can they still make us bankrupt

[tracy.h]

Thanks melanie,really struggling to no what to do.How do i go about contacting the court,have tryed creditors but they say iva in place and they wont entertain me until they get a certificate to say other wise

[MelanieGiles]

Again Tracy - you must speak to your IP to find out what his position is regarding this situation.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[tracy.h]

HOUSE VALUED AT £175000 MORTGAGE £149 CREDITORS £108000 WE WOULd HAVE BEEN PAYING 45p IN THE £

[tracy.h]

income £2420 amonth

[tracy.h]

income £2420 amonth

[MelanieGiles]

Tracy

How much are your mortgage payments per month? I suspect that they are in excess of 40% of your income which is why KPMG insisted on the sale. Are you paying your mortgage on a repayment or interest only basis?

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[tracy.h]

Straight repayment £994.Do you think that br would be a better option for us,as we have been in touch with a company who feel they could still secure an iva for us.
With our permission they can try to find out what has happened with the i v a that is currentley in place
If the iva was not excepted then they would set a DMP
Im at a loss as what we should do my health has deteriated over the last 6 months,my G.P is worried that i am heading for a nervous break down,on top of my other health issues.
I appreciate your advice,and commitment to helping people like me,who with out the support of the forum wouldnt no what to do thank you

[MelanieGiles]

Hi tracy

You might like to consider switching your mortgage from repayment to interest only - as I am assuming that KPMG rejected on the basis that your repayments were more than 40% of your total income. There is some danger in doing this, as your mortgage obviously does not get repaid, but you may like to do this just as a temporary measure until you get back on your feet.

The key thing is to find out from your IP why KPMG felt that your house should be sold. Creditors would rarely stipulate this without good reason. If we can get to the bottom of that, then there is a good change a further IVA with some adjustments might be workable.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[tracy.h]

The ip said kpmg and nr didnt think that we should be able to spend that amount on a mortgage,one of the modifications was that we could rent for 800 a month,and if we didnt sell the house within 9 months then it would be deemed as failed.

the ip said that if we could get someone to offer another £100 a month then they could go back with there own modification,as the difference would only be £95
I dont really understand this whole situation.Do you think that even if we havnt paid our unsecured element with NR they would let us change our mortgage to interest only
The other problem Melanie is that i am to scared to talk to the ip the last tme i tryed i found the person i have been dealing with quite intimadating,as always thank you for your reply

[neverending]

Tracy
To think that you were going to pay 45p in the £1 dividend but now due to KPMG insisting that you sell your house[??]you have all this worry and your creditors are still outstanding the debt,crazy !!!
They are happy for you to rent for £800 and get an extra £200 per month[12k over the term],however your house could well of,and probably ,increased in value by 60k in five years and had they insisted on an equity release in the final year they would have returned far more than the extra 12k.
Do you really think that they have acted in the creditors best interests ?? because on the info that is provided I do not.
Regards

[tracy.h]

i totally agree with you,the proposal we signed was paying £500 for 60mnths then releasing equity in year 5,we never had aproblem with that.im just looking back at something melanie said about seeing a copy of the chairmans report,they sent me that 4 days after they had agreed the modifications,that i knew nothing of until 4 days after creditors meeting,definatley smells a bit fishy to me,as you say who were they helping it wasnt me thats for sure.
It will be interesting to see what response i get back from the ip regarding complaint ive sent him
Ithink what im struggling to understand is why refund all my money yet not take responsability for there mistake,and annul the IVA then we can all move on thanks N E

[MelanieGiles]

Tracy

Personally, I would explore the possibility of representing this proposal. You will not get it accepted if your mortgage payments are more than 40% of your total income, so rethink the mortgage and consider interest only to reduce below that level if the IVA is so important to you. I know KPMG well, and am absolutely sure that they will give you a second chance with a better prepared proposal. But do think through things carefully, and seek further advice in the meantime.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[tracy.h]

Thank you melanie,i would rather pay my creditors what i can,and if that means keeping my home then thats a bonus,could you recommend some one who is as careing and honest as yourself.
I have spoken to pay plan?I think after all this stress i feel very vulnerable,and ive lost confidence,im even scared to ring northen rock silly i no any way thanks again for all your sound advice.

[tracy.h]

can any one answer this question,the company we were with did ajoint iva for me and my partner.
The company that i have spoken to do individual iva,does it make a difference,and im going to get the courage up to ring northern rock.
Has any body changed there mortgage to interest only after they have proposed an iva.I have no mortgage arrears but they are my biggest creditor with a £29000unsecured loan

[neverending]

Hi
All IVAs are individual,there are no "joint" ones but companies propose them "side by side" and administrate them jointly to reduce costs.One joint monthly payment is used to pay both IVAs.
regards