if my wife solely owns our house

[ken748]

hi yes for about a year i think and what does this pence in the pound mean and what do you have to pay etc

[ken748]

hi mel

if i went bankrupt wouldnt i have to make payments for 3 years

[MelanieGiles]

Possibly, Ken, depending upon your circumstances, but these would probably only equate to 50-70% of your current disposable income, so it could be a better way forward in the long run.

[ken748]

im not too sure about bankruptcy with the house and all wouldnt my wife have to sell it

[MelanieGiles]

The only part of your house which is captured under bankruptcy proceedings is the equity - and you have confirmed in an earlier post on this thread that there is no equity - so in fact your property is actually owed by the mortgage company!

Best to get a current valuation done by an estate agent, who will do this free of charge, and get a current mortgage redemmption statement to see whether there is equity or not before deciding whether bankruptcy is a good or bad idea.

[ken748]

hi mel ,

thanks i will do that and i have just done my finances in detail i have 65k in unsecured debt i have an income of 2151 outgoings of 1839 so thats 312 in disposable income do you think that would be ok for an iva

[MelanieGiles]

It gives a very low return, but if you were to be able to raise equity in the future this might sway the votes in favour - or your could perhaps extend to a sixth year.

I would now take direct advice from an insolvency practitioner who will take more time to explore your finances, discuss with you the options you have available to you and assist you in making the right decision for the future.

[ken748]

thanks mel,

i will spek to this guy tomorrow and will let you know and i think i will contact your company too i have read a lot of wonderful things about you

[Adam Davies]

Hi Ken
It's very sensible to get a second opinion so don't be tempted to sign into anything tonight
Regards

[ken748]

hi all ,

after speaking to the guy lastnite i have decided on a dmp as i work alot of ot and this would be effected by an iva. this way i can earn as much as i want and with lower payments 239 per month to debt free me i can save and get rid of a few with a f&f offer hopefully get rid of one or two smaller ones by the end of this year

[ianmillington]

Hi Ken

The only cautionary note here is that unless all your creditors agree to an interest freeze, the amount you owe will be bound to go up.

Ian

[Adam Davies]

Hi
Also be aware that you have no protection from any legal action from your creditors.
Good luck.
Regards

[ken748]

hi

i have already been paying my creditors agreed amounts for around a year and the interest has been frozen since then so thats all ok and i am aware of not being legally protected but the guy said they will take care of that and its not in the creditors interest to try and bankrupt me as they would then get nothing. what do you think of that was that advice correct?

[ianmillington]

The bit about bankruptcy not being in the creditors interest seems sound advice. You will need to monitor the freezing of interest though Ken.

Ian

[ken748]

hi yes i will monitor all that very closely it has been great on this forum for advice and i will let you all know how i progress thanks again to all who sent me messages