My partner and I have separated and we are in an interlocking IVA which we have had for nearly 2 years.The separation is very messy indeed and he is currently on police bail for assault on me and my children. I am now back in the family home and am in the process of applying for a non molestation order and an occupation order. There is no equity in the house at all. I have informed my IVA company as I have not been able to make my payment this month and after filling in the new income and expenditure form there is nothing left to make any payments to the IVA............it looks like I have no other option but to go bankrupt. How do I do this.....do I have to fail by 3 months and then the IVA company force me into bankrupcy.....do I then do this myself...how much will it cost and will they make me leave my family home?.....I have taken interest only option and I will be looking to get 2 lodgers in an attempt to evidence that I can afford the mortgage......any advice would be gratefully received
Not sure I know the answers but just wanted to say we are here for you - am sure one of the experts will be on in a while and will be able to help- I believe you have to miss three payments and theb once your IVA fails you can apply for bankruptcy...however not sure about retaining the house etc
Good luck and let us know if you have any further questions
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Hi pog, so sorry hear your news, what a terrible time you are having.
As regards to bankruptcy, you can ask the IP to fail you now if you know you're not going to be able to continue. The IP is unlikely to petition for your bankruptcy and your creditors probably won't either.
It costs £700 although you can get a reduction in fees if you are on certain benefits.
As regards the house, the Official Receiver will keep an interest in it for two years three months and then decide what will happen. I can't say that you won't lose it but if it's negative equity you may be ok.
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
Hi Pog can,t add any more than luluj and Jan,just want to offer my support and hope you and kids are ok.If Bankruptcy is your only option it is pretty much straight forward these days and everyone will help on here.Keep posting.
Last edited by MRBLUESKY on Mon Aug 01, 2011 8:31 am, edited 1 time in total.
thanks everyone this is a truly awful time. It is raising the £700 thats the problem! My mortgage is half my salary so getting lodgers will help. You thought when I met him 7yrs ago and he had £50,0000 debt that I put on my mortgage alarm bells should have rung.....stupid girl
I hope you and the children are ok. Will your ex be paying child support? This could help with the fees. Good luck and keep posting when you need support xx
