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I had a variation agreed to my IVA to go over another year and cover the negative equity when we sell the property which is fine for me. Problem is the mortgage is in joint names so my wife will still be liable for the negative equity anyway.
Do I remain patient and try to sell for as much as I can, pay my IVA over an extra year then my wife take one out for the negative equity and be debt and mortgage free in 5-6 years? Or do I do what I am tempted to do and that is let our house get voluntary repossessed, sold at a knock down price, and then both go down the bankruptcy route?
The point is we don't care about losing our house because it is costing us so much money but the market isn't moving so I can cut my losses now and give the keys back. I just want to be debt and mortgage free in the quickest time possible. It pains us so much paying out £1300 a month knowing it is not even eating in to your mortgage.
We are grateful for any advice. Do we sit tight potentially for another year trying to sell or do we just call the building society, fail the IVA and go bankrupt?
However if there is that much negative equity then BR might be a solution for you as the shortfall would be included. You could just find somewhere to rent now, hand the keys back and then go bankrupt but, as you say, your wife will be liable for any shortfall, her own debts and any joint ones. Is there any reason she can't go BR as well so you could both move on?
Initially though, have a chat with your IP and explore all options.
If so, then if I was in your shoes I would carry on the IVA, give the house back and let your wife go BR, it seems a shame to let your IVA fail now when you are 3 years into it.
Are you saying that a potential future unknown shortfall of the sale of your home is included in your IVA proposal?? I can understand the variation of the extra year, again you have not mentioned the monthly IVA repayment, can you afford the mortgage without the IVA payment?
It may be best to return the property to the lender who is bound by the IVA and your wife can then decide her best course of action whether bankruptcy, IVA or a settlement witrh the mortgage company for the shortfall.
however as Lem states if he rent a house at half the cost and everything else enters the Bankruptcy - then this will free quite of lot of disposible income - mortgage amount /IVA payment
I could answer that question more positive if I knew his gross salary post code and the type of property he has, with some people getting twice that in housing benefits per month the OR would have little argument bearing in mind also the action of the OR would be pushing his partner into bankruptcy and causing an loss to his mortgage company
It is a repayment mortgage but only £300 a month goes to pay off the capital and £1000 of it is interest. I owe around £215000 and it is on the market for offers over £190000 and it is still not selling.
If we don't get out of the house now the Mortgage is still going to be £1300 a month for the next ten years when my IVA has finished and we just want to get out of debt as quickly as possible and are not worried about losing our house.
I am going to speak to my IP next week and see whether they agree the way forward for us is to hand back our keys and I continue my IVA until 2015. My wife will then be saddled for the negative equity debt and she can either go bankrupt or take out an IVA. At least then when both IVA / Bankruptcies finish, I will have no financial responsibilities at all and we can start again.