hi
I posted on here about a year ago and had some sound advice from several people including melanie so thank you. However things have now gone from bad to worse and I am once again at my wits end and my head is in such a muddle.
I have been in an iva since april 2010 and have never missed a payment or got into arrears. The reason I went into it was because I accrued debts to keep my shop going thinking that once I was in it then things would improve. Well they haven't and I am now in serious arrears with the business council tax and the rent. The council are threatening me with baliffs, bankruptcy and prison even though I have made regular small payments. The landlord has now had enough even though once again I have been making small payments, He is issuing an eviction notice but said I can stay in the shop till the estate agents find someone to take over the lease. My lease still has 17 years to run on it and I am liable for it. The council tax people advise me that I am also liable for the tax for the next 17 years if the lease is not taken over by someone.
I have an interest only mortgage and have about 20k equity in it.
I am desperate not to lose my home . Can anyone please please advise me what to do ?
Your situation now sounds far worse than when you last posted on the forum, and I really feel that you will struggle to avoid bankruptcy as the local authorities generally take this route when pursuing unpaid arrears.
You are probably in breach of your IVA in any case, if you have incurred post-IVA arrears of taxes and rent - so I think you must now seek advice directly from your IP as to the implications of this. An inability to fund the post-IVA debts, puts you at risk in any case.
Probably a good idea to get a current valuation of your property so you can take a view as to the level of equity available. A forced sale valuation may well indicate that there is little or no equity, in which case bankruptcy is probably the favourable option to consider.
