Me and my husband are both in debt, he was approved for an IVA last month but mine was turned down by one creditor and thus rejected. That same credit has 2 CCJs against me and they are adamant that they want CO on my share of the equity in the property, the amount of the debt well exceeds the amount of the equity in my name. We have been told that if they are successful in obtaining the CO then my husband's IVA would fail as he would not be able to re-mortgage to pay the lump sim as per the agreement. Thus we dont want to waste time paying into an IVA for 4 years for it to then fail and for us to be back at square one. I am in te process of trying to convince the Judge to aallow me to make a reduced instalment payment than that one ordered and am due to go to Court on Wednesday for the outcome however I am not hopeful. We have looked into bankruptcy and getting re-house etc but landlords that we have spoken to require a guarantor for us who earns £20 per year, we don't have this and so can see ourselves being homelss and living on the street!
We just don't know what to do, our parents have no idea of the mess we are in and the thought of telling them is more terrifying than being homeless! Any thoughts would be good!
Is it better to go bankrupt!
Posted - 23 February 2008 : 11:36:28
