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My husband has come home today and told me that he's been made redundant. I now don't know what to do and an in shock.

I had peviously contacted all of my creditors asking them to accept a 46p in the pound settlement. I am just about at the point of completion on my remortgage and I was going to use that equity to pay off everyone. Some of the creditors refused my offer. It seems 75% is the minimum that can be accepted. The others just didn't bother replyng to me. It was obvious that I wasn't going to manage to sort it out on my own.So now I have just contacted an IVA specialisit and was about to start down that route. However there is now not going to be a fixed income so I don't know what to do.

BR is looking like my only option at the moment and this scares the life out of me. I feel like such a failure. Any help or advise from anone would be greatly appreciated. Thank you.

Hi m.b,
Before you cantact an IVA specialist have you got the remortgage through?
As for being a failure I doubt that is true, maybe lost a little we all get like that.
If you can manage 46p in the pound all is not lost.
You can make final offers but I would keep hold of the cash and evaluate this site more first.

Regards
Adrian

Hi mb

I would suggest that you put the remortgage on hold at the moment until you find out how long your husband will be out of work for. Mortgage offers can normally be extended for up to six months.

I also suggest that your write to your creditors and explain what has happened. Tell them that you feel that your husband may be out of work for some time, and that any redundancy money he has received will be used to fund your ongoing living costs until he finds another job.

It is breathing space that you need at the moment, whilst you gather your thoughts and support your husband in his search for a new job. This is the priority at the moment, and by maintaining regular contact with your creditors you still ought to be able to offer your settlement when the time is right.

Very best of luck to you, and I hope he finds replacement work soon.

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

Hi
I would agree fully with Melanie,you mortgage offer will be valid for at least three months.This will hopefully be enough time for your husband to find work and then you can just inform the mortgage company of your husbands change of job.
You will then be back on track to offer a full and final.
As Melanie states you need to write to all your creditors and ask them to suspend payments whilst your husband finds work.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Hi,

I am sorry to learn of your situation.

I'm also in agreement with the advice from Melanie & Andy. Please contact your creditors as soon as you can and hopefully they will suspend payments until your Husband finds another job.

Kind Regards

Nicola


Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

Thanks for all the advice. I can certainly contact my creditors but I don't think I will have much joy. I haven't been making any payments for the past five months! I haven't been taken to court yet. I am now receivin gletters from the creditor that I owe the most too threatening court action and possible charging orders on my house.

Having thought about this over night I was wondering if this would be an acceptable option. Take the remortgage. Use the equity to make a full and final offer to the creditors via an IP. This would be 45p in the pound. Before this still left some disposable income that I was going to have to pay for an additional 60 months. Obviously that disposable income is now not there so I couldn't offer that. Therefore just offer the one off paymane of the equity.

The redundancy money would cover the new remortgage payments for a few months while my husband is finding new employment. This way the stress and worry of the creditors will be gone. I have a heart problem and this really isn't helping matters.

Thanks again for all of the great advice.

This may be an option. Don't forget when working out how much p in £ to take out the IP's fee. This should be a reduced fee as a full and final is on the table therefore no costs for looking after the case.

I would speak to a couple of the experts from the forum with the figure in mind you would like to offer.

Kind Regards

Nicola


Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

Yes - I concur with Nicola. But do be sure that you are not setting yourself up for problems in the future with a higher mortgage which you may be unable to pay when your husband's redundancy money runs out.

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