job loss. HELP!!!

[rollercoaster]

lots of questions coming up.
background info: OH IVA approved april (2 payments in) My IVA rejected (major hasstle getting DMP running. Home owner (perhaps £10K equity in total)
Help needed: OH lost job today with immediate effect. My wages £15pa. OH previous wage £21K + OT.
Mortgage = £1200 p/m
OH IVA = £412 p/m
My DMP = £88 p/m

2 children. 1 starting GCSEs, 1 autistic, so minimum disruption and sensible forward planning required.

it is quite obvious that my wages don't even cover mortgage payments (let alone anything else) Seriously need to move through bankruptcy very quick. OH printer and no firms in area other than 1 he was in, will never get a position with salary near previous so IVA unfeasible. Right now, mortgage unfeasible.
what order do i need to do things.
Do i stop paying my mortgage and secured loan immediately and look for rented accommodation. Do i inform mortgage companies that they will not be getting paid or is it better to communicate with them.
Do i inform the IP that there will be no payment this month (or by the looks of it any other month.
Do we petition for own bankruptcies or do we wait for someone else to do it.
When does OH claim 'job seekers'. when do i inform 'tax credit'
OH will be actively looking for work and will take anything but still have to be realistic about course of action.
ANY HELP AT ALL!!
thanks [xx(]

[kallis3]

Oh Rollercoaster, what awful news!

I would definitly speak to your IP and inform him.

Not sure of the other questions, but I am sure someone will answer them for you.

[rollercoaster]

any experts out there??

[Moneystinks]

Sorry your having such a rubbish time.....

I hope somebody comes along soon for you. XX

[chris.g]

I'm no expert but you will have to contact your OH's ip. The IVA will probably fail as there is no feasable way to pay into it.
I would advise if you are going to file for br, which will probably be the best option for the pair of you, to stop paying the IVA, DMP and the mortgage & secured loan. Start looking for rented accomodation asap. Your OH's ip may have put some funds to one side for br so this may save some of the fees.
Tax credits will be affected by job seekers allowance so you will need to let them know.

[rollercoaster]

thank you. in relation to the tax credits, we didnt get anything other than minimum due to income, but as husband lost job today our salary has been reduced to my £1kpm for family of 4 with all commitments listed above. understand that we may in fact be entitled to some assistance (although that will not help with mortgage, secured, IVA, DMP. desperately need some advice on where to go from here as a starting point!!!

[Viki.W]

I'm so sorry RC, thinking of you. Hopefully an expert will be along to advise you. X

[rockbottom]

OH Dear Rollercoaster that really is awful news for you, i cant advise you on BR or IVA but as others have said inform your IP immediately you may be able to take a little break just to test the waters and see if there is other employment out there before going BR,can you take a repayment holiday on your mortgage maybe? ring jobcentreplus straightaway to have OHs claim taken and inform taxcredits straightaway so they can give you any extra that you may be entitled to, if you cant manage finacially until JCP give you an appointment you can ask for an emergency claim to be taken or apply for a crisis loan.

hope you get things sorted quickly.
rb

[chris.g]

I think it's best to get in touch with everyone asap. It's awful news, I really feel for you and your family. The main thing is to get this sorted out so that the ball can get rolling and things will go as smooth as possible.
Best of luck with it all

[rollercoaster]

can anyone remind me of the link to find IP email address.

[chris.g]

http://www.insolvency-service.co.uk/newipsearch.htm

[Moneystinks]

Good old admin, made it a sticky!

Good luck RC you know where we are! XX

[rollercoaster]

thank you for link. e mailed IP. what on earth is a 'sticky' ?

[Soulgrowth]

Rollercoaster ... I am so sorry to hear your news ... thinking of you.

Of course my 'official' advice would be to "contact your IP".

But Im going to put my neck on the line here and give you my personal advice based on my own personal experiences.

Firstly, take your time ... these things take time to filter through, nothing is going to happen negatively to your financial situation for a few months yet. I missed months of paying my IVA and it took me to request my IP to fail it for me ... at the least you will be able to miss three payments before there is too much come back.

Secondly, survival now steps in for your and your family ... the only 'right' thing to do now is to do what you need to do to protect them and make the best decisions for your future ... priority number one should be to keep a roof over your heads ... so if you perceive that you might lose your home in the future then perhaps your first priority should be to seek rented accomadation before you start giving any notifications to anyone of your situation ... i.e put your ducks in a row.

Once you have got some of those ducks in a row ... then use your missed IVA payments (if you have any) to petition for your own bankruptcy ... in your own time, at a time of your choosing ... let the building society etc. find out that way.

Fourthly ... phone Paul Johns (Reviva) who is a specialist in this area.

Hope this helps ... rooting for ya.

Debbie

[Moneystinks]

It stays at the top no matter how many people post on other threads.

You are bound to be noticed by the experts now.

I hope you are okay. X