HI i am going the BR route its decided so technically it will be similar to the iva at the start there is no point in paying my mortgage and other bills? is it a case of cancelling them all i am sorry if i sound so thick its just i am not sure were to start.
my father has said he could loan me a few thousand but it is well short of the 29 months left to pay do you think there is any ground in asking the ip to put this forward or is it just a waste of time and go straight for the br?
Last edited by lost on Sat Jan 10, 2009 2:45 pm, edited 1 time in total.
I'm not too sure about BR, but if you have no equity in your house you may be able to keep it, so I wouldn't cancel anything just yet. Skippy went from IVA to BR so if she is looking in she may be able to advise you.
Obviously you will need to keep up gas, electric, phone and council tax payments.
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 would personally wait until the OR has got the valuations and you see what deal you may be able to broker. Could a friend or family member help you out with acquiring the beneficial interest - and make sure that the property valuation you are relying on is based on a forced sale basis rather than open market. There may be a significant difference, and you may find that there is little or no real equity in the property.
thanks melanie i have taken no steps yet not even told my ip would you say the way forward is just inform them of my intentions?and take it from there ?my father has said there would be 4k max i could loan from him to see if they would accept a f+f before i opt for BR but this is 8 k less than what they would get in 29 months
Last edited by lost on Sat Jan 10, 2009 4:47 pm, edited 1 time in total.
If your IVA has been going for 31 months why now do you want to throw the towel in? What is your current status as to income and have you incurred any post IVA debts? Before you decide BKCY talk everything over with your Supervisor (IP) and then make an informed decision.
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.
As you are over halfway there I would think very carefully before opting for BR. I remember from another post that your father may be able to help you with a full and final payment. Put this to your IP and see what they say before deciding on BR.
Kallis is right, I went from an IVA to BR, but I had only made 4 payments into the IVA and had no assets.
If BR does prove to be the right answer, you may not necessarily lose your property. With property prices falling you may have less equity than you think, and it's possible for someone to buy your beneficial interest from the OR.
Wait and see what your IP says, and then make your decision then x
