In this DMP, they still have the freedom to enforce collection or BR, however, this is, for them, an expensive process and, under the current agreement they stand to get back the whole debt eventually. Under BR, they might not do and with a F&F they won't (depending on all the relative figures). Some of them might be happy to agree an end point with a F&F.
It is impossible to call I am afraid, especially on the limited information we have.
The costs in BKY are high so this often makes an IVA more attractive - your brother would likely need to give you a sum equal to, or better than, what creditors would get in BKY to make the IVA attractive enough to vote in favour of it.
In bankruptcy your bother could potentially buy out your interest in the property from the Trustee.
Who is onlineUsers browsing this forum: No registered users and 25 guests
Ask the IVA Experts a QuestionSimply complete form and you will get an answer from our IVA Experts (multiple replies within an hour *)
* Any use of this forum is conditional on you having read and agreed to our terms and conditions.
* If you enter your phone number, IVA.com Group Limited will give you a courtesy call to ensure that your question has been answered.
* The question will be posted on our forum, we will email you the location