offered 50k

[scaredkez]

Hi everyone and thanks for the replies, as you can imagine it has been very hard for me to concentrate today at work, so I went straight to mums to discuss the offer,
They have shares and Isa’s that they have been saving into for years, my dad had a very good job and they have managed to put quite a bit into these and on maturity they have reinvested, my dad had a triple by pass three years ago, unexpectedly, never been ill in his life, and since has not been able to work and to me they have lived on the breadline since, their choice they said as they didn’t want to cash in what they have saved.
However if they cashed them in now they stand to lose quite a bit of money, so I am going to be very selfish and decline their offer, they are only 60 and I would rather they enjoyed their hard earned money themselves, they tried to say I would get it eventually anyway, well I hope that is a long way off, and I do not feel that they should pay for my irresponsibility with money and finances, I know I stand to lose my home but could never live with the guilt of taking that money off them and again my children would suffer as it is meant for them also.
Plus I also think they were going to release a small amount of equity from their property, they didn’t say this but I read between the lines, their mortgage finishes next year, they bought their property for £10k and it is worth £150k now, they invested wisely, that I will not let them do, they have made themselves financially sound for me to mess up their good work.
I also feel that to my creditors I have gone down every avenue to pay them back and they refused yes they refused and I know a lot of people will not agree with this I tried my best and the offer wasn’t good enough before so I do not feel guilty about paying them all the money back, by declining the iva they obviously chose BR and that is what I am going to do.
With all the negativity around iva’s and my own personal experiences I do not want to go down that route again, I have thought hard and long about this all day, I seen an easy way out last night with the offer but in the light of day I have actually sickened myself to think I might have accepted it, Blackhorse very clearly yesterday stated they wanted all their money back and wouldn’t give me any leverage on the DMP even if I could have changed my circumstances with in the next 6 months they were willing to wait 21 years on the offer they made to me yesterday.
I have to stand up and be accountable for my own actions and pay the price for my mistake, I am only young and will be able to one day hopefully get back on the property ladder.
I also would never forgive myself if the iva was rejected again or they wouldn’t accept the money as full and final, plus the fact northern rock may also reject the offer
Thank you all who took the time to reply but my decision is final I will not be accepting their offer and will go BR , I know it will upset them that I have reached this decision but it would upset me more to accept it.
kerri


Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[MelanieGiles]

You are a very brave lady, Kerry, and I salute you!

One more suggestion, which might act as a compromise. You say your parents have investments in stocks and shares, and that you are going to lose your home in bankruptcy. Why not suggest to your parents that instead of leaving their investments in stocks and shares, that they release some money to enable your equity in the property to be acquired from the eventual bankruptcy Trustee?

In this case, Mum and Dad would thus acquire a beneficial interest in your property, and their "investment" would be preserved as property investments have performed on par with stocks and shares, if not better, over the last 15 years or so.

During the bankruptcy, you would continue to pay the mortgage, and after discharge you could look to repaying your parents and perhaps eventually re-mortgaging to pay their money back.

Probably too much to think about at the moment, but once the dust of bankruptcy settles it might be worth some more thought.

Good luck once again.



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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[scaredkez]

thanks melanie it wasn;t an easy decision believe me but it is the future of the children i have to think of also and would rather any money that will come to me be given to them and give them a better start in life.
the only thing that worries me is the CO that BH is threatening on the house and in all fairness i think they would if i asked them to buy the beneficial interest, but my husband and i have decided on a brand new fresh start with nothing hanging over us ie the CO, the whole process has made me ill and my health has suffered, my job is a very important job and that has suffered to, so we believe we have talked at great length the best is to start again plus i am resigned now to losing the house and feel we have no luck here anymore.
i will seriously think about it though may change my mind after i have slept on it
thanks kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[MelanieGiles]

Kerry

Trust me, once the bankruptcy order has been made (which incidentally will stop Black Horse from taking out a Charging Order) you will feel so much better.

The sooner you start the process the better, as the Courts now have long lists. I tried to get a bankruptcy hearing date for a client in Cardiff today, and the earliest date the Court could give us was 4 May!

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[thebear29uk]

Hi Kerri

I was reading your post thinking exactly what Melanie suggested then scrolled down to see her post. I know it is another thing to make a decision on but it must be worth thinking about. You would save on moving costs and you have no doubt got your house the way you like it whereas moving would probably mean decorating etc.

I cant remember if you have posted previously how much equity is in the property but if its much less than the £50k that your parents were willing to raise then maybe its a happy compromise. Unless we see a massive property crash it would also be an investment rather than paying off your debts.

Also if you decide yes maybe they can get the money for BR sooner than you intended preventing any time for BH to get the charging order.

Good luck with whatever you decide

Dave

[scaredkez]

thanks bear, will think on it hence why i am still up, to be honest we have the mortgage money that we were going to use to go BR we are upto date with it anyway but it is due this month, the house is our palace but still needs a lot of work, i am weighing all pros and cons up at the minute believe me my head is in overdrive.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[thebear29uk]

kerri

You should sleep on it. Besides you have bigger things to worry about such as when Man Utd beat Liverpool in 12 hours time. Lol.

Dave

[scaredkez]

now dave thats fighting talk from where i come from man u beating liverpool lol
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[andrewl]

Good luck Kerri, with whatever you decide. It's an impossible time when you in this position and as we've all discovered trying to get an IVA is not as easy as they like to say on the TV/newspapers/Internet adverts. It has had a negative impact on my family and you do find everyone suffers to a degree until it's sorted.

Andrew

[neverending]

All the best Kerri,I really hope that you come out of this with a huge weight lifted from your shoulders.
You deserve to prosper.