my iva will surely fail

[rach7]

im 3yrs into a 6 yr iva living in shared ownership property.my husband is now on incapacity benefit and i do not work due to having children and expecting another baby soon.my iva will surely fail as we are no longer able to make payments.we are planning on moving into my parents house but want to know if we would be financially better off to go bankrupt or try and sell the house and make a full and final settlementon the iva.also where do we stand with reposession as we can no longer meet our mortgage payments either.

[tracy.h]

Hi Rach
Welcome to the forum,i cant answer you question regarding your mortgage i just wanted to tell you yo hang in there somebody will be along to answer your question soon as we have a couple of mortgage advisers that really do know there stuff.
Have you spoken to your ip regarding your situation,i'm sure they will be sympathetic to your predicament.
Good luck

Tracy

[bagpuss]

I would speak to your IP too...they would be able to help you.

They simply cant have what you havent got..

best of luck xx

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

[mikebdomain]

Depending on your lender, when you have missed a number of mortgage payments (usually two) your mortgage provider will start repossession proceedings, if you do not attend court repossession will be granted. If you attend court you will need to offer an additional payment (over and above your normal mortgage payment) to pay off your arrears, in this instance the mortgage provider will be awarded a suspended repossession order, which is to say IF you miss another mortgage payment, your house will be legally repossessed without a requirements for a court hearing.

Getting your home repossessed is an very expensive solution. You are charged the original amount you owe, + arrears legal fees, + legal repossessing fees, + locksmith fees, + estate agent fees + anything else they come up with + statuary interest on the total outstanding amount.

Please consider all options available to you, why can you not afford your current mortgage payments? Has your IP been informed of the problems you are facing and have they taken any action to reduce your IVA payments so you can meet your secured commitments?


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[ray_a]

Hi rach 7

Sorry to hear of your situation.

Could you let us know how much your home is worth and the outstanding mortgage on it. Iy would help us if we knew how much you debt in the IVA is so that we can help!

Take it from me this can be sorted out!

Chin up!

Ray

[Adam Davies]

Hi
Try and sell your house and offer a full and final with the proceeds.This will produce far more than bankruptcy and could possibly save you from bankruptcy.Keep your IP informed
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Soulgrowth]

Hello Rach7 ... really sorry to hear of your predicament. Is your house that important to you emotionally? Do you have much equity tied up in it? Under the circumstances would you maybe be better off with bankruptcy? Would it be better to stay in your property as, from what I believe, under bankruptcy with a young family you will have up to a year before anything is done with your house (if you are able to keep up the motgage repayments) ... and with young children and a poorly husband I am sure that being homeless it wouldn't be long before you were offered housing association accomodation ... and a fresh, new start without any debts.

Just to add to the thoughts really and to help explore the options ...

Debbie ... all for simplicity as I have got older

www.babynamings.co.uk

www.soulgrowth.co.uk

[rach7]

hi,thanks for all your replies.we are going to sell the house asap and offer a f&f settlement to the iva.we have enough equity to offer a fair figure and clear outstanding mortgage .will the iva take into account selling and conveyancing costs and also £2k rent arrears into the figure we offer?housing benefit will cover our rent costs till we move but what if we struggle with mortgage payments? will the mortgage company[nationwide] allow us to suspend payments until we sell[which should be quick,as these houses are very sought after]? we have also filled out forms to put us on council housing waiting list although my mum lives in a 3 bed council house by herself which she said we can move into with her.so we wont be homeless.i wont be able to pay my iva now so have to see how quick house sells.if they wont wait then they will just have to petition for our bankruptcy!!!!we are now waiting to hear on what amount of benefits we will be entitled to....so hear goes...and i wonder why my poor hubby suffers with such bad depression!!

[rach7]

and just to add with xmas fast approaching and our new baby due in less than 9 wks its gonna be a stressful time...funny thing is though i feel so relieved,i think its cos we have made a decision on what to do and there is light at the end of the tunnel.

[ray_a]

Rach

Given you are planning to sell your house I think your creditors will understand and will be patient. Just tell your building society and your IP what your intentions are.

Good Luck

[Adam Davies]

Hi
Also when calculating the amount to offer take into account mortgage arrears and selling costs.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Soulgrowth]

Just wanted to say good luck with the baby ... that's the kind of thing that's REALLY important in life [:)]

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

[rach7]

arr....thankyou so much.

[scaredkez]

rach7 all the best with the baby, i know its hard when you think about xmas, last year was the hardest one ever for me as i really had no money to buy presents, but it was the first year my hubby had had off in 4yrs, yes the poor devil has to work xmas day, the few presents we bought were gratefully received and to be honest they probably had the best xmas ever as we were all together as a family, it really brought home the true meaning of xmas, so don't worry it will work its self out, thinking of you, good luck.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[rach7]

well the estate agents are coming out tomorow to value the house and we have put in our claim forms for benefits we are entitled to.now we are just wondering how long it will be before we have any more money coming in.we have one weeks wages that has to last us till then....so all unneccessary direct debits have been cancelled.i shall be in contact with the iva and mortgage folk tomorow and tell them the situation..if they dont like it they can lump it!!! they will get their money soon enough...thanks guys and girls for all your kind words.xx