My eldest son has an IVA and owns his house with nil equity and high fixed interest (£800pm+). He is married with a new baby and wants to move back to be near his family.
He is talking going Bankcrupt but is unclear if he can do that from an IVA, or this would happen if/when he is unable to pay his IVA (£300 a month).
He wants to rent a house, but again his credit status is already bad, he cannot even afford to put his house on the market and there is no benefit from selling.
Firstly welcome to the forum To go BR the IVA would need to have failed , normally after 3 months the IP will process the failure If he chooses BR then he need not worry about the house and if he is sure of BR then timing is essential, he could stop paying the mortgage for a few months to get the money together for a deposit on new rented house, private landlords are often better for people with bad credit. If he stopped paying the mortgage and IVA then he would have £1100 a month to put towards rent , deposit and court cost £510. It is something that should be considered first but any questions will normally be answered on this forum and you can always question the experts directly if you wish via the link on th left hand side of the page.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman) Life's too short!!!
My eldest son has an IVA and owns his house
Posted - 27 April 2009 : 20:45:29
