My house has been put on the market for iva as I had no source of income after my business folded. When the term was complete the house had not sold was term was extended and house has been forced to be reduced by £20.000 I have 6 months left in this extension and I have been told through very abrupt emails that house price will be reduced every month untill it is sold. Should I consider going bankrupt? It's making me ill as I will have no money left to get anywhere else I live especially due to my age!! (64!). I don't know what to do or who to speak to as CAB have not been very helpful.
It is not your fault that the house is not selling Rhiannon, and I am wondering who is actually bullying you to reduce the price, and whether you are going to get any money out of the property?
If it is all going to have to be paid into the IVA, there is nothing stopping you failing the IVA now and declaring yourself bankrupt. At least that would give you at least another 12 months worth of living in the property, before a Trustee in bankruptcy would be likely to commence possession proceedings.
