no light at the end of the tunnel

[depressed]

my patrtener and i have debts of 185,000 all unsecured ,from problem after problem ,the main part trying to keep everything together borrowed to pay of another then interest added on etc now out of control ,been with payplan for 4 yrs but still getting hassles and now have a ccj is in process from one creditor.

we have a small property worth 105,000 and a endownment worth £10.000 ,we owe 29,000 on our mortgage ,we are both really ill with worry and would like to offer a full and final iva to our creditors in total we would be offering all of our equity plus our endownment policy so around £80,000 we would then be homeless with our 3 children but we would rather that than try to keep our tiny property and have no light at the end of the tunnel ,we would move back to my parents for a while as we could not afford a remortgage on our property which is too small for us all anyway . Do you think our offer will be accepted is it reasonable ,if not what will happen ,thankyou DEPRESSED !!!

[chris.g]

Hiya, sorry, I can't answer your question. I just wanted to say that there is light at the end of the tunnel, just you can't see it yet! Try not to worry too much, someone here will be able to give you some advice,

Learning as I go along!!!

[Adam Davies]

Hi
It is possible but you will need to discuss in detail your case with an Insolvency practitioner.
Your creditors will look at the case from a commercial basis and will consider your situation,including disposible income.It may be that they will accept a lump sum and ongoing payments or just the lump sum.
I would suggest having a chat with two or three IPs,the ones that post on this forum are all bona fide.
You should keep enough back to secure a rented propety in the future.
Good Luck
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

[smr]

Hi Depressed
Try not to be too down about things - there will be a solution for you, although it sounds like you have thought about a possible solution already.
Just wanted to let you know that this is a really great place for help and support from people in similar situations and I am sure someone will be along soon with some professional advice.
There are also soem housing experts on the forum and so perhaps they could suggest what to do in terms of getting a local authority property or how to go about putting your name down on the list.
Try to stay positive.
Sharon

[philip234]

Hi Depressed,
Firstly, there is always light at the end of the tunnel no matter how dim it looks at the momment.There is always a way forward and using this forum is your first step..you need to speak to any one of the advisers on this forum who will point you in the right direction.

Best of luck
Phil

Philip Hunt
Senior Debt Consultant
www.thomascharles.com
www.stop-debt.co.uk

[catullus]

I think that you've got a good chance of creditors accepting such an offer but the key to making a full and final offer to creditors through an IVA will be to demonstrate to them that, after you've sold the house and cashed in the endowment, you will have no disposable income to offer the creditors through a 5 year IVA.

If you do have such income, and an IP will help you to work this out, the creditors may want you to pay this in as well over 5 years.

Perhaps you could post details of what you consider to be your DI and who your creditors are (with amounts) and it might be possible to give you a better idea of the prospects of an IVA being accepted.

[MelanieGiles]

Hi Depressed

It may even be possible for you to retain some of the equity money to rehouse your family - six months rental payments and relocation costs for instance, so do choose an IP who has experience of putting forward this sort of offer.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Rainbow]

HI Depressed and welcome to the forum thought I would let you know about Homeless application at the Council you are in a priority group because you have dependant children. However, I am not sure that the Council would accept a homeless application if you sold your house as they maywell say that you are intentionally homeless so that may exclude you - I would suggest that you talk to Shelter or CAB in your area they will know how the council views this from previous experience. You would be able to go into a private let and when this came to an end you could then apply as homeless particularly if you stay in this accommodation for more than 6 months as this would then have been your last settled accommodation. You are also able to put your name on the housing waiting list this maybe a something that is called a common housing waiting list which means that you are also on the Housing Association waiting lists as well if not then you need to put yourself on their lists also.

The Council should have someone available in their homeless department to give you advice and assistance in preventing your homelessness.

I would suggest you explore these avenue's and then if you need anymore advice pop a question back on the forum and we will be able to provide further assistance.
Best wishes
Rainbow

Every Cloud has a silver lining. At the end of the Rainbow is a Pot of Gold - Or Hope!

[ray_a]

Hi Depressed

Had some experience on this and suggest that you puit a proposal together that will allow you to keep some funds so that you can rebuild your lives.

I know from experience that creditors do look at these sort of arrangements some degree of sympathy.

As Melanie says you should shop around!

Good Luck and keep us up todate!

[depressed]

hi can you still get an iva (full and final )even if you have a charging order ? i don't but i have a creditor taking me to court for a ccj at the moment ,if i pay the ccj no problems by direct debit each month can they still apply for a charging order on my property ?
,i want to offer a full and final settlement figure of around £75,000 on a debt of £180,000 this will be all of my equity ,then we will be homeless but due to overcrowding the council have advised they will look at rehousing ,there is me , my husband my 11 yr old daughter ,my dissabled 4 yr old and i'm pregnant with my 3 rd due feb ,in a one bedroomed property because we can't afford a mortgage it would add to our worries .
we just wanted to wait to apply for a full and final when he is born ,due to stress during my pregnancy and having to move out etc ,we are just worried that our situation could get worse before february .i have already lost one baby through stress so i need to try to keep calm and hang on till he's born ,but phone calls etc are horrible .
i am currently in a debt management plan with payplan ,i have been for nearly 4 yrs i was paying £600 per month but it has about crippled us ,i was paying my daughters disability living allowence and mobility into the dmp ,but have since altered it so as not to take her money into account ,payplan advised me this is the right thing to do as this money is allocated to my 4 yr old .Now i pay £260 per month .I just hope they will hang on until feb then i can make all the offers via payplan !!
any advice ?? thanks .

[MelanieGiles]

You can offer a full and final settlement at any time, you do not need to wait until the property has been sold, but there should be a realistic expectation that it may sell within the following twelve months.

It sounds from reading your posts that this property has become a bit of a millstone around your necks, so a fresh start free from debt might be the best option.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Soulgrowth]

Dear Depressed

I'm not an expert here but just someone who has the same level of debts as you ... so stay around, you are amongst friends here.

Debbie

www.familyceremonies.co.uk

www.soulgrowth.co.uk

[ray_a]

If I was you I would go for a lower offer and use some of the equity to put as a deposit on a property. it looks to me that you will need to rent and I suggest that you (when you feel up to it) explore the rental sector for a nice property.

Looking at what you have said and correct me experts but I thought if they were to keep £10,000 to rebuild their lives and pay off £65,000 against their debts this might do the trick!

Hope this helps!