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tina6ll
Starting Member
3 Posts |
 Posted - 22 September 2009 : 22:45:12
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hi
i own my own property with my husband, had 3 valuations 1 at 90k and 2 at 95k and have 18k worth of debt, my mortgage balance is £94.5k and i am currently in an iva but stuggling with the payments. i have 2 children age 4 and 2, i am considering bankruptcy as i have been advised this is the best option for me having no equity in my property, is it true that ill get to keep the property as there is no equity? am very concerned as i want the releif of the debt and to be able to provide things for my family but dont want my children to be without a home. please please help. |
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daisy duck
Junior Member
United Kingdom
201 Posts |
Posted - 23 September 2009 : 06:34:13
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Yes you can.
Dont worry but you will have to pay £211 to the OR to have any future equity signed over to a third party.
This could be your husband or Mum whoever really.
But after you are discharged from BR you could get your name back on through solicitors.
Dont Worry. |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 23 September 2009 : 07:53:39
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Hi there
I note that you are presently in an IVA - the best avice i can give you is to contact your IP and talk through your concerns with them, perhaps if circumstances have changed in any way your monthly payment may be reduced. Whatever you decide you need to talk through your future options - If you do wish to go down the bankruptcy route your home will be 'safe' in that you will be able to purchase the 'Beneficial Interest' (ie remove the OR's name which goes on the property at the land registry automatically when a bankruptcy order is made )for a fee of £1 each plus £211 costs of conveyance.
You need to talk things through with your IP as your IVA will have to 'fail' and you will need to obtain from the Ip a 'Certificate of Failure' - the District Judge at the court will not hear the bankruptcy petition with one
Good luck on whatever you decide, and remeber we are all here to help you through the process with any worries or concerns you may have
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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tina6ll
Starting Member
3 Posts |
Posted - 23 September 2009 : 08:52:54
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hi, i have contacted my ip not so long ago, she wasnt really able to help me which is why i have carried on for a while, i have had my iva since dec 2008 and am already 2.5 payments behind, have already had it reduced and they have told me it cant go any lower, i have £18k of debt and with there fees they are getting nearly this back. i am struggling as my husband had a wage decrease and i have had to get a job just to cover every day living as the iva only left me with £30 a month for clothing for 2 adults and 2 children? i feel it is the best time to go bankrupt as i have no equity and really want to keep my home that my husband has worked so hard for after all for the last 4 years he has paid all the bills and etc, it would just be such a releif to have a little more money as after paying basic household bills not inc allowances for anything we only have £150 a week left to buy petrol, food, clothes and other basic living items.
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 23 September 2009 : 10:01:07
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Get back in touch with the IP let them know your decision ie bankruptcy and request that the IVA is failed and a copy of the certificate of failure.
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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hii own my own property with my husband
