we feel completely trapped now!

[MelanieGiles]

Your IP ought to be able to put you in touch with a company that can arrange this for you. I think you are better off doing this through an intermediary, as I think you have enough on your plate at the moment.

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

[Storm]

It is unusual for a private landlord to evict any tennant who can pay the rent. And particuarly one who looks after a property......

My only comment re waiting for reposession is that it is a very traumatic experience particulary with the kids.

Maybe stick to your original plan of relocating to the private rented property. Inform NR and Picture that you have vacated the property and the keys are available from ?? and stop paying both of them. You are then in breach of both agreements and will be served various default notices etc and the property will be recovered and sold at auction. (Make sure you leave it in the best possible condition you can and secure). Also make sure you notify the gas / electric, BT etc so you can get them setup at the new property.

When the property is sold this will leave a shortfall to these creditors and they will be entitled to recover these monies.

Make sure you pay the rent on time with your private landlord and be the model tennant. Pay other creditors on time etc.

Both NR and Picture are then unsecured creditors and you will be in a much stronger position.

If you then want to go through the IVA process you are in control... the family are safe and settled.

[jane.l]

Thanks for that, feel a bit better now, I rang our IVA company, they are drafting proposal now and are going to write to Picture tomorrow to see about getting this second charge lifted so that the loan becomes unsecured and the house can be sold, they seem quite confident that this can be successful. After all, it is in Picture's best interests rather than going down the repossession route, as at least we are trying to pay something back! All being well, the shortfall will be as we predicted and we can proceed with the IVA. fingers crossed, I knew it would be stressful, but its the not knowing that is the hardest thing!

[freelili]

Hello Jane

This is a terrible situation you are in and I just wanted to say my thoughts are with you and your children. I am sure in bankruptcy you would not be made homeless in tenancy. I hope that you manage to resolve this ASAP. Will your IVA make allowances for your private rental? I see this as your absolute priorty.
I wish you and your children the very best of luck and will be sending extra special positve thoughts your way.

LILY

[neverending]

Jane
I would echo Storms sound advice and concentrate on the housing situation.Use a missed mortgage payment or two as a deposit on a private rented house if you cannot get the secured loans sorted out.
Your priority is your housing at this point and it is admirable that you are trying to sort out both this and your debts at the same time,however you need to secure a house first and formost.
Regards

[freelili]

I agree and its was I was trying to say.

LILY

[jane.l]

Well, received our IVA proposal yesterday, seems fine, I just need time to read it properly! We are obviously still waiting to see if our house sale can go through, it all depends on Picture Finance agreeing as they hold the second charge on the house, HOWEVER, I am very worried regarding finding a private rented house, we found one last week and we do not want the landlord to know of our problems, but he is being really pushy and wanting to speak to our solicitor about our completion date, so he can tie it all in with his own move! I have already told him that we want his house from 1st April whatever happens, I do not want him to know about our situation 'cos if Picture do not agree to lift this second charge, we have to just go and let the house be repossessed. I think it is really none of the landlords business and do not want him in contact with our solicitor. Am I being unreasonable and worrying for nothing????

I have arranged to view another house to rent on Monday(this was the earliest appt they had) with an estate agent, the trouble is that if we want it (thats if they will acccept my cats!) we have to have a credit check done and I am very worried that by Monday, our credit rating will be at rock bottom, this last week, we have started to miss payments on things and now our creditors will be aware of our plan for an IVA! Has anyone come across this? I cannot believe we are blocked in everything we try to do! I just cannot see anyway out of this mess and am sooo stressed out!

[jane.l]

oops, bit of a ramble there! I meant to ask, "is my credit rating likely to be rubbish by Monday?", How quickly do these things take???!!![:-(]

[neverending]

No
Your IVA,if and when agreed,will take a few weeks to register with the credit agencies.The only thing on your credit file will be your payment profile,so if you have missed some payments it will show[i;e a good profile will be 0000000000000,if you have recently missed a payment it will show as 00000000000001]but this will not affect your ability to rent a private property.

[jane.l]

Its been a very sleepless few days, but we have got a rented house!!! Our credit check back came back fine and the cats have been accepted and we got the keys yesterday, so will be moving in a week or so! I cannot believe the credit check was fine as we are now starting to be inudated with calls from creditors. We have signed a 6 month tenancy, would they want another check doing to sign up again or would we just automatically sign for another 6 months??? Anyway, I read the contract carefully and it does not mention bankruptcy so even IF it came to that, I am hoping we would be ok as long as we pay the rent???? Had a call from an unsecured creditor other night, I explained about the IVA proposal and she said "did you know you still have to continue to pay until the IVA is accepted?" I said, no, my understanding is that if I pay one creditor and not others, it is seen as treating them preferentially, and I obviously cannot pay ALL the creditors as I would not be in this mess if I could, would I? She seemed a bit flumoxed and then said, "well, you will continue to receive calls unless you make a payment". I just said "fine, I'll unplug the phone"! over the past 2 days, the phone just keeps ringing every couple of hours, but I daren't answer it!

[Storm]

The amount of information available through Credit Searches to the majority of companies (outside the credit industry) is very limited.

It is not normal practice for any further credit searches to be done. You also have to agree to any future searches.....

Excellent news you got the rented property sorted out.......

[go_4_broke]

Hi jane

Anyway, I read the contract carefully and it does not mention bankruptcy so even IF it came to that, I am hoping we would be ok as long as we pay the rent????

- Certainly. The landlord will be informed, but if you are paying the rent they are unlikely to be remotely interested.

"did you know you still have to continue to pay until the IVA is accepted?"

- Rubbish. They are just trying it on to get a few extra quid while they can. The preference argument is a good one, although in reality it probably doesn't matter much as the amounts are small.

I just said "fine, I'll unplug the phone"! over the past 2 days, the phone just keeps ringing every couple of hours, but I daren't answer it!

-Seriously consider changing/NOT taking your phone number to your new house !

-Best

'5 years sticking my head into the Lion's mouth of debt !'

[neverending]

Well done
Thats good advice from go-4-broke regarding a new phone number,the only thing to watch out for is that they do not start phoning you at work., Also,to confirm Storms statement, you will not have to be subject of a further credit check each time you renew your lease.
Finally once you commence the IVA route do not be bullied into making payments to your creditors.
Please keep posting
Regards