HI IM IN DIRE NEED OF SOME HELP. i was involved in an iva which ran for 3 years but due to not being able to maintain this i made myself bankrupt in feb 2009.i was told by liverpool county court that my property which is joint and through an independant valuation has around 8k equity (4k split)would be delt with by the IP from my iva . aftter 6 months of uncertainty which has forced me to leave my work on long term illness and having a breakdown i was told a meeting with my creditors had resulted in them agreeing that the trust in respect of my property had now come to an end. TO say i was happy with this news was an understatment.I then contacted my bankrupcy people to let them know the news only now to be told the property will now go under the bankrupcy.Also a new valuation will have to be completed on their terms and basically if my wife cannot buy me out(which is out of the question as incomming less than outgoing)then an enforced sale will happen.I hfeel i am now back to square one but even worse this time. the last 7 months have all been for nothing.I feel i cannot trust the bankrupcy ip anymore after they gave me wrong information.im now at my lowest point and dont know what to do .i feel ever since i started iva then bankrupcy i have not been given correct advise
you may want to get a more up to date valuation of house to see what it would achieve as a forced sale.
often IVA valuations are higher than in Br. In an IVA people want to buy retain the house and it is beneficial for the IP to use the retail value which better reflects the revalue in year 4.
In br the house value needs to be extremely realistic and if=s quite often less than market price because of the speed of sale.
get a value and then perhaps you can do a deal with the OR.
How much is the mortgage payment?
prior to br people often miss a mortgage payment to get the money together for the court fees. perhaps this would help you get the funds for the equity purchase?
i will get my wife to ask for a realistic timescale . has anyone heard if this ever gets accepted.
i find this forum a great tool for information and i would like to thank everyone for their comments. i am really at my end and the thought of my wife losing her and 3 young kids home is breaking me.
If you aren't working & already have some arrears can you actually afford to keep the house? Home after all is where your family is, you have been through a lot of stress just to keep bricks & mortar.
I do appreciate how you want to keep hold of your home but circumstances do change & interest rates if anything are liable to go up not down.
Just sone thoughts. Anyone else in your family or your wifes family that cpuld help pay your half of the equity?
I think firstly you should as advised get a revaluation of your home to see what the real value of your equity in the property is. If its £4000 then enforced repossession by the OR will blow a big hole in that amount anyway,which is possibly why the IVA IP did not continue with the action, also they cannot start proceedings till February 2010 as you are allowed a safe period of one year where your families need takes preference from your creditors need, you mentioned a wife and three kids living there, I think your real problem here is future affordability of the mortgage payments especially as you are now two months in arrears.
HI IM IN DIRE NEED OF SOME HELP
Posted - 07 September 2009 : 18:59:12
