Ok, so I suppose most people know our situation by now. We need a bigger house so we are moving out, will no longer be able to afford the mortgage so will probably lose the house. The IVA will fail as we have no spare money to pay the £213 payments. We have been in the IVA for 16 months. The original debt was for 34k. All the creditors (barrin 2 no shows) agreed to the IVA and after the five years we would pay a total of something around £12,800 back.
So my question is.....if the creditors have already accepted this sum as their return, rather than going bankrupt could we apply for a debt relief order instead as it is less than £15,000??
This is just wishful thinking isn't it??!!! lol
"Everyone is a genius, but if you judge a fish by its ability to climb trees it'll go its whole life thinking it's stupid" Einstein x
Nice thought but the answer is no. Your debts are still over 15k, you are involved already in a different form of insolvency and even if your debts individually were less than £15k the shortfall from the property will push you over the figure.
