Should we inform mortgage company?

[watert]

We have stopped our IVA payments to raise money to petition our own bankruptcy as not enough in the estate. Our IP is no longer able to advise us.

We are one month behind with our mortgage and had an agreement to catch up add extra to our monthly payments. Should we advise the mortgage company of our plans to petition our own banktuptcy?

We also have a secured loan and want to stop payment ann advise the same. We hope to the raise the funds doing this by end of September.

Will our IP advise creditors now and will they come for us in a hurry?
Thank you for your advice.

[MelanieGiles]

Hi watert

Is it your intention to try and remain in the property post-bankruptcy? If so, then you will need to keep up the mortgage and secured loan payments. If you are not intending to remain in the property, then it would be wise to notify both the mortgage and secured loan company of your intentions.

Your IP is unlikely to notify creditors of this until he formally ceases to act, which will probably be after your bankruptcy has been confirmed.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk