We've been under an iVa for around a year now. When we first inquired my partner was working and our payments were although high, manageable at £664 per month. Of course, when my partner went on maternity it was arranged that the iva payment would drop to £400, she has 2 months of maternity left and we are finding that payment far too high to be able to pay. We're not behind at all with either the iva or morgatge but feel we soon will be.
The reason I say about being mis-sold our iva is because our Ip assumed that we would get nearly £450 tax credits and some of the figures are dubious for other things, clothing etc, and nothing has been included for baby food, clothes, prams, etc etc.
After speaking to nationaldebtline today, they suggested that I write to the IP stateing that we want to sell the house (entry in the land registry too!), take any equity and divide that amongst our creditors and be done with it all, just go back to renting, fresh start and all that.
I can't see this happening as our IP is going to still want paying surely, and the entry in the land registry will prevent us from selling? Our IP has already had around 1 years payments from us, which must be over 5K.
National Debt line says that if they won't let us, then we should get a bit snotty with them, and threaten that we were mis-sold it, local and national press and media? I don't know if this is a good idea, I'm not a big fan of going bankrupt but it's looking more and more likely that this is going to happen.
has anyone done this, threatened the IP with the press and media. Would you consider it? How do i get them to make me bankrupt to save me paying as I dare say they'll claim their fees again from any equity in my house.
How long would I get to move out, and can I take a deposit for a rented house from the equity ( I think i know the answer to that one!)
We so confused, and I personally feel like an utter failure! I got a 5 month old and Mrs to support!
