www.iva.co.uk

Hi

Need some advice, I have been in Iva for couple of months and it’s still taking some time to adjust to it all.

However my issue is my house is a big house and it’s old and needs so much work doing to it.
I feel like I’m fighting and struggling to keep it when I know even once I am debt free I not have the funds to do it up and it will never be worth more then I paid for it.

So if I was to go bankrupt I need to know if I would be able to rent or would I have difficulty renting? If I can’t rent and go bankrupt and they take the house off me. What are my options for somewhere to live ?

Any advice would be appreciated

Losing the house in bankruptcy is not always a forgone conslusion, so the rent position might not arise. Of course, this will all depend on the figures and finances involved and I would suggest that you research bankcruptcy a little before deciding.

Renting with an IVA is problematic, and this IVA, even if terminated, will stay on your record for 6 years. Add to that a bankruptcy and, I suspect, you might find renting an issue. But I am not experienced with BR, so this is all supposition.

You could always try renting now and, if necessary, then go bankrupt. The OR has just under three years to decide whether or not your house needs to be sold. Is there any equity in it?

See that’s half the problem I don’t think I want the house anymore. It needs so much work doing to.

It has damp and Falling apart in places. Even once am debt free it won’t be something I’ll ever be in a position to sort out and I’ll never get what I paid for it back.

Just feel like I need a fresh start from everything but if I can’t rent anywhere I’ll be screwed.

Really just don’t know what to do anymore.

It’s in negative equity of about 30k x

Try renting now might be a good idea. Also speak to a few companies to see if they can advise you.