Hi all,
I have been staying with friends for years since a breakup, when i signed up to my IVA i was at one friends house, then 2 months later (when she moved her partner in) i moved into another friends house, obviously i just pay them half of everything towards the costs of living but its there house. But now after 5 years of being on a waiting list a house has come up and i am being offered it. I was so happy at first but it is going to effect my IVA in a major way. I have worked out with rent, bills, car etc i will only have £75 spare cash each month [:(] My IVA is £210. Does this mean i have to turn down the chance of my own house and hope my friend will let me stay there for another 4 n half years? I am really worried about what is best. I need to let the housing association know by wednesday what i am doing. I feel sick. any ideas what will happen if i take it?
You will really have to decide whether the house is more of a necessity than completing the IVA. I suspect that is probably is, and if you turn down the offer, surely you will go to the bottom of the list again.
I would say that having a home of your own is more important than your IVA. Have you spoken to your IP to see if they can reduce your payments? If the payments cannot be reduced is there any reason that you cannot go BR?
I agree with Skip that a new house is probably a priority. If you have no assets, then br would possibly be the better route.
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
Thanks for replies, I have been in my IVA 7 months now, it will be my 8th payment at the end of this month. Originally my friend said i could stay there till my IVA is complete, because i could not afford to private rent anywhere, even flats where expensive. I have been on housing lists since i left my last proper home over 5 years ago and finally got offered a house on Friday. I really want to have some stability of having my own home and not worrying where i will go next if this friend asks me to move. Its just come at an awkward time, and yes i will have to start from the bottom again if i refuse this property [:(] I have no assets other then a car, n some bits of furniture people are giving me if i take it, so i could go bankrupt if necessary, but feel really nervous n sick about it all. I know i should call my IP, but they are never there, i just dont want them thinking i dont want to pay cause if i could i really would.
Just a thought if after all the bills are paid you only have £75 left each month would you be entitled to help with rent and council tax? it might be an idea to speak to your local council and see if you would be entitled to benefit.
Jan
Nothing you can buy feels as good as not being in debt.
Hi worryhead I agree with Skippy, if it becomes too much with the IVA, I'm sure a home of your own would become a priority!! Whats happens if you turn it down and your friend has a change of heart or circumstances. I think it is an offer you should not refuse.
Trust me - bankruptcy is not half as bad as you may be thinking, and if you have been on the housing list for 5 years, I don't think anyone (including your IP) will be trying to persuade you that it would be better to forgo this over repaying creditors.
If you do decide to take on the house, why not wait until you are a couple of months in and used to your new budget, to see if you could afford to maintain both. Reduced payments may be possible, but I think that £75 per month will be too low. Could you take in a lodger to help with the bills?
I am offering people to move in with me but so far there are no takers, it might change hopefully. Yes i will see how it goes, i will accept it and fingers crossed hope for the best. will try n apply for housing n council tax benefit too, but not sure they will cause all my otgoings are covered n the £75 will just be play/IVA money. Just hope things work out, just dont want people to think i am doing it to get out of the IVA, cause i have been happy with it up to now. Thanks for all your help and advice, still nervous but not feeling as ill now [:)]
And of course if you did do BR, then your house would be safe.
I am glad that you are feeling a little better now.
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
Just wanted to say, having a place of your own is one of the most basic human needs, you must go for it and must not worry about going for it, You probably will not be allowed to sub let, or house share with this type of tenancy, you may be in breach if you do that, unless of course its a live in partner or something. I hope you will go forwards now, there are more important things sometimes than debts.
Good luck for the future, this is a very good oppertunity to get your life back on track and you must take it. I know Br is daunting but its survivable and you have to do whats more important and that is to grab this chance of a stable place to live with both hands.
