We do not have enough money to buy food

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Post by beverley.es » Mon Aug 23, 2010 1:27 pm
we have had an IVA for 1 year,we are struggling to survive,we are only paying interest only on our mortgage and will be unable to pay the full amount in 12 months time,we would like to sell our house now and pay most of the IVA debt off with the profit,it wouldn't be the full amount about 50%,our agreement is to remortgage in year 4,but we won't be able to keep up payments until then and there would be no property to sell as it would probaly get re-possesed.we do not want to be made bankrupt as my husband will loose his job,we can see no other way out.We do not have enough money to buy food and essentials a week before we get paid,or petrol to get to work,please help.


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Post by lukeofyorkshire » Mon Aug 23, 2010 1:38 pm
You really need to get on the phone to your IP asap and discuss your difficulties and hopefully they can sort something out for you.

I'm sure one of the experts will be along shortly with further advice though [:)]
1st payment Oct 2008, last payment Dec 2013. Certificate received March 2015 due to PPI claim.

Michael Peoples

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Post by Michael Peoples » Mon Aug 23, 2010 2:00 pm
You should speak to your IP and propose a variation. This should allow you time to sell the property but ultimately it could go to auction. In the meantime your payments could be reduced to an affordable level and regardless what your property sells for creditors would be bound by the proceeds.

I agree with Luke that you should urgently speak to your IP.
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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