Lose of job and IVA

[Indebtagain]

Hi

I've told that my contract will not be renewed and as off May I will no longer have a job, I have a daugher who is very sick which will affect me applying for jobs as her illness means that she could be well for ages and then all of a sudden being in hospital for a while. I was my current employee for over 6 years before she feel ill so had bulid a relationship with them but know no other company will expect that I will need time off with no notice.

I am in a joint IVA with my partner and have done 2.5 years what will the IP say and if I have to go down the bankrupt route how can I keep my house. If we go down the bankrupt route how will it work, will I have to start again or will take into note that we have paid 2.5 years of a IVA.

I know we got into debt and that was my fault due to depression spending was like an illness something that made me feel good now I hate it and I want to pay it off. The last few years have been horrible what with my sick daughter watching her in PICU and now this. I really feel like ending it all.

I've no idea what to do I'm going to the CAB tomorrow and am so scared I've not even told my husband.

Thanks

[molly16]

hi , please dont let it get to you that badly . talk to your husband . your little girl is far more important than ur iva and u r the most important person to her and she needs you . someone else will be along shortly with proper advice. dont let the weight of the world rest on yur shoulders , share some of the burdens .xx

[molly16]

talk to your iva company as well as they may have some solutions for you.

[MelanieGiles]

So sorry to hear your bad news - but with regards to the IVA you may be able to get creditors to accept what has already been paid in full and final settlement. Is there any equity in the property?

[Indebtagain]

Thank you

So sorry to hear your bad news - but with regards to the IVA you may be able to get creditors to accept what has already been paid in full and final settlement. Is there any equity in the property?

I think we may have a small amount of equity but I'm not talking much. I really don't want to lose the house I know it sounds selfish/stupid but that will tip me over the edge, I am really just hanging on in here, my marriage is only hanging on as both off cannot efford to live elsewhere but I know that will end soon. Its crap and so unfair.

[MelanieGiles]

Your house will only be at risk if there is equity which would be available to a Trustee in bankruptcy if you decided to follow that route.

[Indebtagain]

I've just had a look on line and one house has sold for less then what we owe but there are others on there for more but they have been on for a while as I've seen them before.

I do know that they are not selling here at the moment my neighbours house has been on for months and someone else took 2 years to sell.

I used to know someone who paid to to protect their house this was about 5 years ago can this still happen.

Thanks

[MelanieGiles]

I do not know of any scheme that would help you protect your property from bankruptcy.

[kallis3]

Me neither, if you are in negative equity then the OR wouldn't be interested and all you would have to do would be to get someone to buy the beneficial interest in the house which costs £1 plus £211 costs. That way it is taken out of the BR and as long as you continue to make the mortgage payments then you will be ok.

As regards BR, you may have to pay an Income Payment Agreement for three years dependent upon disposable income, your credit rating will be shot for a further six years.

As Mel says though - speak to your IP, explain the circumstances and see if they will accept what you have paid as a full and final.

[Indebtagain]

Sorry for not replying, I'm all over the place, had some bad news in regards to my daughters illness last week. I really don't think I can cope with losing my job, my daughters illness and going B/R or losing my house.

I've not spoken to my IP yet as I'm too scared I really cannot cope with any more bad news.

I have no idea what to do We owe so much money have no idea how it got so much we have nothing to show for it. I hate money. There is no way they are going to let us stop paying without going B/R.

[kallis3]

I am so sorry to hear that you have had bad news about your daughter, and I do so hope that she improves.

You have to speak to your IP, you could at least arrange a payment break for the time being - give you chance to get your head together and sort something permanent out.