HELP

[MelanieGiles]

Can I urge to also take advice from an insolvency practitioner - the only qualified professional actually licenced to give such advice.

They will not judge you, or comment on the history of your case, but merely outline the options available to you and the advantages and disadvantages of each one.

Good luck with your family chat. They may well end up being far more supportive than you think, and do let us know how you get on.

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

[losing our heads]

the morgage was taken out last december and we are tied for 3 years or penalty of £6k

[MelanieGiles]

I thought that the bank had only mortgaged you 30% of your property from your first post?

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

[losing our heads]

We own 70% of the property and they own 30% so if we sell they get there 30% plus 30% of the property value increase.

[Adam Davies]

Hi
Is it a shared ownership property ?
Also can you post back your joint net income less your essential living costs[but not including any payments to family or debts,but include your mortgage repayments]
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

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

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

[losing our heads]

Hi Andy
Yes we have a morgage on the property with Advantage part of Morgan Stanley group. We put 5% deposit then morgage for 65% they own 30% of the property.

Joint net £2072 including child benefit etc.
Essential living costs £1720.

Leaving a disposable income of £352.

Hope this help and is workable.

regards

[Soulgrowth]

Great to see you making progress ... the 'experts' here are brilliant in helping us to sort the wood out from the trees ... and you are amongst people who know how it feels to be in the same situation [:)]

Good luck

Debbie

www.familyceremonies.co.uk

www.soulgrowth.co.uk

[Adam Davies]

Hi
Well £352 will give you a pot of approx 21k,less IP fees of approx 5k will leave 16k to go to your creditors.On your debts of 46k this will return about 35p,an acceptable dividend.Your family debt would have to be paid after the five year IVA.
It is also possible that your creditors will want some equity from your property in year four but as you are in a shared ownership house it is not always possible to do this.Make sure that your IP is aware of this.
Do you think that your family will wait five years until you start repaying them ?

Andy Davie
IVA.co.uk Spokesperson and Website Manager

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

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

[losing our heads]

Thank you very much Andy it is greatly appreciated

regards

[losing our heads]

what happens if we go bankrupt do we lose house and have to give our jobs up?if we do manage to iva and manage to get equity out house to finish ive how do we get money for 50k we wont be able to pay him back.

[MelanieGiles]

You will not need to give up your jobs, assuming that you are not employed in any areas where bankruptcy would prevent you from continuing in your employment, but your interest in the property would vest in the subsequent Trustee who is charged with realising this and paying the proceeds over to your creditors.

You may need to make separate arrangements with your family, if the other creditors do not allow them to join into the IVA and receive dividend payments.

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

[Adam Davies]

Hi
You stated that your family were going to wait three years for you to remortgage and pay them back.There is no guarantee that prices will increase to give you that sort of equity and no guarantee that you will be able to release equity as you are in a shared ownership house
Why not suggest that they wait for five years and then you could repay them on a monthly basis as you will have finished your IVA.
regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

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

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

[losing our heads]

thanks to both of you. cant think straight at min dont know were i will start but going to sign of for today but sure i be back tomo need to talk to family before i do any thing

[Soulgrowth]

Just to let you know I've been thinking of you today and wondering how you were getting on?

Debbie

www.familyceremonies.co.uk

www.soulgrowth.co.uk

[losing our heads]

hi all well its my birthday today trying to keep spirits up have arranged to speak to family on wednesday so not to spoil there new year then got finacial adviser coming 16 the earliest they could fit us in then once spoke to them going to contact a ip i think thats what you call them any way as long as they help us thats all that matters.