Unable to pay in DMP, would an IVA work for us?

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Sarah.38
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by Sarah.38 » Wed Jun 21, 2017 8:49 am
I need help we r currently in a dmp but have been unable to pay for last 3 month , my husband lost his job and I only receive pip at highest rate for both, we have 1 child . We have 65000 equity in our house but can't sell cos of the high speed railway that our house is in the pathway and will be demolished??? I have multiple sclerosis and the stress is killing me . My husband has managed to get a job through an agency, would an Iva work for us ?????
Many thanks.
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kallis3
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by kallis3 » Wed Jun 21, 2017 8:57 am
Hi,

If you cannot afford a DMP then I would think that an IVA is not the best idea but do take advice from one or two companies.

Having read your previous post - I take it you and your husband are back together again? Glad you have managed to sort things out.
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Foggy
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by Foggy » Wed Jun 21, 2017 9:40 am
Hi Sarah, as Kallis says, have a word with a couple of companies for specific advice as well as with your DMP provider who might be able to re-negotiate a lower repayment.
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Lisa Thomas
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by Lisa Thomas » Wed Jun 21, 2017 1:49 pm
Are you saying the house is going to be demolished?

Is this some kind of compulsory purchase/Court Order?

Will your insurance pay out?

I ask because I was thinking that Bankruptcy may be a better option for you to explore.
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Foggy
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by Foggy » Wed Jun 21, 2017 3:09 pm
Lisa Thomas wrote:
Are you saying the house is going to be demolished?

Is this some kind of compulsory purchase/Court Order?

Will your insurance pay out?

I ask because I was thinking that Bankruptcy may be a better option for you to explore.


Lisa, because the possible routes have been published the house will have a planning blight on it ... meaning no-one will want to buy it as it might be demolished, affected by works or be subject to compulsory purchase. Insurance doesn't cover these things.
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Lisa Thomas
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by Lisa Thomas » Thu Jun 22, 2017 8:38 am
Noted thanks Foggy - if correct and effectively no/negative equity then Bankruptcy may well be a good option to explore here.
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Michael Peoples
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by Michael Peoples » Thu Jun 22, 2017 12:45 pm
An IVA may be an option depending on who your creditors are and what your property valued at for auction purposes. It may be blighted but would still have a value to someone so that figure would be very relevant.
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Foggy
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by Foggy » Thu Jun 22, 2017 3:31 pm
Michael Peoples wrote:
An IVA may be an option depending on who your creditors are and what your property valued at for auction purposes. It may be blighted but would still have a value to someone so that figure would be very relevant.


In some cases a householder can force the Authority responsible for the Blight to purchase under Compulsory Purchase provisions (or they could do when I moved in those circles) -- or, indeed the Authority might make a CPO off of their own backs. In either event the compensation would be Open Market Value (obviously more than a blighted property would be worth). So, for the purposes of a IVA the value is still OMV.
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Michael Peoples
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by Michael Peoples » Thu Jun 22, 2017 3:45 pm
https://www.gov.uk/claim-compensation-i ... 2/overview

True Foggy and there is a guide above. Perhaps the poster could have a look at this if she is prepared to sell and there even seems an option to rent back until the property is to be demolished. HS2 has been going on so long and so many different routes discussed that there is a possibility it may not be completed for years if ever.

I did see that HS2 will knock 32 minutes off the London to Birmingham travel time but as a man said would it not be better to save the £60 billion pounds and just catch an earlier train!
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Foggy
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by Foggy » Thu Jun 22, 2017 4:13 pm
Michael Peoples wrote:
https://www.gov.uk/claim-compensation-if-affected-by-hs2/overview

True Foggy and there is a guide above. Perhaps the poster could have a look at this if she is prepared to sell and there even seems an option to rent back until the property is to be demolished. HS2 has been going on so long and so many different routes discussed that there is a possibility it may not be completed for years if ever.

I did see that HS2 will knock 32 minutes off the London to Birmingham travel time but as a man said would it not be better to save the £60 billion pounds and just catch an earlier train!



In 1977 I lived in a house that was purchased under a CPO for the A27 widening, which had been in the planning for about 10 years at that time. Fast forward nearly 20 years and I coincidentally acted on behalf of the Secretary of State in the Compulsory Purchase of the same property again! Apparently it had been bought and sold to and from the Highways Agency several times in the interim. 20 years further on and the road still hasn't been widened at that point!

As for the 60 Billion -- maybe they could just get the current infrastructure to work --- I would bet HS2 will get stopped by leaves and snowflakes too!
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