We are currently going through the process of an IVA - creditors meeting yet to be arranged but should be anytime soon.
However, this morning my Husbands work have put him into a consultation period with redundancy very likely at the end of the consultation period - although his company are saying nothing is confirmed, the writing is obviously on the wall.
What the hell do we do now?
Surely an IVA can now not go ahead? Is our only option bankruptcy meaning that we will loose our home?
I was made redundant a week before my creditors meeting and had to cancel the proposal as i could not gaurantee that should the IVA be approved that i would be able to meet the payments, based on not knowing how much i will earn in another job.
I would speak to your IP and see what he/she would advise
You would be very unwise to proceed with an IVA application if your husband is on notice of redundancy, as your first priority is to find out what is happening in this regard and get him out there looking for other jobs.
How much equity do you actually have in your property? And don't forget that even if you do go bankrupt, you can always propose an IVA at any time prior to your discharge if your circumstances improve.
Then bankruptcy may well be the best route for you, but I would not rush into this. Some token payments to creditors in the meantime ought to keep the wolves from the door, until your husband can hopefully find work again. What industry is he in?
