Will I lose the house?

[ladylorraine]

Hi there just want to ask advice.

Just been refused an IVA by NRock on the 19th owed £44000 and dont know where to turn. Not getting much suppot havent had a phone call since meeting could of really done with next pathway. Now considering BR can anyone tell me is it a definite will I lose my home? Or is there light at the end of the tunnel?

I want to run and hide with kids abroad maybe but dont know where.
Please help .

[scaredkez]

lady lorraine in BR it will depend on the amount of equity you have in your home and if you can get anyone to buy the beneficial interest, in BR you will not be thrown out on the street, i am at this stage of my BR now, we have just had to confirm we have no interest in the house as we are unable to buy or get anyone to buy the beneficial interest which at the mo would be about £30k, BR is not as frightening as you think and puts an end to your suffering, i have 3 kids and we are trying to treat it like a big adventure in regards to moving, there will be light at the end of the tunnel, for me BR was my best option and i have never been so happy for months since doing it and have started to live again as a mum and a family, good luck my iva was rejected, it does get better i promise you that.
kerri

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

[ladylorraine]

Thanks scaredkez still not sure about the adventure. Never thought the debt would get this bad as for moving oh no love the house been here 20 years thought would see my days out. Dont understand wouldnt accept the remorgage but will take it if I go BR? Wish Id never gone for right to buy. We know nothing else very scary prospect. Good luck with your adventure.
Lorraine

[MelanieGiles]

Hi

If you are considering bankruptcy, I would personally press on with the present re-mortgage as at least you will have money to offer the Trustee when they are appointed. If you borrow at 95% loan to value now, you may even get away with offering a full and final settlement to the Trustee, on the basis of the cost savings that would be effected.

What is your IP doing about renegotiating with Northern Rock in the meantime?

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

[ladylorraine]

Hi Melanie bit of a loose end the firm who put my proposal forward have returned all forms to me and have said they have informed my IP but still ive heard nothing.Its been 3 days. I asked about the remorgage and they said I cant go forward as I dont have enough equity to offer more. They did however say another proposal such as a debt management plan over 5 years could be put forward if I had more money at the end of each month which I dont have unless husband secures a job so nothing can be done. Looks like my IP has decided im a lost case due to lack of phone calls.
NR have now given me 7 days to pay in full via solicitors letter.
Im considering offering all creditors a reduced monthly payment. Do you think they will accept it so long as they get all the money owed?
thanks Lorraine

[MelanieGiles]

What does this mean? The firm who put your proposal together should be the same firm as your IP!!!

It is your choice to continue with the remortgage not theirs!

Has your IVA been formally rejected or is the IP adjourning for 14 days to find out why Northern Rock rejected?

What is the level of your current disposable income - you must have some as you were able to fund higher mortgage payments.



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

[ladylorraine]

I was working with two companies Thomas Charles set everything up. Wilson Philips did the proposing. After the refusal all paper work was sent back to myself and Thomas Charles were informed of the refusal. I was gien a sheet stating all the accepting companies and NR as the refusal. As far as I know that is that.

My remorgage which was offered as a one off payment was on an interest payment only and was costing me less each month than my current mortgage. I only had £7 spare each month.

Have recieved an email saying that someone may be able to help with a Management Plan but it will incur fees so not really a good idea.

Phoned NR they said am in the process of a CCJ and they wont accept a MP now its too late the court will decided and amount will be secured against the house.

[MelanieGiles]

Hi again

If Northern Rock are successful in their court action, they will get a charging order against your house which will put them in a preferential position in so far as the rest of the creditors. You will then need to make them an offer of ongoing repayments which may be set by the Court. This does not stop you from continuing with your re-mortgage application, which will release equity to enable settlements to be brokered with the other creditors.

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