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russellcl
Starting Member
2 Posts |
 Posted - 10 December 2008 : 18:19:53
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Hello, please help me, I am in an IVA which i do not feel is working. I did not realise my new bank account had an overdraft on it, and typically, my wife and i are struggling and the overdraft has been used. Not sure what the consequences are of that, but I am sure it is not good, and I am rather scared.
I have a mortgage and 2 secured loans on my property, the value of the house is approx £200k, the mortgage is £129k the secured debts are £64k, the IVA is not included in these figures. I have never defaulted on my mortgage payments nor on the secured loan payments, however looking at the figures I think I have negative equity.
If i was declared bankrupt, what is the likely hood of my wife and myself losing our house. We have a 5 year old son who has just started a new school down the road and really do not want to lose the house.
I have tried what I can to repay my debts, hence the IVA but now I am struggling and really need practical advice, any option that does not include losing my house
I am a 32yr old male, who is not ashamed to say i am quite scared about the future! |
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John
New Member
United Kingdom
73 Posts |
Posted - 10 December 2008 : 21:26:42
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Hi Russell
1. How much is the overdraft?
2. £129K plus £64K making £193K means you do in fact have equity albeit small.
You need a proper valuation of the property.
If your estimate of £200K is merely £10K too high then you are indeed in negative equity. Therefore, if only you are declaring bankruptcy your wife will be offered your beneficial interest in the property for £1 plus £211 legal fees as long as you maintain the secured loan payments and the mortgage.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 10 December 2008 : 21:37:57
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Hi Russel
I want to welcome you to the forum but to also say dont be scared.
Your amongst friends on here that have all been where you are now and we are all coming out the other end with a lot clearer minds and a life worth living.
This is a good place to be as we will all be there to answer your questions but also to be your support in your time of need.
I would recommend getting some sort of valuation done on your home also do you have an early redemption figure that you may have to add into those figures too.
It will all be ok, i promise, you have come to the right place and you dont need to tell us anything you dont want us to know.
Take care
Jo
x
18 Weeks down
34 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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in an IVA which i do not feel is working
