www.iva.co.uk

Hi everyone,
Posted a while ago and since then things have got worse with my IVA and would like a bit of advice.
Been on a payment break for the last 3 months as my wife became ill and had to finish work so we didn`t have enough to pay the IVA.
She is getting better but not quite there yet so cannot tell the IVA company when exactly we will be able to continue with the payments. They have told us to fill another expenses form in and ask for a payment break of another 6 months ( which i didn`t know you could do ). Also they have told us to think about bankruptcy but i do not want to lose the house.
I don`t know what to do as my wife has lost approx £400 a month through finishing work and benefits wont give her a thing as they say she is well enough to work even though she has prolapsed / degeneration of the discs and has to have regular injections, but as she can move her arms she is ok( what a joke), also as she hasn`t payed enough NI she cannot get a penny.
The government sure know how to kick you when your down.
My house is worth approx £70000- 750000 and my mortgage left is approx $68000 so is there anyway that i could keep the house if we did decide to go bankrupt, but really all we want is for my wife to get better so we can pay our IVA but i know they cannot wait forever.
Thanks

Hi Mac,

Glad your wife is on the mend and hope she makes a full recovery.

You can do a further payment break if needs be. It might be an idea to do that while you sort your IVA out with your company.

If you go BR the Official Receiver will keep an interest in the house for two years and three months so we cannot say that the house will be safe.

Thanks for the speedy reply.
Does that mean they would take the house straight away or after 2-3 years and lets say after 3 years the house has £5000 equity would they then make you sell it or are you able to get someone to pay that money like a family member.
Just want to see what options i have incase it comes to bankruptcy

Mac I wish you both well and hope you get all the answers you need and that things work out. Hugs
Oscar
x

I just know that the OR can keep an interest in the house for two years and three months. Other than that I have no idea what they do with it.

One of the experts will probably be able to help with this

Once the minimum 2 years and 3 months is up you can make an offer to the trustee for someone to buy the beneficial interest.

Thanks Skippy!!!

Thanks to you all

I hope you get something sorted mac - keep us informed with regard to what you are going to do.