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beckiep
Starting Member
1 Posts |
 Posted - 23 December 2008 : 13:38:34
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| Hi. My husband and I are in the middle of applying for an IVA which would literally cripple us financially and leave us with about £20 a month to live off. I am thinking about bankruptcy (was trying to avoid it as I feel morally obliged to pay my creditors as much as possible). My questions are this: 1) Will we keep our home (currently mortgage of £185k and worth £175k). 2) if we keep our home what would happen in the future in terms of equity (if and when it does build up again) 3) We also have a van for my husbands business worth about £1500 and a car for me to get out and about with our baby 11 months worth around £2500 - would we have to sell them. 4) Will we lose any of our possessions in our home. We have nothing of value (most expensive thing is TV worth £400). 5) In terms of making payments for 3 years, I believe it is for 50% of disposable income. Does that include 50% of tax credits/child benefit etc or just earned income as I am a full time Mum??? My husband is self employed and his income varies week to week - how does that work? Also, what would happen to payments if he has no work for a long period(hes a builder and things are very very quiet) Thanks very much - to get the answers to these questions would put my mind at rest and maybe allow me to move on and look forward! |
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John
New Member
United Kingdom
73 Posts |
Posted - 23 December 2008 : 14:08:43
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HI PLEASE SEE RESPONSE IN CAPS BELOW
Hi. My husband and I are in the middle of applying for an IVA which would literally cripple us financially and leave us with about £20 a month to live off. I am thinking about bankruptcy (was trying to avoid it as I feel morally obliged to pay my creditors as much as possible). My questions are this:
1) Will we keep our home (currently mortgage of £185k and worth £175k). (YES)
2) if we keep our home what would happen in the future in terms of equity (if and when it does build up again) (IT WOULD BE YOURS)
3) We also have a van for my husbands business worth about £1500 and a car for me to get out and about with our baby 11 months worth around £2500 - would we have to sell them.(THE VAN WILL BE FINE - YOUR CAR MAY, BUT NOT NECESSARILY, NEED TO BE SOLD)
4) Will we lose any of our possessions in our home. We have nothing of value (most expensive thing is TV worth £400).(NO)
5) In terms of making payments for 3 years, I believe it is for 50% of disposable income. Does that include 50% of tax credits/child benefit etc or just earned income as I am a full time Mum???(DLA AND CB ARE NOT INCLUDED BUT TAX CREDITS ARE)
My husband is self employed and his income varies week to week - how does that work? Also, what would happen to payments if he has no work for a long period(hes a builder and things are very very quiet)(YOU JUST HAVE TO KEEP THE OR INFORMED AS THE MONTHLY DISPOSABLE INCOME FLUCTUATES _ YOU CAN'T PAY WHAT YOU DON'T EARN _ UNLIKE IN AN IVA WHERE TOO MANY VARIATIONS ARE DIFFICULT TO GET AGREEMENT ON) Thanks very much - to get the answers to these questions would put my mind at rest and maybe allow me to move on and look forward!
HOPE THIS HELPS
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 23 December 2008 : 14:48:24
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Hey there beckie
I am no expert on BR or iva, however 5 years is a long time to struggle and if your concerned now then it could possible get worse for you. Again, my opinion only, I believe the fees are a shocking in an iva, so your not going to be paying back as much as you would like anyway.
I too wanted to pay back as much as i could but once i got told that they are covered and will get their full money back - it made me feel a whole lot better 
Take care and keep posting
Jenny
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
xx |
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in the middle of applying for an IVA
