| Author |
 Topic  |
|
|
troubled mind
Starting Member
United Kingdom
11 Posts |
 Posted - 05 November 2009 : 13:06:42
|
Hi We ar 3 months in to an IVA and finding it very difficult. My partner and I have been considering BR as a final resort and have been reading the forum with interest. We owe 24k to C/C and overdraft and 24k to an unsecured loan Our payments to the IVA are 316 per month. 18 months ago we took financial advice and reduced the length of our mortgage. The payments were high but manageable at that time. Since then, since January this year my partner has been on short time and with the loss in pay and bonus we have struggled and found ourselves in this position. I have just found out through making a few calls that there is mor equity in the house than we realised. At the beginning of this year we were advised that we had about 5k but now it appears we may have about 27k. Is there a way we could cancel the IVA and re negotiate with our creditors by selling the house? I would really appreciate your help on this as things are really getting me down!
Many thanks in anticipation
tina |
|
|
Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 05 November 2009 : 14:19:47
|
Tina
re this and your last posting
i am not in a position to give advice but I had similar coversation with paul reviva, i was pleasantly suprised by the response !
too complex for me to type here
Richard |
 |
|
|
troubled mind
Starting Member
United Kingdom
11 Posts |
Posted - 05 November 2009 : 15:09:25
|
Thanks Richard
I was thinking of doing that but wanted a bit of feedback first. My confidence is at such a low ebb I find anything like this difficult.
Tina
Tina |
|
|
|
Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 05 November 2009 : 15:28:32
|
tina when we first met paul and Ken
my wife was so close to going over the edge, i was in total denial thinking i could fight my way through.
sitting down with a proffesional that fully under stood the whole system and was able to cover all of my question was a god send
BR is not a dirty word and those that get into financial difficulties are not criminals.
coming away from an IVA has complications as you are in a legal court bound situation but get your advice sooner rather than later,
head up and gain the confidence to make the call .... TODAY, oops sorry Tina did not mean to bully but your situation is similar to others on this forum, a solution can be found im sure
regards Richard |
|
|
|
In 2 Deep
Junior Member
United Kingdom
161 Posts |
Posted - 05 November 2009 : 20:27:59
|
Tina,
If Im reading this correctly you are currently in an IVA.
You have equity of approx:27K-this needs corroborating by way of a survey, and not a telephone call.
I would go back and speak with your IP ASAP. You could offer a full & final settlement if you are prepared to sell your property - again consult your IP.
If you opt for BR, and Im sure this can be avoided - the OR would require sale of your property to realise equity for your creditors. For you to opt for BR, your IVA must fail by way of cancelling the SO, and missing 3 payments.
Again im sure BR can be avoided, and you MUST speak with your IP.
Gd luck.
quote:
Originally posted by troubled mind
Hi We ar 3 months in to an IVA and finding it very difficult. My partner and I have been considering BR as a final resort and have been reading the forum with interest. We owe 24k to C/C and overdraft and 24k to an unsecured loan Our payments to the IVA are 316 per month. 18 months ago we took financial advice and reduced the length of our mortgage. The payments were high but manageable at that time. Since then, since January this year my partner has been on short time and with the loss in pay and bonus we have struggled and found ourselves in this position. I have just found out through making a few calls that there is mor equity in the house than we realised. At the beginning of this year we were advised that we had about 5k but now it appears we may have about 27k. Is there a way we could cancel the IVA and re negotiate with our creditors by selling the house? I would really appreciate your help on this as things are really getting me down!
Many thanks in anticipation
tina
Treat EVERY Penny as a prisoner. |
|
|
|
Karen Jane
Starting Member
United Kingdom
42 Posts |
Posted - 05 November 2009 : 23:34:28
|
Hi Tina,
I was declared bankrupt in September and I used Paul at Reviva, he attended court with me because I am not very good with this sort of thing!! He is very professional and really knows his stuff. Contact him and he will ring you back at a convenient time for you and your partner.
All the best with whatever you decide.
Karen x |
|
|
|
Jane.l
Average Member
511 Posts |
Posted - 06 November 2009 : 09:38:17
|
| As you are in an IVA and you have equity in your house, you must have an equity release clause in your IVA, what does this say? |
|
|
|
troubled mind
Starting Member
United Kingdom
11 Posts |
Posted - 06 November 2009 : 13:35:45
|
Richard
I have just spoken to Paul at Reviva and I cant thank you enough for bullying me into it. I feel so relieved now with the advice he has given me and to know he will be there to see us through all this mess! I will keep you updated. Once again, many thanks to you and everyone on the site who has posted a response to my questions. I have found a new family.
Tina
x |
|
|
|
Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 06 November 2009 : 14:31:05
|
good for you Tina
brave but sensible move
keep going one step at a time, as i am sure that you will read on this forum two steps forward and the inevitable one step back, you will gain confidence with every step !
regards Richard |
|
|
| |
Topic |
|
Hi We are 3 months in to an IVA
