www.iva.co.uk

Posted: **Thu Dec 06, 2007 6:04 pm**

Getting into the panic zone now as our creditors meeting is approaching(14th December) and was wondering if someone may be able to clear something up for me that is playing on my mind and causing some sleepless nights.
Our house has been valued by payplan and said to be worth 195k.
We owe the abbey 135k and picture finance 82k.so what with early settlement penalties and sich it leaves us in approx 20k of negative eguity.We are fully up to date with mortgage(interest only) and loan payments and have never missed one.
My question is this, should our IVA (x2 seperate IVA's)not be successful on friday can the creditors force us into bankrupcy and if so, can and will they repossess our home.
This is a big concern for both of us as we have a young son (4) and this would affect him, and us of course.

Thanks

James

James
www.photoslidedvd.com

Posted: **Thu Dec 06, 2007 6:08 pm**

I believe if you are in negative equity and are made bankrupt. The intrest in the home can be bought from the Official Reciever by a family member for a fee of £1 plus costs

Posted: **Thu Dec 06, 2007 6:54 pm**

Hi James

Waiting for you meeting is a very worrying and stressful time as you keep thinking of what happens if it is not accepted - please bear in mind that the majority of iva's are accepted and if you have put forward your best offer you should be ok.

I can't answer your specific question as I am not a home owner, but I am sure someone will be along soon to give you an answer to that.

Just wanted to wish you luck and I hope all goes well on the 14th
Emma x

Posted: **Thu Dec 06, 2007 7:56 pm**

Hi
Why would your creditors make you bankrupt,they would get nothing ?
Even if they did because you are in negative equity you could buy the interest back off the OR for a nominal amount plus fees.As long as you paid both the mortgage and secured debt you would keep hold of your house.
So you can stop worrying about that
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Posted: **Thu Dec 06, 2007 7:57 pm**

I answered this yesterday, but it has obviously got lost with the missing posts.

Your creditors can petition for your bankruptcy if the IVAs are not accepted, but in reality probably will not, as this will leave them receiving nothing. You, however, could petition for your bankruptcies, and given that you have no equity in the property a family member or friend could acquire your interest as Skint has already suggested to you.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Posted: **Fri Dec 07, 2007 1:21 am**

Thanks people, another worry solved by this forum!!!

James
www.photoslidedvd.com

Posted: **Fri Dec 07, 2007 8:16 am**

james, just wanted to say good luck for the 14th, I'm sure everything will be fine. Try not to worry. I have my meeting on the 17th, and i am too with payplan. I will keep my fingers crossed for you both, and please let us know how you get on. I will be thinking of you both.

Posted: **Tue Dec 11, 2007 2:00 pm**

Hi James, I hope you read this before Friday. Just wanted to wish you all the luck in the world, and please let us all know how you get on. I have everything crossed for you.

Posted: **Tue Dec 11, 2007 8:16 pm**

Good luck for the 14th James.... Isn't this forum great, I see posts like yours with questions that look very scary, not least because I wouldn't have a clue as to the answer, but within minutes usually someone with heaps of experience can come along and put your mind at rest.

Everything crossed for you, let us know how it goes,

Martin

Posted: **Wed Dec 12, 2007 8:47 am**

Good luck James

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

Posted: **Thu Dec 13, 2007 11:04 am**

God James, I feel nervous for you! You will be fine, let us all know x

Posted: **Thu Dec 13, 2007 9:03 pm**

Good luck tomorrow james.g, I hope all goes well [:)][:)]

Posted: **Fri Dec 14, 2007 10:22 am**

James - What time is your meeting?

Posted: **Fri Dec 14, 2007 11:11 am**

Meeting was at 10am today, got a call at 1025, ALL CREDITORS VOTED YES!!!!.
some mods but not many, the usual 50% overtime, 85% equity release in 4th year and another £85 a month in payments between the both of us.
We used Payplan and highly recommend them,they have been great and very professional.When I have time I will write a blog outlinig our story. During the IVA process I have not spoken to one creditor.I contacted all my creditors via letter and respectfully requested that all correspondence be via letter or payplan, this did not however stop the vast amount of calls but I invested in caller ID and vetted the calls.I knew that some of the creditor's agents would be rude and I might say something that I would later regret.
Sorry to ramble on but as you can image we are over the moon and lookig forward to a debt free future.
I would like to thank every body on this forum for advice and support.I would like to wish the best of luck to all those with creditors meeting fast approaching.
Thanks again to all.
James

James
www.photoslidedvd.com

Posted: **Fri Dec 14, 2007 11:14 am**

James, I am so pleased, I've been thinking about it this morning. Now you can relax and have a fantastic xmas. Well done!