It needs a bit of research and I would suggest having a read here about BR : https://www.iva.co.uk/bankruptcy then chatting to CAB as well as another provider (not one of the big firms or so called charity firms, as they are all, in my opinion, too creditor centric) about the pros and cons of BR ---- if you are certain that you are into negative equity it is unlikely that the house will be in danger, as seizing it would produce no return for ther creditors. You do need to check out the position regarding the mortgage though and keeping it viable, both from the viewpoint of the lender as well as the OR.
Your IP must call a meeting of creditors within 21 days of a written request from you so see what creditors have to say and do not just accept the failure of the IVAs.
You say 'we' are you both in IVAs?
I'm surprised you managed to get finance when your are in an IVA - as far as I know it's virtually impossible as your credit rating is usually trashed...!
Can you get a third party gift to settle the last year of payments? perhaps you can tie it all up in one bow and vary the arrangement to accept the HP breach and the F&F...
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