Hi, We have failed an IVA and DMP. The DMP failed because there wasn't enough surplus money to fit the criteria as my husband has had to take a 10% paycut. We have considered BR but don't really know much about it. The one thing we don't want to happen is for a force of sale as there is some equity in the house but not much. There is also a charging order on the property. At the moment the house is in both names, is it possible to have the house deeds changed so that there is only one name on the property enabling the other to go BR alone as we have joint debts and debts in our individual names. Once one of us has gone bankrupt then the other would go for an IVA or DMP. Also, we have three young children under 16 yoa.
Sorry to hear about your DMP and IVA. It sounds like you have really tried to resolve your debt issues but things seem to be against you at the moment.
If you changed the deeds then you would have to declare this on the BR forms as there is a section regarding property disposed of in the last 5 years and this would probably come under this section.
If there is some equity in the house can this be released and used to pay some of the creditors or wouldn't it make much of a difference to your situation? You should get the house valued to see how much equity is in the house.
You should also speak to the CCCS, CAB and National Debtline as they will be able to discuss your situation but after trying the IVA and DMP route, BR looks to be the only way out.
Hi, We have failed an IVA and DMP.
Posted - 05 May 2009 : 17:52:04
