My husband and I are currently in a iva but are struggling to pay as our circumstances have changed but they will be long term changes, we are home owners but mortgage is in his name only. Most of the debt is in my name not much in is, what would be the risks of us goin bankrupt with the having the house, we just want a fresh start and to put it all behind us
Have you spoken to your IP company to see if your payments can be reduced? If your husband goes BR then they will take the house into account and it is a possibility that you could lose it.
You would have to find the fees to go BR and your credit record would be shot for a further six years and you may end up having to pay an IPA for three years dependent upon your DI.
How long have you been in the IVA?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by kallis3
Hi and welcome
Have you spoken to your IP company to see if your payments can be reduced? If your husband goes BR then they will take the house into account and it is a possibility that you could lose it.
You would have to find the fees to go BR and your credit record would be shot for a further six years and you may end up having to pay an IPA for three years dependent upon your DI.
We have been in the iva just over a year payin 187 pound a month, do u know if goin bankrupt would force us to sell the house with 2 children living In it. Also I have tried contacting freeman Jones to discuss but haven't been able to contact. Thanks for replying
Freeman Jones are erratic at the moment but there is a rep. from their company who may pick up on this and help get an answer.
A lot of the issues around your house will be linked to the amount of equity and whether selling it would clear the debts that you have incurred.
Before making any decisions I would say get a valuation first.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Stephen Hewitt is a representative from FJ on here (his details can be found under the expert section on the left) and I am sure he will pick up on this and help you out.
Does your house have any equity or not?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thanks very much for your replies, we bought the house for 95,000 and there's still 88,000 left to pay on the mortgage so I don't think there will be much equity in it, we just want to put it all behind us and start again fresh
I agree that you should get a valuation. Bear in mind that the OR keeps an interest in the house for 2 years 3 months before making a decision - you may end up with more equity than you think.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It all depends on the value of the house at the time but you do need to take some advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Ah thanks for your replies , I'll try contacting freeman Jones again tomorrow see what they can advise, can I hire a solicitor to help and just stop paying the iva?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You can fail the IVA at stage by not making 3 payments.
However you will then be back at the start and anything paid to date will not be taken into account.
Additionally creditors will start contacting you directly.
You also need to check with your mortgage lender about what the impact would be if you went down the BR route.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Very true - on the other hand though, my mortgage provider told me I was BR even though I wasn't! I did point it out to them and there was never a problem after that.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
