secured debt resulting form repossesion of house

[sjw]

can you in include secured debt resulting form repossesion of house and redemption of mortgage in bankruptcy also if renting do the landlord have to be informed

[MelanieGiles]

These type of debts can only be included in an IVA if they represent shortfalls following the sale of a property. Technically your landlord would need to be informed, but so long as you can show that you are up to date with your rent payments, most insolvency practitioners would probably not do this in order to protect your home.

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

[sjw]

thanks for your reply i am unable to continue to pay my mortgage due to marriage breakdown so repossession is inevitable as unable to sell do to shared ownership and in first year i am considering bankruptcy but worried than if i go br before repossession i will find it difficult to get a rented property due to credit check. would the fee from reposession be included in br as i will have my share of redemption fee approx 5000 as well to pay which i do not have. thank x

[MelanieGiles]

All shortfalls from the sale of your property will be included under bankruptcy proceedings. Do you have other debts as well as these?

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

[sjw]

yes, approx 19000 with barclays ,virgin capital one and nationwide. all unsecured

[MelanieGiles]

Seems as if bankruptcy is a sensible option for you, in order to enable you to make a fresh start following your separation.

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

[ray_a]

Hi sjw

I would also plan for a higher rent deposit given your circumstances and I would budget for it!