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hammy0107
Junior Member
399 Posts |
 Posted - 06 May 2008 : 18:24:04
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I have today had my proposal for a lump sum IVA rejected and my last resort is to go BR. A few questions though if anyone can help i would appreciate it:
I have approximately £10k equity in my house, after estimated fees to sell. I am told my wife is entitled to 50% of all equity therefore my own personal equity would be approximtely £5k. If my wife or somebody could buy my equity and put this £5k into the BR would the OR still have an interest in my house?
My only other assets are a car worth about £2k and household goods such as television(s) etc. I would guess that the most valuable item would be a plasma i paid £3000 for about 3 years ago so i would guess would be worth £1k at most. Again if i am right my wife would be entitled to half the value of the household goods, is the OR likely to have an interest in my assets?
I am currently a director of a business which obviously i would have to resign from. My work are prepared to offer me a lesser job but with a reduced salary. If the OR was to look at my incomings now or even my P60 for last year it would show me as having a couple of hundred spare cash a month but if i do go BR this will reduce to zero excess cash. How do i prove that what i currently earn will no longer be the same after a BR without it appearing dodgy so to speak.
Since applying for an IVA i have ceased using my bank account and i now use my wifes account to have my salary paid into and my bills to be paid out of. Would the OR want access to my wifes account and if so how do they know what is my money and what is my wifes? How do they see what i am spending and what my wife is spending etc?
My wife has a savings account where she has a couple of thousand pounds. This is my wifes money and she intends it to stay that way. If the OR did have access to my wifes current account do we need to mention the savings account as this has nothing to do with me?
Apart from being in the paper, losing my position as a director,having BR on my credit file what else can i expect to be hit with over the course of a BR. Warts and all please. Why is an IVA better than BR?
Thank you in advance. |
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hammy0107
Junior Member
399 Posts |
Posted - 06 May 2008 : 20:34:30
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| Please somebody help |
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melanie_giles
Senior Member
1191 Posts |
Posted - 06 May 2008 : 20:58:42
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Hammy
I will answer your questions, but first of all can you tell me why the IVA was rejected, by which creditors and who is your IP. I cannot believe that an offer of immediate funding has been rejected.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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hammy0107
Junior Member
399 Posts |
Posted - 06 May 2008 : 21:17:24
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| A company called Insolvency Express acting for 3 or 4 creditors (Halifax mainly i think) have rejected it, Northern Rock accepted at 15p in pound. My IP is a company called Sanderlings. Basically my co directors were prepared to buy my equity in the business as a way of funding an IVA. However if i am to go BR they will not pay me anything for my shares and my salary will be decreased as i will no longer be a director. This company are only interested in a 60 month IVA with monthly payments which is not financially practical as i have approx £134 a month surplus cash. I proposed to increase a one off payment of 25p in the pound, they would still not entertain the thought. |
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melanie_giles
Senior Member
1191 Posts |
Posted - 06 May 2008 : 22:49:38
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I think that you mean the Insolvency Exchange. Are HSBC a creditor, as I have to say I am suprised your offer has been turned down. You need to get your IP to find out the exact reasons for this - as under current IVA protocol (assuming that your IP put your offer forward under such protocol) creditors have to give valid reasons for the rejection.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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Last resort
