This will be at risk under bankruptcy proceedings, so it might be sensible at this stage to get a valuation of the property to ensure you know exactly what the equity position is before you leap into bankruptcy. How much disposable income do you have available now, and how much do you owe to credit...

MelanieGiles wrote:

Is there any equity in the property, taking account of the charging order?

As I said to Andy, we would probably have £20,000.00 after the charging order.

[quote] Originally posted by andydavie Hi You will not be able to do that. You can't pass on an asset at under value. How much equity do you actually have in your property at the moment ? Regards [/Probably around £20,000 based on todays market value this is after the charging order.quote]

My husband and I have failed an IVA and so we tried for a DMP but my husband has just took a 10% paycut so we don't even have enough surplus money to qualify fora DMP. We have a Charging Order on our property in my name. Based on the info given may I ask a hyperthetical question. Can either of us ch...

hello everyone, new member. I have my creditiors meeting on Friday the 13th!!! offering 40p in £ main creditors are Nationwide Northern Rock Barclaycard I am feeling very stressed now Anybody had any success lately with these creditors please? Hi New member, Was wondering how old your debts with yo...

Is it not the case, Kalla, that most people who complete an IVA, by whatever means, don't want to touch credit again with a bargepole? Mortgages, of course, are a different kettle of fish but my own opinion, for what it is worth, is that saving for a sizeable deposit to put down first has to be bet...

My personal view would be to get another IP to look at the IVA proposal originally put before Northern Rock, to see if they feel it is worthy of representation. If, however, you are fed up of the process, and are looking towards bankruptcy as a preferred option, then your interest in the property w...

Yes - this should have been properly explained to Northern Rock by your IP. Hi Melanie We have also been thinking about the option of bankruptcy but don't really know much about it. We have possibly £12,OOO equity in the house but we don't want to sell or be forced to sell. We want to keep our hous...

[quote] Originally posted by David Mond Thanks for that. I would definitely start a DMP then switch to an IVA. try a new provider who would start the process for you.Check out www.iva.com for reviews on othe good providers. [ /quote]Hi Size 5 and David Thanks for the reply and Iwill discuss DMP with...

Sometimes NR can be awkward on loans recently taken out. What changed circumstances have you had since taking out the loan 8 months ago until the time of presenting a proposal for an IVA? Go onto a DMP for say 4 months then re-apply for an IVA. Hi David, When I applied for the loan I had got weeken...

Could you tell us what reason Northern Rock gave for rejecting your proposals, and what solution that they have suggested would be better for them? Also which IP firm were representing you? Hi Melanie, Northern Rock rejected our proposal due to the fact that the loan we had with them had only been ...

We have just failed an IVA as Northern Rock had the majority vote but wouldnt accept our offer. We have an appointment in February with a financial advisor at the CAB but in the meantime can anyone help us with the following questions. Can our creditors refuse to enter into a Debt Management Plan? C...