bankruptcy

[Helhan]

Hi g.g.r
Our Ip has been great, but has made it clear that although we will be offering a reasonable return on our debt. If the IVA doesn't succeed (because as a family of five we can only compromise by so much for the IVA to realistically work for us over the five year period, which could be six due to lack of equity )we do have bankruptcy to fall back on as a last resort, as we have very little equity in our house (although would have to down-grade the car)
I've been asking questions about bankruptcy because I want us to be as well informed as we possible before we make any future decisions.
Our aim is to do whatever is best for us as a family, particularly the children, and if that means taking the bankruptcy route, then we will have no option but to do it.
We are keeping our fingers crossed that the IVA is successful however, and we do have confidence and faith in our IP, but appreciate that ultimately the decision to accept the IVA is not hers, but the creditors'.
Thanks for your interest.
Helen

[JoeB]

Hi Helhan - I ws particularly interested as your circumstances are very similar to ours! - best of luck hope it all goes well for you. We are a few weeks behind!

[Helhan]

hi ggr
I will let you know how we get on. It is a testing time, his nibs and I are pretty stressed about the whole thing (well actually not true,I am the one who is pretty stressed, he is staying calm-as usual, and helping me to not get too manic!)
We are in such a mess, but know we are now doing the right thing.
Our eldest daughter has just had her eighth birthday, so with any luck we will be debt free before she starts bringing any boyfriends home!
Helen

[JoeB]

As a matter of interest what sort of return are you offering? Yes we are really stressed - my real fear is the pressure its putting on our relationship

[Helhan]

We are looking at about 45p
Helen

[JoeB]

Thanks Helen will do likewise - have you got NR? - we have'nt thankfully -but do have HSBC so must hit 40p

[Helhan]

We have the usual stuff, mix of loans and cards.
Helen

[JoeB]

As you say usual mix!

[Helhan]

Scary isn't it when in black and white? I wonder how on earth it got to this, and feel ashamed.
Helen

[JoeB]

Yes I know exactly how you feel - my big regret is not getting better advice earlier - ie years earlier - we could have either done a dmp or a full and final settlement on one of the many remortgaging occasions and sorted it out years ago - now just have to grit our teeth and hope for the best. BR is not really an option for us as it would affect our jobs - we similarly have no equity so the house would be safe - not sure how we would pay the mortgage though! and the thought of the publicity terrifies me we live in a rural area and so people would definately notice it!

[scaredkez]

i would just like to add although BR is very scary its not as bad as you think, nothing to be proud of, re the publicity thing mine has never been published in the local rag i have checked every week and nothing, no one knows only those who i have told, the accountant who does our wages phoned and asked me why i had gone on nil tax code and i said there has been a mix up with my tax and thats about all, other than that my "external" life has not been affected i haven't changed i have no signs above my head to say "hey look i am BR", so please don't worry about these things, they are unnecessary, will your jobs really be affected if this is the only solution, can you talk to anyone in your company, i spoke to my boss, i thought he was going to look down on me as i have a high position were lots of people look up to me and he has stood by me so much, if its the only way you can end your suffering don't be afraid of it, i am not proud of the fact i went BR but it was the only solution in the end.
kerri

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