we have spoke to tina in mellanie's team to see if we could qualify for an iva. unfortunatly we dont as we dont have enough disposable income so bankruptcy is an or only option. i was told that if we filed for bankruptcy they couldnt touch the house as we are in negative equity & also have a scured loan on the house, i have no reason not to believe her but is this true & we also have a car on hire purchase which we owe more than the car is worth & my wife requires it for getting 3 kids to school in the morning & our baby daughter to play groups etc. obviously we are worried but are looking for a way out of this but are worried more so about our house & car. any advice would be appreciated!!
i just want to be clear, i didnt say i dont trust her, she gave us excellent advice, i guess im just a little scared & if i did start the process i dont want the worse to happen. thats all.
I did not wish to imply you did not trust her - of course you are nervous - anybody would be - Tina will be a great help to you and for one, I really do hope you will get your problems sorted so that you can put it all behind you and start again.
I went bankcrupt this week (Tuesday and Wednesday I was in court) and had looked at an IVA via Melanie's team, which we then realised as a collective wasn't possible. I dealt with Tina and she was fantastic - you have no need to doubt a thing what she says. I have negative equity in my home and understand that I should be able to keep it. My meeting with the Official Receiver is Thursday so I can let you know what they say with regards to everything. I have written some bits up over the last week on the forum giving my experience of going BR and any advice I think would help. You may like to have a look at these, or Skippy's blog as she also went BR. Or you can just ask us a load of stuff and we will try our best to answer. The BR process physically is very smooth - it is the emotional side that is so hard.
Have a great day.
Poppyfairy I am feeling like a panda bear today !
There's an old zen saying 'Only an empty bowl can be filled'. It means that the moment you think you have nothing left is the moment when growth and progress become inevitable. Everytime you see an empty bowl, think of the potential.
sorry elv5 i didnt mean it to sound nasty. just worried thats all. looking for some support i suppose. its the not knowing thats the hardest part & what if.
The house is not as risk where there is negative equity but you may need to check the situation concerning the car. By petitioning for bankruptcy you will be in default of the hire purchase agreement and the finance company can repossess the vehicle even if you are up to date with the payments. However, if you speak to the finance company in advance they may agree to let you keep the vehicle or in some cases they would look for a guarantor.
Try and get the name of the person you speak to at the finance company and if possible get it in writing. The OR will allow the payments to be made to the hire purchase agreement so you do not need to worry about that side.
I am feeling like a panda bear today !