Hi,
Been running round and round trying to understand the best route. I have swing from 5 year IVAs, to F&F IVAs, to today writing to all my creditors to accept 73p in pound as F&F against 55K of debt.
House is in my wifes name as she bought out my beneficial interest in the house 2 years ago to allow to pay off 65K unsecured debt.
The 40K we have offered is 20K from MumBank and 20K agreed in principle on the house. We had planned to go it alone, getting my mum to pick off those that would take reduced offers, and dealing with the rest over the next 2-3 years before paying mum back.
Now thinking I should just go Bankrupt. Dont want to borrow against the house at an astronomical APR when I have already had more than my half of the house, and is it really a solution to borrow of my mum. Either way I am paying back for 6 years. Also, if my mum spends 20K and I get into trouble over the next few years, I am under pressure not to go bankrupt as my mum will have effectively thrown away 20k.
Spoke to an IP and he said that if a trustee saw 30-35k as my beneficial interest and ignored my wifes purchase of my equity, then my mum should be able to step in with the 20K and that would be accepted as a hassle free sum.
So....today swinging towards BR. My only issue is have I ruined my families future by never being able to get a mortgage in the future, or only being able to borrow 50% LTV. If I knew that someday, things could be normal again I would walk into court tomorrow and possibly save my mums money and prevent any further borrowing against the house.
Thanks
i
