Andy, this is taken from:
http://www.cml.org.uk/cml/policy/issues/47
"The possessions register (the register) is a CML initiative and was established in conjunction with two major credit reference agencies namely, Experian and Equifax. The register lists properties taken into possession on both a voluntary and involuntary basis by those lenders participating in the scheme, with the dual aim of preventing fraud, over commitment and loss."
Melanie, I was just thinking that it may look better for a future mortgage if a.) The mortgage company got all their money back by me selling it myself and not repossessing the house so to speak, rather than b.) them repossessing the house, and not getting all their money back and then going on the repossession register.
I know that bankruptcy is going to 'cost' us with a higher mortgage rate in the future, but I was thinking it may make our lives 'easier' doing a deal of some sorts.
I can take the "easy" option and let the OR sort it, but we feel guilty that creditors are losing money due to my husband and I (even though our business failure was out of our control), and while we would love to do an IVA, we just don't have the disposable income to do it. I see the odd post on here that seems to suggest that bankrupts just don't care about debts and are looking for an easy way out compared to those proposing IVA's, but it really is not the case!
