Sounds as if you can legally transfer an asset...if you wait five years before going bankrupt. So that would be pretty impossible then! I totally agree with Michael. Downsizing and paying off the debts without blotting your copy book with an insolvency seems the cleanest and quickest way out. But do take some professional advice and don't be swayed by the write off...it's not worth it if you can afford to repay everything. Yu don't get nothing for nothing and we are massively penalised post iva.
If we had had the option of *cut our losses and run* we would be half way round the world now-and still running!!!!
Houses are bricks and mortar-if you can get yourself out of a bad situation with money already available to you then use it.
If you can keep your credit rating good it will serve you well when looking at another mortgage of renting a property in the future.You need a credit check to fart nowadays.[:)]
I see it simply-dmp for low debt or protecting your assets-iva if you cant go bankrupt due to employer/wanting to keep your home-and bankruptcy if youve got nowt to lose!!!
These are my very simplistic views on life-maybe childish but we have experience of 2 out of 3 of the above.
The iva was our best solution and-fingers crossed- will get us out of the mess we made.
Only the original poster can decide whats for the best and only the professionals can really advise.
(would still be running like the clappers!!!)-only my opinion!!!
Last edited by andrea1968 on Tue May 10, 2011 11:55 am, edited 1 time in total.
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
Ginger. You can transfer an asset at any time but if you are insolvent it must be transferred for the correct amount. Otherwise it can be set aside and there is no time limit if it can be shown the transfer was deliberately done to avoid creditors.
I agree that getting open market valuations would form the basis of the transaction and provided the money was paid in full and used by the client there would be no comeback.
Maybe it would be best to downsize, pay off debt & get a more realistic mortgage relating to your new lower wage. As has been pointed out, it may avoid any adverse credit history too. BEAR IN MIND AS WELL THAT INTEREST RATES WILL ONLY BE GOING UP IN THE FUTURE, THEY CAN'T GO ANY LOWER.
