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b199
Starting Member
17 Posts |
 Posted - 04 September 2009 : 21:31:58
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| my husband has gone into a dmp paying 225 per month he has 30k of debt and it will take him 13yrs to clear the problem being he only has 4 yrs to go in till he retires what happens then ? will bankruptcy be a better option for him but im worried that we could loose the hse any advice please thanks |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 04 September 2009 : 22:05:21
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Hi,
Firstly, why wasn't your husband offered an IVA? He could have cleared his debts in 5 years and the amount he is paying is sufficient for it to have been accepted.
Secondly, do you have any equity in your house? If so then there is a possibility that you would lose it if you went bankrupt.
The glimmer gets brighter all the time
Jan
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Angela Rosler
Starting Member
United Kingdom
20 Posts |
Posted - 04 September 2009 : 22:17:29
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You need to speak to an expert - check out the links here.
You need to discuss income & expenditure, assets & liabilities - BKY or IVA could be an alternative which could protect your home.
Very best of luck to you x
Angela Rosler
Insolvency Manager |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 04 September 2009 : 23:02:01
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Hi
A debt Management Plan is probably not the right solution ( although it is difficult to give you full advice without all the information )
With debts of £30k IVA payments of £225 are a little light but still worth speaking to Melanie and Jones Giles to double check this.
Again depending upon your true disposable income and your assets position ( house, equity, car values, endowments etc etc etc ) you may wish to explore the bankruptcy position.
definately no point in the DMP as is 4 years you are back to square one. Seems crazy that this was the advice you received.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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b199
Starting Member
17 Posts |
Posted - 05 September 2009 : 15:43:31
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thankyou for your replies my husband dmp company said he couldnt get a iva as he has only 4 yrs before he is 65.as we have a joint mortgage and i am not going bankrupt as im hopeing to continue with the mortgage payments after he retires as im a lot younger than he is our mortgage is 109k hse is worth 125k
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 06 September 2009 : 08:30:00
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If there is equity in the property and your husband declares BR then the OR would want to release this to pay the creditors. If the £16k equity you say is correct then £8k of this is your husband's and the OR would want this.
Normally you would get a 'quick sale' estimate from a couple of Estate Agents and provide this figure to the OR as the value of the house so the £125k value may be lower.
It really sounds like your husband has received some poor advice with the DMP so don't rush into anything.
You should really seek some 'good' professional advice from a company such as RevivaUK or Jones Giles who both post on this board:
Reviva UK: http://www.revivauk.com/
Jones Giles - http://www.jonesgiles.co.uk/
Give them both a call and have a chat with them about your situation. Then take some time to think about your options before making a decision.
If you decided that BR was the right solution your husband would only need to make payments in an Income Payment Agreement (IPA) if there was more than £100 disposable income after bills, food, etc. and this would only need to be paid for 3 yrs.
If the disposable income was £225 (the current DMP payment) then he would pay 50% of this (£112.50) into an IPA and could keep the other 50%. It would also mean that the IPA would end before he retired. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 06 September 2009 : 10:40:37
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Cleardebt are an IVA company who are very good with low DI IVA's so it possibly is worthwhile just having a chat with them.
We are both in an IVA and my husband was in receipt of an occupational pension and benefits, and will turn 65 before the IVA finishes and we had no problems in getting his approved.
It won't hurt to phone and they may be able to help you.
The glimmer gets brighter all the time
Jan
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b199
Starting Member
17 Posts |
Posted - 06 September 2009 : 14:22:52
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thankyou again i think some phone calls are going to made next week x
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my husband has gone into a dmp paying 225 per mont
