windfall

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deb.ml

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Post by deb.ml » Mon Jun 21, 2010 7:44 pm
Hi guys, I keep asking the same question, sorry.

I owed about £40,000 before IVA. Now reduced to nearly £19,000. I know that if I want to do a full and final the creditors will want the original amount owed. I've had a windfall and I think I can pay £22,000. Would this be way too low. My daughter is high rate DLA and our car is hers, not much equity in house but it has had adaptations for her over the last 18 months since I bought it, (wall knocked through into garage for downstairs cloakroom and shower over bath as she sits to shower and could not use the shower cubicle). I was told by someone that as house has been adapted to her needs if I went bankrupt the banks would find it harder to make me sell. Is this right? Anyone got any ideas as best way to go?

Cheers,
Deb
IVA started Sept 09. Glad to be on the way to being debt free
 
 

Skippy

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Post by Skippy » Mon Jun 21, 2010 7:55 pm
Have you spoken to your IP about making a full and final offer? If your circumstances have changed and you cannot make the payments then it would be worth looking at a F & F.

Regarding the house, I'm not sure if the adaptations would affect BR. If you did go BR someone can make an offer to the OR for the beneficial interest to enable you to keep the house.
 
 

deb.ml

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Post by deb.ml » Mon Jun 21, 2010 9:38 pm
I have spoken to IP. He seemed hopeful (well he sounded it, I cannot speak for him), that he would be happy to put it forward as a full and final. I will have to wait and see what money I get. He did say that the exceptional circumstances with my daughter would be a factor. I'm not saying I have more problems than anyone else in an IVA but it's quite complex with my daughter.

I entered my IVA before I found this forum (unfortunately!!). Lovely to have all this good advice.

Congratulations on finishing your IVA Skippy!!! Gorgeous cat, by the way!
IVA started Sept 09. Glad to be on the way to being debt free
 
 

Skippy

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Post by Skippy » Mon Jun 21, 2010 9:42 pm
Thanks - I know I've had it easier than most people on here as I ended up going BR, but it's been a stressful 4 years (IVA and BR) and I'm glad it's nearly over.

Thanks for the compliment for Harry Puss as well!

It must make it a lot harder for you, coping with your daughter's needs as well. I really hope that your F & F is accepted and you can have a fresh start.
 
 

Skippy

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Post by Skippy » Mon Jun 21, 2010 9:47 pm
I've just realised that my post sounds as though BR is easy, which it isn't! What I meant to say was that I've had it easier as I had no assets that were at risk when I went BR!
 
 

deb.ml

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Post by deb.ml » Mon Jun 21, 2010 9:57 pm
Thanks Skippy, I don't think any of us have had it easy on here. My mum used to say what doesn't kill you makes you stronger. That seems to be the case with people who have gone a couple of years into IVA, or gone BR. You all sound so confident. I can just about afford to keep up the payments on IVA. I just to be free of it and concentrate on my little girl.
IVA started Sept 09. Glad to be on the way to being debt free
 
 

Skippy

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Post by Skippy » Mon Jun 21, 2010 10:05 pm
I'm very good at sounding confident, but I'm not really! I think the last few years have made me more confident, but sometimes I've just wanted to go to sleep and wake up when it's all over.

I've always believed the same as your mum, and I used to believe that everything happens for a reason, although a few things have happened that have made me doubt that.

If you want to chat off the forum add me as a frugal friend and I'll do the same for you.

Hopefully you'll be free of your IVA soon - let us know how you get on xxx
 
 

kallis3

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Post by kallis3 » Mon Jun 21, 2010 10:59 pm
I have debs email address Skipppy, if it's ok with her I'll let you have it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

deb.ml

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Post by deb.ml » Tue Jun 22, 2010 10:30 am
Hi Jan,
That's fine by me and thanks!!
IVA started Sept 09. Glad to be on the way to being debt free
 
 

kallis3

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Post by kallis3 » Tue Jun 22, 2010 10:34 am
I'll pass it on.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

deb.ml

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Post by deb.ml » Tue Jun 22, 2010 7:13 pm
I forgot to say the adaptations were done on a grant as it was considered she could only use the stairs to go to bed - hence knocking through to put in a downstairs loo. I've remembered where I heard it. I was so worried at start of IVA I was looking for any other option but bankruptcy because of house, a debt counsellor said it would be difficult for house to be repossessed if grant work had been done and house adapted for a disabled person. Anyone know if that is right?
Cheers, Deb
IVA started Sept 09. Glad to be on the way to being debt free
 
 

deb.ml

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Post by deb.ml » Tue Jun 22, 2010 7:14 pm
Sorry, forgot to say - only five days and counting now Skippy. Good luck
IVA started Sept 09. Glad to be on the way to being debt free
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