www.iva.co.uk

This one may not have an answer.
I really dont like being in debt and would prefer if possible to pay my creditors off completely, but I know thats impossible unless I win the lottery.
Im going to try to get an IVA but am worried that the creditors wont accept it. IF that happens then I have little chance but to go bankrupt.IF that happens then I guess that I will lose our home .
I know that there are a lot of IFs in there but Im a natural worrier.

It seems that most Estate Agents / landlords want a credit ref before considering you as a tenant .. do the local councils do that too ?

OMG - do I really worry too much ..

Hamish

Not all landlords require a credit ref - but they will need a deposit. Local councils don't credit check but they may have very long waiting lists.

Loosing your house in this scinario is not a given - if Northern Rock secure there loan then there is no equity to realise.

Have you thought about speaking to an IP about your circumstances....... I am sure they will be able to assist.

? Can they secure the unsecured part of a loan ?

N/rock could recover nearly 100% if I my home was sold leaving the other creditors with nothing.

I have tried to discuss this with PayPlan but not got very far, I have been advised that they will get in touch in due course about the IVA.

I'm probably getting far to far ahead of myself but would rather know all the permutations before making any final decisions.

Thanks Storm
Hamish

Choose an IP firm where you get to speak to the decision makers quickly, if you need instant advice. "Getting in touch in due course" is not what you want to hear at the moment, but good sound advice about your options.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi Melanie

Can a creditor pot a charging order on your home if you have no equity in the home, i.e the secured debt already on the house takes up all the equity -and if they can, what is the benefit of doing this

many thanks

Yes they can, but it would be unlikely that they could enforce it via possession action. They would see the benefit of this as waiting for the property market to increase, which it will continue to do so over the next few years.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

There is a significant difference between the debt sale price where there is a charging order in place... there are some accounting reasons why creditors persue them even though they may take years to realise.

mish is it a together mortgage you have?

when i first started on my iva route, i have the together mortgage i was told that in the small print that the unsecured loan can be secured very quickly when they know you are having financial difficulties so they do not lose out.

in that case if they do you may have no equity and BR may be a better option!!

kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

errr - yep - £93k secured £0k unsecured
b***** !
If N/rock secure it I will only have £192 surplus to service £26.5k debt .. cant see me getting an IVA on that !

Thanks for the help
Hamish

They still need to go to Court to get a Charging Order, and you need to have prior notice of this.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi mish and welcome

If you read kerri's (scardkez's) blogg above you might be clearer on what your solution may be.

lily

melanie i was told that although part of the mortgage was unsecured in the small print i would find that it was actually secured with out the need for them to go to court,if it was in default, i never defaulted on the unsecured part so they never had the option to secure it, i am only passing on the info that was given to me by several companies, that i approached, i haven't found all my paperwork on the mortgage yet when i do i will let you know
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

Kerri - I would be suprised if they could do that legally. Storm - what are your views?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

maybe the other companies were trying to frighten me, but i heard the same old story several times that i would find that the unsecured part was actually secured, have tried surfing the net to find any info on together mortgages but nothing, only find that not very many people are impressed with them, will let you know when i find that paperwork.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

we have a Together mortgage, secured amount was £98,000, unsecured amount £15,500. House was valued at £116,500, also secured loan of £35,000!!!) We have not paid anything now for nearly 5 months and moved into a rented house in April and are saving for bankruptcy fees, I have a court date for repossession from NRock on 1 August but have had no other correspondence. Could they make the whole amount secured without telling me? Or do they have to notify me if they do?