Advise please

[juliehawkins66]

I'm just filled in my forms to apply for an IVA and so worried if it comes back as rejected what happens next. Will my creditors think she can't afford to pay and therefore make me bankrupt so as to force a sale on my property and make me homeless.

[Adam Davies]

Hi
Your creditors would,generally,rather you pay via an IVA than make you bankrupt.They will receive far more in an IVA.
Have faith in your IVA provider.
Can you post more details about your debts,disposible income and your equity details
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[sonyse2t5]

If your IVA fails, you can ask for an ajournment for 14 days to make an improve offer. Its all about money with these creditors - 'a sound commercial case' as some IP calls it.....

Make sure your I/E and other costings are sensible and sustainable. There are contingencies you can and not anticpate for in an IVA.Just cover all bases for 5 yrs.

[MelanieGiles]

Good advice there from Sony. More use should be made of this 14 day adjournment period, expecially when you are being asked to consider revisions or modifications to the proposal.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[juliehawkins66]

My debts add upto 62500 and they are with
Lloyds TSB £4000 Morgan Stanley £4000, Barclaycard£1800 Capital One £1500, Royal Bank of Scotland £13000,Freemans £600, Next £700, Littlewoods £800, Choice Catalogue £3000,
My main concern are MBNA(18000) and HSBC£8500) have sold on the debt to credit agencies.
The money I have left to pay will be £370.
I have equity in my property of approcx £100000.

[MelanieGiles]

Assuming that you are the sole owner of the property, you are not insolvent as you have assets worth more than your debts. You probably ought to be looking at the possibility of raising equity against your property in order to settle and I am sure one of the brokers who post on this site could give you advice on this.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[juliehawkins66]

My house is on a shared ownership scheme so I can't raise any money against my property

[Andrew Graveson]

Hi Julie,
What share of the property do you own?
Who is the other owner and what scheme did you join?
Is the £100000 of equity your share of the equity or shared between the parties?
Just because it's a shared ownership home does not necessarily mean that you have no refinancing options.

Andrew Graveson
Independent Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[Adam Davies]

Hi Julie
Are you sure of the 100k equity,is that your share?
What has your IVA provider said about the property ?
Even if those figures are correct the fact that you can't raise the mortgage does not make you insolvent.
Have you considered selling up and paying your debts off ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[jpj]

Just out of interest, If you make a full and final offer and it is rejected, do you get a 14 day adjournment period then too to improve your offer, or does the adjournment period only relate to the initial setting up of an IVA ?
Thanks

JPj

[catullus]

Yes, you can adjourn a F&F settlement creditors meeting but because, in theory, it's your best offer it's much harder to get the creditors to agree a revised deal during an adjournment.

[MelanieGiles]

There are no real rules to variation meetings, jpj, unless specifially referred to in the IVA doucments, so I would allow a 14 day period if it means that a deal could be renegotiated to every parties satisfaction.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[ray_a]

Agree with the adjournement as we had two in the 2 week period as we had aproblem with one of the creditors and we had to compromise in order to get it through!

[juliehawkins66]

I have been down the route for a re-mortgage but its hard finding a mortgage company who will re-mortgage on a shared ownership scheme. I bought my house with Tower Homes. Plus the fact now I am black listed so that makes even harder. If I sell my share tp pay of debts I am then become homeless.

[Andrew Graveson]

Hi,
You've got a lot of equity in the property. It might be worth calling the conveyancing department at Tower Homes to find out what their attitude to an equity-raising remortgage might be. We're handling a case that involves Tower right now (admittedly not an equity raising case) and they've been great thus far.


Andrew Graveson
Independent Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk