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dalton
Starting Member
1 Posts |
 Posted - 27 June 2009 : 13:54:28
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Hi
I am new to the forum, so forgive me if my question has been answered already.
My Husband and I have filed for an IVA, but so far after 4 creditors meeting (1st cancelled, 2nd & 3rd adjourned, and 4th a no go) we are considering Bankruptcy, as possibly a less stress full alternative. Our IVA application has been dragging around since the 8th March, we have a mortgage with Northern Rock and they are the only creditor that is being, for want of a better word very awkward. Anyway my question is, we bought our house from the local council 2 years ago, and we were told by them that if we sell during the first 5 years, we have to pay back the discount they gave us, £20,000 approx. As we owe still £124,000 on the mortgage and the valuation was at most £160,000 this puts the house with equity of approx £35,000. Our total debts, including a loan taken out with the mortgage (Together Mortgage) is in the region of £87,000 :( My husband is self employed and I don’t work due to spinal problems. Is it possible we would lose our home if we were to opt for BR? What would happen with the money back to the local council?
I am very sorry if this all seems a bit long winded, but we are really trying to find out at this stage now what the best option really would be for us.
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 27 June 2009 : 14:56:36
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Hi,
Sorry to hear about your problems. Northern Rock are well known to be awkward with IVA's.
As regards your house, I imagine that if you were to go bankrupt, then the discount which would be payable back to the council, would be included. Not 100% on that though.
If you have equity in the house, it is likely that the OR would want it sold, but how long they would allow you to stay, I don't know.
Have you thought about doing a debt management plan rather than going bankrupt? Your house will be safe then as long as you keep up the mortgage payments.
The glimmer gets brighter all the time
Jan
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Advice needed please
