iva/bq

[anna43]

hi, going back to the post on the 5/11 melanie you are right my husband is self employed.
andy i wish we had gone to a local iva provider as i feel the co. we are with have never understood our individual circumstances. we have now approached our accountants boss who deals with alot of debt problems and he has read through the proposal and believes we should think about bankrupcy.The reason why cccs passed us on was that we have been in this proceedure since contacting cccs - Nov06, dmp-until May07, IP firm June 07, creditors meeting oct 07, so i think cccs did not do iva's then.
The iva was accepted but with many mods, one being the 4/5 year equity release, even though the proposal included an additional 6th year to cover neg. equity.
We knew the proposal put forward stated that we would pay £1146 for 8 months and then £557 for a period of 55mths to accomodate tax but now are not sure we will be able to find the money for the first 8 months, realistically the expenditure figures we changed as firm said they would not be accepted before we were told taxman must be paid in 1st 8 months.There are about 10 other mods which seem to outline the rules of the iva.
If we decide that the proposal is unworkable we have been looking at BR, my fear with this is I dont understand when decisions are made eg. can we keep the house if a relation buy the beneficial interest( we have negative equity)and how does this work? Will NR react to us going BR even though we are not in arrears will they object to the above(BI) My husband has his car for work and a nightdriver rents a taxi from us, will we be able to keep both.
My fear again is where in the proceedure for BQ are decisions made and if we are told at the 1st. meeting, yes you can for ex. keep the house if someone buys the BI, but then told on the actual day we cant.We don't want to loose the house as Children are at that age(7,15,16)where their education would suffer and after looking we can't find rented accommodation much cheaper.
Also it is constantly stated that BR is far worse, but both have 6yrs bad credit rating and no credit. What is the other reasons that BR is worse if their is a possibility that we may be able to stay in the house(BI)
I wish I had found Melanies firm at the begining.

[plec]

hi anna43 cant answer but 1 of the experts will be along soon

High hopes & skint pockets!!

[anna43]

Thanks plec, i'm jumping from this site to the sister bankrupcy site to try and find solutions

[plec]

dont worry to much we are with melanie nearly went went with someone esle

High hopes & skint pockets!!

[juliehawkins66]

Hi Anna

I am new on this site and I was just wondering how do I get to
the sister bankrupcy site to try and find solutions

[anna43]

Hi julie, on the forum scroll down to'If an IVA won't work for you' then last post - Bankruptcy Forum. I've just realised how to spell 'Bankruptcy'

[juliehawkins66]

Thanks Anna

I have applied for an IVA but I am sure I won't get it so I think Ineed to look into BR but like you I am so scared of losing my home as I have a 7 year old and my parter has MS

[plec]

hi juliehawkins66 dont worry to much just wait and see if the iva goes or not then think about br i know how u feel we are waitng now

High hopes & skint pockets!!

[Adam Davies]

Anna
There is no point in entering into an IVA where you know deep down that it will not be manageable.
Bankruptcy may be the best solution for you.
You will be able to keep your house if you have no equity in it,just get a third party to purchase the interest from the official receiver for a £1 plus costs[less tan £300]
NR will be happy as long as you continue to pay your mortgage.
You need to speak to an insolvency practitioner in detail.
Can you make it to Reading Monday evening? as Melanie will be there to give advice
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Hi Anna

You are aleady in an IVA, I assume, that you are now having doubts that you will be able to afford. Have you discussed this with your IP, and would it be possible to put a variation forward to accomodate reduced payments?

Or alternatively, as you have no assets and negative equity in your property, bankruptcy may well be a better option, although you will need to consider whether this will have any effect on your husband's business.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[anna43]

I wish i could make it to the meeting but i contacted work and cannot get time off as they are short staffed, i'm a carer in the community so our clients need to be visited.