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I am still as stressed as ever! We are still waiting for CAB to get back to us as to the best time to go bankrupt with regards our house and the negative equity. I finally got a letter today from Picture saying that they will not release the 2nd charge on the house to allow a sale (thats if we had the money to pay the solictors, who want their fees upfront!) so hey ho, whatever, I am soo stresed. Picture also said that the monthly expenditure we gave the IVA compnay was overestimated! and we could do without the cars and then we could pay them the secured loan! Well, I worked out the IVA figures are vastly UNDER estimated and that is why we are planning on going bankrupt! And how do they expect us to get to work on time with no car????? Theres 5 of us and I spend £60 per week on food as it is and I am sick of scrimping. I have put our food bill higher for the CAB and our bankruptcy petition as I feel we have to eat properly and this has to include toiletries, etc! I am still not sleeping and am in tears most nights, things really get to me at bedtime, probably cos I am tired, and then I am awake at 3am churning over things in my mind, I wish this were all over!

jane i am so sorry nothing seems any clearer, i went BR yesterday and honestly the relief is unbelievable my judge even congratulated me.
what i was told yesterday by the or is that they will not let you live below your means you have tried your best and they are not playing ball with you.
i really do hope you can get closure on this soon, i know how stressful it all is, and you certianly will be allowed more than £60 per week for food in BR.
good luck
kerri


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

Jane

I agree with Kerri, you must limit the damage to your own well being, walk away, go BR and let them fight over it. This ongoing stress will destroy you!!!!!!!!

LILY

fly me beyond the distant star, I will wish on tonight to see you smile just once more to know youre there.

Hi
Your stress and worry will soon be over,once you file for bankruptcy.Take no notice of picture..........there the ones who have lent irresponsibly.
Make sure that you list your expenditure in full for bankruptcy...........you have suffered enough
Regards


Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

Hi Jane

You have tried your best to do the honourable thing. But you have been thwarted at every turn. You must feel like you are in a giant maze and every way you turn is a dead end. Arrange to downsize and find a buyer but Picture won't allow the sale. Even if you could sell solicitor wants paying up front.

However we all know there is always a way out of a maze and so there is in your situation. You go BR and like Melanie has said leave them to fight over the house. Let them end up with little or nothing.

If you haven't already done so I suggest you read Kerri's blog. BR is not as bad as people often think. Life is too short to be burdened with the worry of debt. Its time to ditch the debt and start enjoying life again with a fresh start.

Please take care. A line I've used these last few days is "they can't take what you don't have and they can only take what you do have with a court order and they take time to be actioned." So try not to worry about it too much. The people on the other end of the phone dont know you and couldn't care less about your situation. They only want to know what and when they are going to get paid. So simply tell them that despite your best efforts due to their greed you are now going bankrupt and they'll end up with significantly less than in an IVA.

Best wishes

Dave

Jane, I know it's hard to get the money together, but please try and petition your BR sooner rather than later for the sake of your health. My allowances are so much more realistic than they were in my IVA and I now know I can cope.

Good luck for the future, and let us know how you get on x

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/

Hi jane
Im so sorry that things are so tough i really hope things will pick up speed and you can start living a normal life with out all this constant stress,i believe that once you petition for BR as scarey as it seems you will find yourself,and you will be able to close your eyes and enjoy a proper nights sleep,and have energy to enjoy your family,and finaly start living again,i hope this day will come soon jane xx

I think the major cause of my stress and worry is the timing of the bankruptcy! We are waiting for the CAB to get back to us regarding our house situation. No-one seems to know a definite answer about the fact that cos we have negative equity, if we go bankrupt now and the house is not repossessed and then sold by N Rock, we do not know a final amount we will owe them and if this takes longer than the bankruptcy, we may be pursued for it later on! I just wish I could do it now (or as soon as we have the fees!) and now another worry is that because Picture seem to think we could pay the debts, will the judge think the same and refuse the bankruptcy??????????

Jane

The numpty from Picture telling you that you can afford your debts is probably very low in the food chain. Kerri will confirm that judges are not as bad as we think. They do exactly what it says on the tin. JUDGE. They look at all the circumstances not just Pictures'. Try to forget about it for the weekend and spend some quality time with those close to you.

Regards

Dave

Jane

If you have the money to file for bankruptcy now - do it! I cannot understand the advice you are being given about the right time! You cannot change any of the facts of this matter, and it is making you ill. As I have said before let the mortgage company and secured loan company fight over the property themselves. You should not even be expending energy worrying about 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

got up today, banging headache and I feel sick, (migraine, I think) must be all the stress, I hardly slept last night!!!!!

got a letter from CAB so I feel bit better that at least we are not just sitting here and doing not nothing about our debts.

I have a bit of money saved for bankrupty so hopefully will be able to do it within the next couple of months if the house situation is a bit clearer.

Jane

Please be talking about a couple of weeks rather than a couple of months. The situation regarding your house makes absolutely no difference to your bankruptcy application.

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

I thought the house situation did make a difference. I heard that if the house is repossessed and then sold at a later date for less, this will make the amount we owe increase and if we have been bankrupt and discharged before this happens, then we will be chased again for the money????? This is the only thing stopping us doing it this minute!!

The letter I got from CAB says not to do anything at the moment until they get back to us. I had a letter from N Rock saying we could go for volunatary possession, as it would be easier (for them, maybe, but not for us if we want any hope of getting on the council housing list) so are waiting until CAB get back to us. Money-wise, we may be able to get the fees together in a month, (next pay day)

Jane

The unsecured element of the Picture debt will crystallise upon the making of the bankruptcy order and will therefore be part of those proceedings. I think the problem here is that you are being advised by too many advisors!

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

Migraine better now! I think you are spot on there with too many people advising on whats best, thats why we went to CAB, we need some correct advice, they agreed that ideally we should be rid of the house first to make sure everythings covered before we go bankcupt but said they would take specialist advice just to be sure, hopefully we may hear something soon! and petition for bankruptcy ASAP!

the CAB said they are writing to all our creditors, not sure if they will mention bankruptcy to them or not, or should I do a standard letter and send it them all to inform them?????? Do they need to know at this stage as what can they do about it??