sorry to ask so many question, i have another problem, my wife has basically washed her hands of all of our joint committments inc general monthly payments to the secured loan company. I am happy to pay my half as i always have but cannot afford everything.
I am trying to get our house sold a.s.a.p to then notify the secured loan lender what is left to see if I can come to some arrangment with them but I am worried the house is just goign to get repro before I can actually sell it....
I spoke to the lenders who were ok but that is only over the tele, catch 22 for me and completely stuck on what to do next.....
It may be possible to come to an arrangement with the secured lender just to pay half of the monthly payment until the house is sold - if they agree to this make sure you get confirmation in writing.
I'm in kind of same situation as you... Wife left me and said she is not paying towards anything. I'm going bankrupt myself due to this as I can't afford to keep paying back all creditors. If I were you i'd go bankrupt too, wipe slate clean and start again.
No Bankruptcy and IVA's only sit on your file for 6 years and drop off your credit file from the date they start. You will then be able to look at a mortgage. You can before but you would need a hefty deposit, it would most likely be a high rate and there are not many out there who would lend
No, they won't stop you getting a mortgage in the future, but your credit record will be shot for 6 years anyway.
Once that is out of the way, and you can build your record back up, then sooner or later, you will get a mortgage.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The only real advantage is with an IVA you are paying something back to your creditors whereas with Bankruptcy you are not (unless you end up with an income payment order for 3 years dependent on income)
With an IVA, you are making an effort to pay back your creditors as much as you can afford. You don't have to lose your house, although you will be expected to release some of the equity in the 4th year (assuming you own your own house and have any equity). At the end of the IVA, the remaining debt is written off.
With Bankruptcy, you may lose your property if you have equity in it and you can't find a friend or family member to buy the beneficial interest in it. If you have an expensive car, you would have to sell that as well, use some of the money to buy a cheaper one (no more than £2k usually) and if you have any other expensive assets, you would lose them as well.
Your name would be in the local paper, and you would be barred from certain professions and holding certain offices.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You need specialist advice. Visit www.iva.com and see reviews on several IP's and select one or two and seek advice. Such advice is free.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
An IVA payment is based upon your disposable income after all priority debts are paid. You will have to live frugally for five years, but you are allowed to have a life as well! You just have to learn to budget well.
The majority of IVA's now have an overtime/bonus clause, which I presume commission would fall under. This usually states that you keep the first 10% over and above your normal take home pay, and then split the rest 50/50 with your creditors.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I'm not sure about having a life with an IVA, your not allowed money for holidays, opticians etc etc... Where as bankruptcy you can allocate money each month for these. It was the best option for me as I live on my own.
Well steve01 it is horses for courses. You certainly are allowed funds for opticians in an IVA and a holiday can only be available if you save from what your monthly allowances are. BR also imposes a three year Income Payments Order or Agreement on up to 75% of your DI.
An IVA is not a holiday and creditors don't see why you should be able to have the luxury of one at their expense.
Last edited by David Mond on Fri Feb 13, 2009 5:25 pm, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
