F&F Advice / Pension

[MelanieGiles]

Would you consider selling the property to release equity - bearing in mind that this would be a real probability if you were to become bankrupt?

[plasticdaft]

I am afraid I think its time to name the insolvency firm which has possibly not acted in your best interests here.
If you had sold the property at the start could you have paid off your debts in full??
I know none of us knew what was going to happen recession wise but I would be livid if I had paid £25k plus into an IVA to discover that due to not being able to release equity my IVA would fail,and I would have to possibly sell the house anyway.

Dont panic just yet Nervousperson,as there lots to work with here,but you will certainly need to see what your IP says regarding this matter.

What were your total debts to start with?

Paul

[nervousperson]

Melanie - this would be a last resort as I have a young family

PD - If you do the math - £130-140k

Think it's time to take this offline with the IP....

Not tried to speak directly to an IP but their front office only so far. If my conversations don't go well (e.g. I can't speak to the IP directly and the insist on doing everthing through their clerks (who I've had very mixed experiences with on very simple matters)), how hard is it to change IP?

[plasticdaft]

You will find it impossible to change IP.

Let us know what happens regarding your conversation with your Ip and if theres anything your arent happy with or need explaining in more detail then let us know.

Fingers crossed for you.

Paul

[nervousperson]

Thanks, Paul

Neither of you have managed to allay my worries, but I think they're now justified...

Melanie, Paul - Many thanks for your advice to far. It really has been appreciated.

[plasticdaft]

I would be worried too if I was in your shoes as you entered the IVA probably to protect your home from having to be sold!!

keep posting

Paul

[nervousperson]

Selling my house now will still mean I'll miss the target by a country mile...it will only realise maybe 25k after agency costs etc...

And then the family will be homeless... plus bankruptcy will almost certainly mean I'll lose my job, also...so no money to find somewhere else to live....

[plasticdaft]

Still more questions than answers eh Nervousperson? Hopefully after a discussion with your Ip you will have a clearer path ahead of you.

Paul

[nervousperson]

Yup...