This may seem like a silly question, but going to ask it anyway. I'm about to fail my IVA as I am no longer paying it, I'm going to be made bankrupt by land and property services for post iva rates on an empty business unit I had no idea I would be liable for. Have just spoken to a very nice lady from grant Thornton on the phone, she said something about my property which I didn't really pick up on until after the phone all, but now I'm panicking. I live at home with my parents, I contribute rent each month but the property is obviously in my parents names. When I'm bankrupt, is there anyway my parents house would be affected?? Like they wouldn't try and say I have equity in it or anything? I'm panicking now and like I say I know this is a silly question, but I'm sure as many of you know, all sorts of scenarios enter your head when going through this process. Any advice greatly appreciated as always
You have nothing to worry about as you would never have a claim against your parents' house unless you were paying the mortgage or had carried out major home improvements with creditors' money. Even then it is not cut and dried that a Trustee in Bankruptcy would have a try at the house.
Thank you, that's a relief. One more question, she said something about my job being affected, I'm a retail manager for a large company, it wouldn't affect my employment other than my tax code being changed would it?
It should not but to be sure check your contract of employment. Alternatively place a call to HR on a no names basis or ask the union rep if you are a member. They could speak to the company on your behalf without revealing your name.
