I am worried and don't know what to do!

[gill.p]

My husband has been offered another job, with living accommodation for the family. It means selling our house and I am sure that we will not get enough money to clear the second charge. We are struggling with our IVA at the moment as my ex-husand has stopped maintenance, and all my Ip could do was allow me to earn more overtime, without taking it away to cover payment. I suppose I am lucky to have the overtime but with 4 children, and high blood pressure problems, i am finding it a strain. Bankruptcy and taking the other job may be our only option, but this terrifies me, mainly because of Lack of knowledge. I know bankruptcy does not effect my job, and although we are taking a gamble with my husbands possible career change, we know that he can return to his other job easily (he is a store manager), however, we are not sure how bankruptcy would effect this.

My other concerns are:-

Will i loose my car, i need it for work.

What else can be taken from my house, as I do not believe we have any assets.

In the future, how hard would it be to get another mortgage?

Where is the naming and shaming done?

What would I do about my bank account?

How long will you need to make payments for, and are they as much as IVA?

I really am not sure where to turn with this. Its really making me feel ill.

[Adam Davies]

Hi
If your car is worth less than 2k then more than likely you will be able to keep this,if you can show that you need it for work
No one will visit your house to list assets,your OR will rely on your statement.
Once discharged you will be able to take a mortgage,however you will need a 20-30% deposit
Your bankruptcy will be advertised in the local paper
Open a basic account prior to bankruptcy,with a non creditor,and remove any money from it the day before your bankrupty.This account will be unfrozen once the bank is happy that the OR has no interest in it
Payments for three years for a maximum of 70% of your disposible income
Good Luck

[Reviva UK]

Hi Gill p

Bankruptcy is not as bad in reallity as your perceptions. However the fear of the unknown is awfull.

I am now getting about 20 calls a week from people who simply want some free advice about Br without us acting for them. Always happy to have a chat with anyone so if you need 30 mins give me a call and hopefully that will help.

take care

[MelanieGiles]

Can I also add my personal recommendation to Paul's company. He has recently acted for a couple of my distressed clients and has done a marvellous job of turning a bad situation into a good one.

[luluj]

Could you not rent your house oute ensuring your mortgage and secured loan were covered by the rental fee - is this not something the IP would approve of - it would allow for additional payments to the creditors to be made!

[gill.p]

I could rent the house but not sure how i would go about it. My only concern is that my monthly payments are really high and dont think anyone would pay that much. i would have to contribute £400 still, and not sure if that would be agreed. I am so confused

[MelanieGiles]

It is unlikely that you would be allowed to rent out your house if this meant a £400 shortfall which your creditors would have to indirectly bear.

[gill.p]

Thanks.... feel like giving up, with all these worries and really don't know what to do

[Soulgrowth]

Gill ... there's always a solution to a problem ... sometimes we just have to step back from the situation and try and see the wood for the trees (I think that's the right way round!).

I would strongly advise giving Paul (Reviva) a ring and having a chat with him, Paul may well be the clear, objective head that you need to help you see a way through your situation ... because there WILL be a way.

Stay in touch with the Forum and let us know how you are getting on.

Debbie

[Reviva UK]

gill.p

you must absolutely NOT give up.

This is simply a new situation for you and you need a bit of help working out a way through the next few months. Melanie says that a problem shared is a problem solved.

If not me then call one of the specialists because you need to get a plan together that encompasses personal / work / banking / home / debt / and life after .

I drove 2 hours to see someone on Friday and they were in a terrible state. The problems were not huge but it had alljust got on top of them. They couldn't see a way forward and were stuck.

After 2.5 hours ( lots of coffee & biscuits) they now have a plan for the next 5 months that tells them what is going to happen when and who is responsible to do what. This includes personal relationship, new home, changing cars, employment, telling family, debts, bank arrangements etc etc etc. We even managed to find a new rental property that would take pets!..

because we have worked out a very precise plan they know what to do and are feeling 1000% happier because knowing is much better than the unknown.

For them the fear was being evicted by the mortgage co and going Br. Neither is going to happen and after the new home is fully sorted out they can approach Melanie for a first rate IVA proposal.