Posted: Sun Oct 21, 2007 8:30 pm
Hi, I was posting last week about this. I need some answers because my husband keeps asking me questions which I can't answer and we are arguing a lot. I can see what is going to happen to us (as a couple) and I will do anything in my power to stop that.
We are both on IVAs but are struggling with the payments after only four months. If we end the IVAs does that mean automatic bankruptcy?
Before our creditors' meeting in July, we had to have the house valued. There was not much equity and the IVA proposals originally had us as paying just over £3000 each at tne end of the IVA. However, although mine is the same, my husband's was modified to make him have the house valued again in the fourth year and give his maximum equity. Also, he has to get offers of a remortgage and send them to Payplan. What we can't understand is, how can he get a remortgage, obviously increasing our current mortgage payment, and be expected to pay the IVA payments aswell, and then have to borrow my £3000 aswell?
My husband is now saying that we might aswell just give the house up now rather than wait until the IVA is over. I would be prepared to go bankrupt myself but I don't want him to as he has a two year old car which he is really fond of and as it is worth £5000 he would have to lose it. I know a car might seem a trivial thing compared to the house but I just want my husband to be happy and I don't want him to leave me.
I feel like running away.
We are both on IVAs but are struggling with the payments after only four months. If we end the IVAs does that mean automatic bankruptcy?
Before our creditors' meeting in July, we had to have the house valued. There was not much equity and the IVA proposals originally had us as paying just over £3000 each at tne end of the IVA. However, although mine is the same, my husband's was modified to make him have the house valued again in the fourth year and give his maximum equity. Also, he has to get offers of a remortgage and send them to Payplan. What we can't understand is, how can he get a remortgage, obviously increasing our current mortgage payment, and be expected to pay the IVA payments aswell, and then have to borrow my £3000 aswell?
My husband is now saying that we might aswell just give the house up now rather than wait until the IVA is over. I would be prepared to go bankrupt myself but I don't want him to as he has a two year old car which he is really fond of and as it is worth £5000 he would have to lose it. I know a car might seem a trivial thing compared to the house but I just want my husband to be happy and I don't want him to leave me.
I feel like running away.