Hi I am 80k in debt, i have just had my IVA declined & also been told cant do a DMP as they would not include a unsecureed loan in it as i6t is part of a together morgage with NR that will leave me with notting to pay in to a DMP think bankrupcy is the only way forward. I only have 8k equity in my house which i am aware i will loose but we have a car that is worth about 5k with is used for travel to work & take my 2 children to nursey will we have to sell it
The rule of thumb regarding vehicles is that if you can sell yours and buy a simalar vehicle at a lesser value then they would requie the difference.
They would normally allow you to keep a vehicle if it was valued less than £2500, however if you can prove you require the vehicle for work and cover a great deal of mileage then this could be a valid argument for them to allow you to keep the vehicle.
May I ask what your property is worth and the mortgage outstanding on the property?
with this low level of equity there are arguments that can be put forward to lower this sum to a more affordable level, does the figure your including in the mortgage sum include the unsecured element of the together mortgage?
It is easy to jump to the bankruptcy conclusion but I would really recommend you spend some time on the phone for a free discussion so that an expert can carefully assess all the options and then give you some choices. The value of the house is really important to make a decision. You can ask a couple of estate agents to come round and they will value the house for free. Please remember that you don't want the top price ( which is designed to tempt you in putting the house on the market with them) Instead you need a realistic estimate of what the house will sell for within 4 months in this current climate.
Even if Br is eventually the right course of action there are lots of things that you can do to ensure you retain control of the process and thus maintain your dignity and respect.
I look forward to hearing about the house value.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
just had my IVA declined and told cant do a DMP
Posted - 11 March 2008 : 18:36:30
