At the moment I have £150 a month but my employers are doing pay cuts over the next few months which will hinder me a lot... £35 would be worst case scenario..
looking for new employment but that is just as hard as everything else at the moment.....
I do not feel that an IVA is right for you at the moment. If this is important in the future, a short term DMP might be the answer, but bankruptcy does look very favourable if you have no assets which would be affected.
I have just had an interesting chat with my secured loan lenders who were actually very understanding of my situation. If i were to sell my house i would be in around 18K worth of negative equity!! They said we could come to an agreement as they would stand to get half of their money back, if i file for bankruptcy the house could be sold and they would end up with nothing. Can i trust such thing, if so how do i know they wont come after me in the years to come??
Sorry to throw all these questions at you all??
lee
This is what happened to me, but my secured loan company were not so understanding, I was told in no uncertain terms that I would not be allowed to sell the house. I left it to be repossesed and went bankrupt and they have got nothing. Like you, if they had let us sell at the time we had the buyer, they would have got a third of the money and we would have tried the IVA for the shortfall and the rest of our debt but they would not budge.
i am glad your company seems to be reasonable about this
Well this is what they are saying now over the phone, when it comes down to it i am still nervous they may change their minds...
I just hope they do understand, I am similar to you I think, looking like bankruptcy is the only way forward as my now ex wife is filing for it which in turns means I cannot keep up with all the payments...
It will tell you all you need to know about bankruptcy.
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
If you can afford to pay the mortgage, there is nothing stopping you continuing with that as far as I know, but I am not sure.
Give Reviva a ring, they are bankruptcy specialists, will not con you into paying them for a service, and will give free advice.
Paul Johns does post on here and if he sees this thread he may come on and reply to it.
I do think you need to take some professional advice.
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
I have spoken to so many different people about IVA's and BR and most say different things...
I would have no where near enough money to pay the mortgage and load on my own plus i will prob end up taking on my wifes share of all the other joint loans......
Probably better to speak to a couple of insolvency practitioners directly. I would be suprised if you would get too much conflicting advice from qualified professionals.
You will get good advice from the professionals who post on here, and you can trust what they advise you.
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
Give us a ring so that we can go over all of your circumstances and come up with the appropriate advice for you. You can get my details by clicking on my avatar.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
