Ok I see - Would that still be the case if they got an CCJ and applied ot the court for a charge? I only ask because that was what they were threatening, if I either didn't up the payments (which I can't afford) or agree to this voluntary charge.

Thanks again for all the answers! One more question... One of my creditors wants to put a voluyntary charge on the property, the amount is for 9.5K. The effect would be that my equity would end up being worth next to nothing. It is a voluntary charge in exchange for accepting my reduced payments and...

Paul, In your experience how do Mortgage companies receive people doing this sort of thing? I know theres not going to be any hard and fast rule but generally (selling the BI I mean)... Would we be able to get a secured loan, to take up the amount of equity we potentially have, split this 50/50 betw...

Also, could I sell the BI prior to going bankrupt and take into account sale costs and redemption penalties to reduce the value? Or would this be frowned upon even if I can show a statement from the mortgage company showing the full payment value of the mortgage at this stage?

IG postcode AlanO. Obviously If we could take the redemption off, even without taking into account other sale costs, we'd reduce the cost of the BI significantly. I'm worried to start the process and then be met with a situation where they won't take it into account and we need to find someone with ...

Hi all, Spoke to a lady at MG last night - we could just about offer 400pm but its not going to be enough - it was working out at under 25%. I do have HSBC as a creditor unfortunately and they make up around 27%. AlanO - I live in the London Borough of Redbridge, NE London/Essex border. We currently...

So HSBC have relaxed a bit? That was what was stopping an IVA last time I spoke with MG,Payplan and Thomas Charles. I have filled out a form on MG website and wait to speak to an advisor.

thanks for all the advice.

Hi all,

I have a car on HP, its got 5 years left to run, I owe about 5K and the car is worth about 5K. If I went Bankrupt could I keep the car - I do use it for work sometimes but only about twice a month or so.

Thanks
M

I owe in the region of 80K, disposable income is currently around £375 after all my outgoings. This is what Payplan have calculated - I could probably stretch it to 400 a month.

I would agree with your appraisal of Payplan - Helpful to a point but I sometimes get the feeling I know more than they do through Googling and reading forums like these. I've spoken to 3 companies about an IVA, Payplan and Melanie Giles ruled it out, Thomas Charles thought it was a no go but though...

Now I'm confused - I have done some reading and I understood things like sale costs to be taken into account when the OR comes up with the purchase price for my share. Can someone shed some light on this? The way I read it was that if we sold and made 20K, we could take off the cost of the sale in E...

Hi all, I currently am on a DMP with Payplan, I owe in the region of 80K and have been told that an IVA is not currently a valid option. The DMP will take me 17years to pay back! I have spoken to a couple of different people about the possibility of an IVA but the amount I can offer and the fact I h...

Hi all, I have spent the last week talking to various people and doing research on IVAS. I currently have debts around 78K and have been told that I am unsuitable for an IVA due to not being able to afford the 40%+ that HSBC (my major creditor) would ask for. All that said, it leaves me with the opt...

I spoke to Payplan yesterday re: and IVA and they can't help because of HSBC and their 40% benchmark. They did mention that HSBC were due to come to a decision at the end of the month regarding dropping this in line with everyone else. Anybody heard that as well or know whether they will drop their ...

Hi, I have circa 80K debts. I am currently in a DMP with Payplan but contemplating and IVA. I currently have a mortgaged flat with my wife, she is part owner. What I want to know is whether me being in an IVA will effect her finances and income each month. Shes about to go on maternity leave but aft...