We are currently in a joint IVA agreement and we have Mortgage arrears and have now received a repossession court date. We are also in arrears with the IVA, should we continue to pay the IVA or let it default and deal with the creditors ourselves, I have read that you can offer to repay at £1 due to hardship. Could they enforce bankruptcys proceedings against us also, we have been in the IVA for 2.5 years now and tried our best to keep up with it but we do not want to go bankrupt.
If you are losing the house anyway I'd have a serious look at bankruptcy. Its not as scary as it sounds and your credit record wont get any worse than it is now.
Any particular reason you dont want to go down the BR route?
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
If you want to keep the house you should concentrate on the mortgage and stop paying the IVA. Bankruptcy may be the best option or you can make token payments but the mortgage must be paid first or it will be repossessed.