my husband said we will have to go bancrupt now

[pammie]

My husban and i have recently started an IVA and are waiting for our proposal to be sent. Originally the proposal was to be based our our joint income. I am a full time teacher. One of our salaries is for our morgage 1100 per month. The problem is due to stress and working at a difficult school I have asked to leave. I will join a supply angency for the immediate future. We are strugggling at the moment and my husband said we will have to go bancrupt now I have given up my job. is this correct?

[rollercoaster]

Pammie im sorry to hear that you felt you had to leave. i work in a similar position with very stressful kids and the added debt pressure caused me to nearly give up. However i confided everything to a member of SLT and they were so supportive, looking out for me and negotiating paid leave on my behalf. Im sure an expert will be along to advise you on your options in a mo, good luck.

[Reviva UK]

Hi pammie

when you say that your IVa has started has it actually been agreed by the creditors at a creditors meeting? or is it still in the draft mode being prepared

[scaredkez]

pammie don't give up yet, going BR is the last resort but not as bad as you think, however, you don't know how long you will be out of work and may get agency work straight away so an iva may still be viable for you, keep thinking positive and what will be will be, either way you have faced up to your problems and are now on the road to recovery what ever way you have to go.
kerri

[MelanieGiles]

IVA's rarely work for people with uncertain income, and as the step-mother of a supply teacher I know that you cannot always be guaranteed work. The burden of ongoing IVA payments, on top of the other things which are currently worrying you, might be too much to handle, and if you have no assets which would be captured under bankruptcy proceedings this may be your best option.

Have you considered whether your husband could still fund an IVA on his own?

[pammie]

Hi Paul thanks for your reply.
yes the draft mode is still being prepared but with change of circumstances i don't think it will go ahead. One option my husband has thought of is he has an endowmnent policy which he could sell and try and use this money to pay of some debts through and arrangement with his cresitors. I think its not enough money and in the end the credotors may not stick to the aggreement.

[pammie]

Hi melanie
thanks for your reply.
Our morgage repayments are very high about £1100 per month. This is my husbands salary. There wouldn't be enough money left to fund an iva.

[pammie]

Hi rollercoaster Thanks for replying its lovely to thinks someone else understands. I do feel guilty about giving up work but I know it was the right choice for me. Everyone was supportive but i have not been happy at school for a long time. This has made it easier for me in some kind of macarbe way. I think we need to re think our plans and come up with a more realistic plan. My husband seems to fear losing our home the most.

[pammie]

Hi scaredkez
thanks for your reply its really reassuring to hear from others. i am struggling to keep spirits up because my husband is suffering stress the most. being on school hols is a bonus. Time to collect our thoughts and plan what to do before I leave in May.

[chris.g]

Hiya Pammie and welcome to the forum.
Bankruptcy is hard but it's not the end of the world. I was supply teaching and that has recently ended with no more work as yet so it is quite unreliable. You should possibly reconsider in favour of bankruptcy, rather than entering into a doomed IVA. It will only pile on the pressure more and probably have the same outcome.

[Reviva UK]

Hi Pammie
I realise that you are near to an IVA proposal that is probably not the right solution at the moment. You also need to ensure that you don't feel presured to agree t something that may well not be the best option.

The endowment policy may provide an option as there is such a thing as a Full and Final IVA.

So lots of possibilities.

Suggest the way forward is in the first instance if you are happy with your IP to have a chat to them about all the options ( I guess you have already told the IP about the endowment and they have included this in the proposal?)

The next thing to do is to get an independent look to make sure you are on the best track.

melanie's team may provide the impartial advice you need, especially re the F&F option

[MelanieGiles]

Pammie

Could you confirm how much the endowment policy is worth and whether there is any equity currently in your property. Also please confirm that amount that you owe in total to your creditors.