During a messy divorce 12years ago I had a house repossed by a company I had a sercured loan with. The result was that my ex wife and I owed £14000. I belive that my ex agreed to pay half of this amount. Now I have just been told that the company that has aquired "my half of the debt" claim that i owe them £12000 and are threatening to force my second wife and I to sell the house we recently brought. Is this possible? Apart from this I also have £43000 of debt and a £237000 mortgage on an income of £32000 gross pa plus my wifes income of £22000. would you advise me to go for an IVA
This creditor could only force a sale of your current property, if they were to gain some form of security over it by way of a charging order.
I suggest that you take advice directly from an insolvency practitioner who will identify all options that are presently available to you, to ensure that you receive a balanced opinion and are able to make the right choices.
Yes visit www.iva.com for a selection of IP's and reviews about how good or bad they are. You need to provide full details to an IP so that he/she can give you appropriate advice based upon your circumstances.It may well be that the original amount owing in respect of your old debt is statute barred!
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
