Thanks for all the positive wishes of good luck......I'm so glad I found this website, Melanie, we have no equity (negative of around 20k) no assets, we have sold everything we had of any value....savings have gone.....There's quite simply noting left interest on interest has taken everything, how we have kept going for as long as we have is a miracle in itself! One of the creditors is home shopping personal finance, who have been horrible to us, although they have had 3 years worh of the 5 years payments back - they have told us on the phone if we don't pay they ll make us bankrupt!! Nice, I've spoken to SDS and they have reassured us that they would have to get court orders etc to get to that, but they have also told us they do not deal with IVA's either, again SDS told us they are trying to scare us, but I am scared!! SDS also said that in bankruptcy we would be liable for 3 years of payments after they had taken the house? I'm confused beyond confused now........I also own a car on finance which is valued in the iva at 3.3k - finance ends on sept 2015 which will increase payments to the iva of over £130 per month......
Within bankruptcy you do not necessarily lose your house and yes there is potentially 3 years to pay if you have disposable income but it's five years in an IVA. I think it would really be worth your while talking to someone who knows about bankruptcy before proceeding.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I agree with Lesley, in your circumstances talk to someone who thoroughly understands bancruptcy. With that level of negative equity and a low disposable income it could be the quickest course of action to releive you of the debt burden and allow you to start afresh.
I am concerned about how bankruptcy has been explained to you with regarding to you losing your home. If you think about it Sam your home is £20k negative equity who is going to put that amount of money into the pot for your home to be taken and sold with creditors to then get nothing at all. In Bankruptcy you will get payments for three years but at the same level as in the IVA for five to six years however bankruptcy will cost you £1400 to get done that is an extra 14 months payments at your set level, so the IVA starts to become more attractive here because you do avoid bankruptcy and are meeting creditors part way with an arrangement. If I were you I would run this past one of the experts on here who are subject to forum scrutiny at least you can be sure they will tell you how it is because so far you have not been given the best of information
Was there any equity in the property when you entered into the IVA - I suspect no - and what particularly did you feel was better about entering into an IVA, than merely declaring yourselves bankrupt?
Although I think we all have issues with the costs of bankruptcy, in my opinion this should never be a reason to enter into an IVA alone. Better to make token payments to creditors whilst you set aside funds to meet the costs of bankruptcy - if that is the route you have decided is the best for you.
It has to be your choice, based on full advice provided by the person advising you, which hopefully was the IP directly.
As I can see she is not yet in the IVA she said the courier was picking up docs today and the meeting is set for the 28th of this month that is why I have tried to encourage her to speak with others
Thanks Daniel - I should have spotted that myself! I strongly concur for more advice to be provided on bankruptcy, from either the nominee or another firm if this is not possible.
Brilliant news today!!! Our IVA has been accepted!! I cannot believe the relief I feel, I am so happy I found this website as it has given me support and invaluable advice! To any one out here starting the process, stick with it! There is alight at he end of the tunnel! A thank you to everyone for your support and kind comments xx
interest on interest has taken everything, how we have kept going for as long as we have is a miracle in itself! One of the creditors is home shopping personal finance, who have been horrible to us, although they have had 3 years worh of the 5 years payments back - they have told us on the phone if we don't pay they ll make us bankrupt!! Nice, I've spoken to SDS and they have reassured us that they would have to get court orders etc to get to that, but they have also told us they do not deal with IVA's either, again SDS told us they are trying to scare us, but I am scared!! SDS also said that in bankruptcy we would be liable for 3 years of payments after they had taken the house? I'm confused beyond confused now........I also own a car on finance which is valued in the iva at 3.3k - finance ends on sept 2015 which will increase payments to the iva of over £130 per month......
xx
