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melanie6
Starting Member
1 Posts |
 Posted - 13 January 2010 : 14:49:14
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| Hi, I am on a Iva and beacuse we have had problems for a while we are finding it hard to pay them. I have spoken to my iva department and they hav advised that to be honest we cant afford it. If we go bankrupt do I loose my house? car etc? I do have 3 children under the age of 7!. Please help.Many thanks |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 13 January 2010 : 15:12:10
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Hi melanie
welcome to the forum,
your situation is not uncommon unfortuantly some people who have tried an IVA find that they cannot see it through, no one will think anything worse of you at least you have tried one of the options
http://www.bankruptcyhelp.org.uk/forum/topic.asp?whichpage=1&TOPIC_ID=9972#43409
this is a recent link from someone else, entitled help by poxy this should answer some of your questions if not repost a question and i am sure someone will try to help
regards and good luck on the path ahead
Richard |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 13 January 2010 : 16:20:40
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Hello Melanie and welcome to the forum.
Sorry to hear that you have been having problems with your IVA. Has your IP offered to do a variation to see if your payments can be lowered? How long have you been in an IVA and is there any particular reason why you cannot now afford the payments?
As regards bankruptcy, if your house is in negative equity then you may not lose it as long as you keep up the mortgage and any secured loan payments on it. If it does have equity then I believe you are given up to 12 months grace to find alternative accommodation as you have young children.
If your car is worth £2k or less, then you should be ok to keep it as long as it is essential.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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Steve Thatcher
New Member
United Kingdom
70 Posts |
Posted - 15 January 2010 : 15:18:22
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Melanie, can you post a few details about your property and we can advise you better. What is it worth, what is secured against it, incl both mortgages and secured loans, what are your secured repayments and can you afford them.
Steve Thatcher
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 15 January 2010 : 15:33:29
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Hello Melanie,
Welcome to the forum.
I am happy to try to talk you through any housing issues in cyber space...
In addution to the thread that Steve has sent, have you any health issues, have you any children/dependents of school age, and are there any arrears on the first or second charge?
Regards, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and hero of mine!!) |
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Hi, I am on a Iva and beacuse we have had problems
