Should we take the leap???

[Skippy]

As far as I'm aware as your house is in negative equity you would be able to buy the beneficial interest for £211 (£1 plus costs).

The OR doesn't include benefits when calculating an IPA.

If you were to inherit anything whilst you were bankrupt this would become part of your BR estate and need to be handed over to the Official Receiver.

Also, if someone was to die whilst you were BR but you inherited after you were discharged you would still need to hand the inheritance over.

[Moneyworries]

Daisy

I was just going to suggest you take a look over at that forum as it has alot of good advice based on BR also....I like to come here still as this is where i got all my initial information and advice before i found that forum and find that without both sites i really would be in a terrible situation now.

Take care

Jenny

[Michael Peoples]

Hi Daisy.
It seems that the bankruptcy option is being given serious consideration and from what you have said it does seem an attractive option.

I would like to clarify a couple of points before you make a final decision. Firstly, in an IVA the windfall clause would apply for the full six years of the proposal so any inheritance would be at risk for this time. In bankruptcy, the windfall clause only applies for the term of the bankruptcy which is normally only twelve months. In addition, an income payments order is unlikely to be made against you and if your circumstances improve after discharge an income payments cannot be made. However, in an IVA the payments would increase as your income and circumstances improve.