There are a few of us with Tenon. I must say I have had no real problems with them, so far. Initially I had a small communication problem ( in that they wouldn't communicate!). However, after a few emails I have now established a link to a very helpful IP there, and the gent dealing with my review was great.
I haven't got a property, so don't have equity to worry about, but, as far as I can make out, the way they deal with equity isn't straightforward.
And, it seems they might also be jumping on the PPI bandwagon ... but we shall have to see how that pans out.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
But why could you not stay in your home and elect bankruptcy,your residence was not an asset to your estate did anyone tell you that you could not do that?
There was an option in April 2009 to go bankrupt and remain in your home I am not saying it was the correct option but it was an option and I am sure Tenon went through this with you,
Had you gone bankrupt your debts would have been discharged in April 2010. At that time you could have purchased your beneficial interest in the property for one pound as your wife was not affected. You would have had an income payments order for income over and above a £90 surplus of between 50% to 70% however as you said when income dropped off later this payment would have dropped off with it.
Last edited by Daniel Griffiths on Fri Mar 23, 2012 5:18 pm, edited 1 time in total.
Daniel I know you're very pro-BR but you need to give the OP some credit for knowing his own mind. Dealing in what could have been done in the past with the benefit of hindsight isn't helpful. Cowboys needs to work out the best way forward for the situation he is in...and that isn't necessarily BR!
Hi cowboy, we had a similar situation when trying to sell our house, it was on the market for a year and we kept droping the price untill we finally got a offer, by this point we were in negative equity due to a secured loan we had on the property. When we came to exchange contracts the loan company blocked the sale due to the shortfall. even our solicitor hadn't warned us this could happen dispite us being open and honest about the negative equity. We spent months trying to persuade the loan company to allow us to sell but they refused. The only way we could sell the property was to hand the keys back to the mortgage company which we did and they sold it for £10,000 less than we did. I wouldn't want anyone to go through what we did, it was so stressful. If you haven't already i would recomend speaking with your mortgage company to ensure they will agree the sale. However, everyone i spoke to were astonished by the actions of the loan company so perhaps this is unusual and we were just unlucky.
Another thing i wanted to mention, i was suprised when we handed the keys back, it took a further 6 months for the property to sell. The mortgage company continued to market it through local estate agents and refused to put it through an auction.
Thanks for the support Anna and Broke. I think Daniel just doesn't realise that at the time of taking out my IVA I wasn't contemplating bankruptcy at all because I could afford my mortgage repayments. So much has changed since then and now I am in a house that although I love it, I begrudge paying so much money to effectively 'rent' it because I am never going to be in equity again for at least the next 15 years. I just want out of the mortgage and out of debt so I can start again from scratch and I appreciate all the advice.
I do understand that when you took out the IVA you could afford your mortgage payments,you could not afford your debts thats why you went into the IVA I really fully understand that, where I am struggling is why you think you could not have chosen bankruptcy when both options were available to you.
As illogical as it sounds, many of us had the option of BR, but chose, instead, the IVA route, as did I. My reasoning was to try to get as much back to my creditors as possible. BR, for me, would have been cheaper and bring a faster resolution, but ... here I am !!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree Foggy. I originally chose an IVA and, although it didn't work for me, I'm glad I did and I do wish I had been able to complete it as I wanted to repay as much as I could.
Same here. I wouldn't go br as I had equity in the house and still do but the mortgage and secured loan payments are crippling. I shall stick it out.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sorry it could be just me on this you all seem to get it but me, Foggy I understand and totally respect that clients chose an IVA over bankruptcy because over a few years they can pay back a good chunk of their debt no problem with that at all, I have done and continue to write up IVAs not many though I admit, however Cowboys has not said this he said as follows on one post
Daniel, I decided to do an IVA rather than bankruptcy in 2009 because we wanted to stay in our house and the mortgage was affordable then.
(My answer was he could have)
and also
I think Daniel just doesn't realise that at the time of taking out my IVA I wasn't contemplating bankruptcy at all because I could afford my mortgage repayments. So much has changed since then and now I am in a house that although I love it,
Now Foggy I took that as someone thinking that if they went bankrupt they would lose their home and Illogical as it may seem some people in IVAs owning homes do believe they automatically lose them because they are told that, if Cowboys is not one of those then fine, its just that his reasons above do point towards it,
And Cowboys not wishing to discuss this behind your back,but you are better taking on board all opinions you can dismiss any of them at least people are responding to your problem and I like the others only want add a few thoughts
Last edited by Daniel Griffiths on Sat Mar 24, 2012 4:33 pm, edited 1 time in total.
It is important that all options are discussed with anyone thinking of a debt solution.
Hindsight can be a great thing and I guess at the time of his IVA Cowboy thought that the IVA was a better route for him than bankruptcy.
It is clear now that bankruptcy may be a better option given his change in circumstances and paying a huge amount to rent off a building society/bank, in my view, is not worth the stress that it causes
Daniel,
Please don't take any offence...I am grateful for all your advice thats why i use the site. I think I made a wrong decision before so now I want to consider a lot of other opinions before I decide what to do next.
When I took out my IVA it seemed the best solution because we could afford the mortgage and we thought yeah in 5 years we will be debt free. Then we realise just how expensive the mortgage is when my income drops and we start thinking about getting out of that as well. It is only then we realise we are in negative equity and the IVA is just in my name so selling the house to get out of the mortgage won't be straightforward coz we will be even more in debt when it is sold.
As I said I am gonna speak to my IP then probably hand the keys back and go from there... thanks for all the advice
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
