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Hi

I have a BH early next week, and have managed to get an adjournment twice as we are in the process of re-mortgaging to clear all our debts.

However there have been delays and the re-mortgage is unlikely to happen on time.

I do hope I will be able to get another adjournment but if I don't will stating I would like to go for an IVA be acceptable at that stage or do you need to commit to it before the hearing.

The creditors representatives as the two last hearings were aggressively pushing for a petition to be made. I will go in strong and with all the paperwork but I just want back up plans in place in case the judge agrees with my creditor.

If the judge agrees to an IVA, does that mean the court will appoint the IP? and how quickly would it progress.

Also if I am pushed to an IVA/Bankruptcy my husband will have to follow suit as many of my debts are joint, (just not the one being peitioned) can you advise how that might work.

Many thanks

bizzylizzy [:)]

Hi bizzy lizzy and welcome to the forum

Are you going to be in a position to pay all of your debts in full as a result of the remortgage? If so, I suggest you get a solicitor to attend with you at the next hearing to explain your problem with the re-mortgage. It is unlikely that a judge will make a bankruptcy order if you can show that you are making every effort to raise this money.

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

Thank you for a speedy response and warm welcome.

The plan is to clear all or certainly most of our debts with the remortgage. As much as I would like to bring a solicitor in with me, I can't afford their services.

But with the last two hearings I have been prepared with all relevant paperwork and figures and the judges have been very understanding. I am reasonably confident I can get a third adjournment but just in case I would like to be prepared!

So if I did not manage to swing a further adjournment, can I ask to go the IVA route at the hearing?

Many thanks

bizzylizzy

No real point in an IVA if you are going to pay the debts in full - this will cause you to have to pay unecessary fees perhaps at the expense of your creditors. If you can't afford a solicitor, at least tell the judge you have had the benefit of insolvency advice, and make sure that you have clear explanations as to the delay in the remortgage. Your broker really needs to be working flat out for you to make sure that this goes through soon.

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 was a little bit nagging at the back of my mind after reading this ...

The statement that you made - "The plan is to clear all or certainly most of our debts with the remortgage."

If you are not planning to pay off all of your debts, you are going to be left with creditors to whom you owe monies. Do you have a way to continue paying those?

Melanie is correct in her statement that an IVA would not be the way forward if the re-mortgage could clear your debts in full.

Would the re-mortgage clear all your debts ?

If you are not in a position to clear all your debts in full with the re-mortgage, you perhaps want to consider your options regarding the remaining creditors.

Of course the remaining creditors might only be relatively small amounts that can be serviced going forward after the re-mortgage.

I hope the mortgage company pulls it's finger out and provides you with what is required to prevent a Bankruptcy Order being made. Keep on at them on a daily basis.

What I would ask you to also keep in mind is that there are postal strikes threatened for next week. Where possible you should ask the mortgage company to forward any important or vital communication via fax or e-mail to you. Wherever possible I would also recommend that you try to get that to the court in advance of the hearing. In the absence of a solicitor representing you, I'd like the judge to have as much information to digest as I could possibly provide.

Remeber keep on at them right up to the point you have to leave the house to get to the court if you have to. If it gets so late and they have something for you, get them to fax the court, quoting your court reference number.

Tell it like it is.

Hi Cybus

Thanks for the advice.

All except the creditor that has petitioned for our bankruptcy have offered a reduced payment amount on our debts if we make a lump sum payment. The reduced sums are not far of those achieved with in an IVA, so overall it seems an ideal way to get our life on track again.

Some of the values of these lump sums reduce if we miss a date deadline. However with my negotiating skills I am pretty confident I will be able to get them to revert to lesser lump sum. However if I am not successful there will be a small amount left which we will have to pay (aprox £2K). With our income we will be able to meet these payments.

Also we are in the process of claiming back bank charges and have successfully claimed back over £2K so far, if we successful claim further sums we will use these to clear the small amounts of debt remaining.

I got all my paperwork together and have a fax from the mortgage company stating the application is with a senior underwriter. I will follow up again tomorrow, and see if there is any progress ahead of the hearing.

So fingers crossed!

Cheers Isabel [:)]

A further thought on this!

Suggest you get the paperwork into the court showing how far you have got with the remortgage so the Judge can see the paperwork before the hearing. It will show how serious you are dealing with the problem!

Good Luck

Ray