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Lizzie
New Member
United Kingdom
59 Posts |
 Posted - 08 February 2009 : 16:06:35
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More questions.....Am I right in assuming that as my husband is near retirement age, (he will be 65 at the end of the year) that he would not be allowed to take out an IVA and if he went BK they would not impose an IPA? Also as the house looks like it is in negative equity for a quick sale does that mean the OR will not be interested in it? I am not going bk but would they be interested in my earnings to pay off my husbands debts? as we will need my income to live off. Also if the house has to be sold as we are near retirement age will the local council have a duty to rehouse us? or would it be better for us to rent somewhere privately? I am getting so stressed with all the questions which keep flooding into my mind 
He is trying to avoid bk but I don't think there are any other options. He has completed all the forums for the CAB and they should get back us with an appointment. |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 08 February 2009 : 16:30:31
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Hi Lizzie, welcome to the forum i will try to answer your concerns:
Your husbands age is no barrier to an IVA it all depends on income, however in an IVA the whole income is taken into account when working out the hosuehold income & expenditure to determine the disposible income which is paid each month for 60 months to the creditors. With bankruptcy it again depends on his income in relation to an IPO. With regard to the valuation of the property you would need to be in a 'no equity ' or negative equity situation for the OR not to be interested in the property (you can arrange an estate agent to give you an up to date valuation to put your mind at rest here, ask for a quick sale figure- if you have an estate round on the premise that you are going to sell the property you can obtain a market valuation free of charge)If there is equity in your property and you decide to sell (either before or following bankruptcy)you will unfotunately get no preference to be rehoused by your local authority as you will be classed as having made yourself homeless and therefore no priority for rehousing, so a private rental would be required.
It may be worth your husbands while to speak to an Insolvency Practitioner (IP)who will go through all the available options with him - you can see a number of highly recommended IP's on our sister site iva.co.uk or by logging on to iva.com and reading the reviews on there. If you select an IP who offers a free advice service they can go through your husbands full persoanl circumstances and provide the appropriate advice.
Hope this helps
Melanie
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
01446 711780
melanienicholas@jonesgiles.co.uk |
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Lizzie
New Member
United Kingdom
59 Posts |
Posted - 08 February 2009 : 17:27:43
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Thanks Melanie, if my husband can hold on to his job (which is looking doubtful at the moment) the situation would not be so bad he could go bk and pay an IPA. As an IVA would be for 60 months, I don't think there is anyway he could enter into one as he certainly could not work until he is 70yrs though I was planning to work for the next 5 years till I am 65yrs. Perhaps if my husband goes bk it might be better for me not to work, but I do feel we have enjoyed the money and we have to pay it back now.
I think we will wait and see what the CAB has to say and then phone an IP as you suggest rather then take what the CAB has to say as gospel.
Many thanks
Lizzie |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 08 February 2009 : 17:29:41
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Hi Lizzie
It is really important that you do sufficiemt research to answer all your questions BEFORE making any decision about a solution.
Firstly what is the level of debt? It may be that Br or an IVA is not suitable and another solution would work well for you.
Secondly before entering a solution you need to understand how each works, how they impact upon the family and assets ( particularly house) and perhaps the most important is to work out your husbands income over the next 5 / 6 years and see if after he has retired whether contributions are available to an IVA.
Clearly if he has a reasonable pension payout then he could seriouslyt look at an IVA. There may even be the possibility of a lump sum payout from his pension and this might be sufficient for a One Payment IVA.
Definately worth speaking to the CAB and then - when you have lots more questions - give the helpline a call or one of the resident experts on the site for a free discussion.
All the experts on the site offer free telephone advice and it is really worth getting a few opinions.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
08454 751 851
Real People ..... Real Debt Solutions
www.revivauk.com |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 09 February 2009 : 10:28:46
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Hi Lizzie
I wanted to wish you lots of luck with your choices and am sure you will find your perfect solution soon.
Why not take Paul's advice and call either the helpline or another expert from the site as you will feel much better when you clearly know your options.
Take care and good luck
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jurgenpie
Starting Member
United Kingdom
30 Posts |
Posted - 09 February 2009 : 17:58:56
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Would definitely take advice, I was mis sold into an IVA and it was the biggest mistake I ever made and should have gone Bankrupt instead.
In my case my IVA took all my disposable income and I had no room to manouvre for any emergency, am now bankrupt with an IPA after struggling 2 years into an IVA but have alot more breathing space as they only take a percentange of your disposable income.
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 09 February 2009 : 18:35:10
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I have got to say I agree with jurgenpie.....I didnt know which way to turn whne i was in debt....the CAB passed me through for an IVA without telling me (even though i dont work and have no earnings, and also hubby is self employed). When i met with the lady from the IVA co. she did no tell me br was a very suitable option for me and took me through the process of IVA - at the end of the conversation she told me that me and hubby would have interlocking IVA's - what?? where did that come from ??? I had said from the start hubby was fine with his debts etc.....once again she told me that i didnt want to go br as i would loose my house and really made br a terrible and disgusting this to do.....which is very much the opposite to be honest with you. And by all accounts this firm is very reputible.....so why put me forward for an IVA ??? In my opinion this was because of all the fees they would make and my creditors would only get very little back anyway, and hubby would have a terrible credit file too.......Im afraid i am no fan of IVA's however, if you find the right company then im sure things will work out for you.
Jenny |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 09 February 2009 : 19:04:44
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Mine's working ok for me, although I do know that they don't always work out for everyone.
The first company I ever approached told us that we had no option but to go bankrupt, even though we had over £600 per month disposable income!
I didn't want to lose my house (too much equity)which was why we did an IVA, and the company we used did explain every option to us and made sure we understood exactly what we were doing.
There are some unscrupulous companies out there, it's a case of searching round and finding the right one.
The glimmer gets brighter all the time
Jan
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 09 February 2009 : 19:08:00
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All the different advise out there for people who dont know which way to turn is awful. I remember being pulled from pillar to post.
All i can say is you will find a solution that suits you prefectly - be it IVA or BR
Take care |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 09 February 2009 : 19:12:33
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Exactly.
You can have too much information as well, and not all of it good, as you found out.
It's sites like these that help people who don't know which way to turn.
The glimmer gets brighter all the time
Jan
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Lizzie
New Member
United Kingdom
59 Posts |
Posted - 09 February 2009 : 20:26:42
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We have an appointment with the CAB on Saturday morning, we only handed the forms in last Friday. I was shocked they worked on a Saturday.
This site has opened my eyes to the options available so we certainly will not be railroaded into something that does not feel right.I do not have the need to go bk as my debts are managable its my husbands debts that are the problem and reading all the advice on this site I think his only option is go bk but its something we have to really look into. After our meeting with the CAB I have a feeling we will be on to the helpline or Paul for more advice before we make any decisions.
Thanks everyone for all your help and concern its certainly helped me feel not so alone in all of the this. |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 09 February 2009 : 21:06:12
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I think you are doing the best thing and I know Paul when giving advice always says to find out all the options available and never rush into any decisions - you are doing a wonderful job of getting all info together beforehand.
You are certainly not alone as we will always be here ready and willing to reply.
Hindsight is a wonderful thing
Jenny
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IVA or BK
