Hello! I am in around quite a lot of debt

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Post by catherine.cs » Sat Sep 04, 2010 6:19 pm
Hello! I am in around quite a lot of debt and I have a property which is in negative equity by approx £30k. I was planning on doing an IVA but have just found out I am pregnant and cannot afford to make the payments of the IVA, therefore bankruptcy is the option I feel is best for me now. Can they still take my home if I go bankrupt?

thank you in advance for your assistance.

Thank you


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Post by Shining » Sat Sep 04, 2010 7:06 pm
Hi and welcome to the forum, Bankruptcy may be your best option.

It might be advisable to talk to 2 or 3 professionals to ensure you get the best impartial case specific advice.

Try www.iva.com for a list of companies and some reviews of those companies. There will be a solution for you. As Helen says your house being in negative equity is almost certain to be safe in bankruptcy. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.


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Post by plasticdaft » Sat Sep 04, 2010 7:54 pm
Given the negative equity and the bun in the oven BR may well be your best bet(your home should be safe). Will you get maternity pay etc and will you be able to maintain your mortgage payments when you go off work?

Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.


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Post by catherine.cs » Wed Sep 15, 2010 1:43 pm
Thank you all so much for your excellent advice and taking the time to help me!
I am really sorry I didn't check my mails and that is why I took so long to reply!
Yes it is my first so all a bit scary and I just want to make sure I have everything sorted asap so I can start looking forward to it!!

Are you sure my property is safe? I thought they could still sell it and make profit but I am not sure.
I was in talks with the CCCS re the IVA but will discuss my BR with them also.
The reason I do not want to lose my property is that my parents have invested money into it, quite a bit actually and I don't want to let them down. I think they may be too old to take on the mortgage themselves and sell it on later?

Its so stressful! I am in debt due to my partners business folding and trying to support 2 properties and living expenses so it is very frustrating.

Michael Peoples

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Post by Michael Peoples » Wed Sep 15, 2010 1:51 pm
If the home is in negative equity there is no reason to lose it in bankruptcy. However, if there is a second property this could be at risk so make sure and advise the CCCS of everything otherwise their advice may be incorrect.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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