story with interest. We are about to propose an IVA (55p/£) but are not 100% confident of success. We will file for bankruptcy if the IVA proposal is rejected. Its a worrying time. You must be gutted that the IVA has failed, but at least you gave it a try. I don't know the answer to your question, but I suspect Melanie will on the IVA forum (she seems fairly knowledgable) I wish you all the best with your BR. You will be able to draw a line under the whole affair and move on. LD
Going BR
Posted - 07 July 2007 : 21:15:33
