Posted: Thu Aug 30, 2007 1:14 pm
Hi, creditors meeting coming up in a couple of weeks. I've been reading the posts avidly since I started my IVA proposal and wasn't going to post another question as most of my queries had been answered, but I read another post today - someone asking if an IVA would be suitable for them as NR was their main creditor. Again the replies came back about NR only accepting about 1 in 10 IVA's.
NR are my main creditor. I owe them 16k. My total debts are 58k (50k in my name and about eight in my wife's who was added to the IVA proposal at a later stage for us to offer a better repayment).
We are offering 72 monthly payments at £350 per month which gives a return of 26p in the £ as opposed to 2p in the £ with BR. We may also be able to offer more with equity release at a later stage.
If our IVA is rejected and I am forced to go BR (we have already assumed a DMP will be no good as even if intrest was frozen it would take us about 15 years to repay everything)I am prety sure that I would be able to get a family member to buy out my share of our homes equity (about 7.5k) and put their name on the mortgage for us to keep our house. If my creditors knew about this would they be more willing to accept the IVA as they would know for a fact that they would get more? Also, if they accept the IVA and it fails for some reason later, I'm assuming that both me and my wife would have to claim BR entitling my creditors to all of our equity. Would this play any part in their decision to accept said IVA?
One more thing. NR have informed me that if I miss three months of repayments they will automaticall move to secure my loan against our property. Am I right in thinking that if I don't go three months behind then they can't do this or can they do this at anytime if they think the debtor is having repaayment difficulties?
Please, any advice anyone?
NR are my main creditor. I owe them 16k. My total debts are 58k (50k in my name and about eight in my wife's who was added to the IVA proposal at a later stage for us to offer a better repayment).
We are offering 72 monthly payments at £350 per month which gives a return of 26p in the £ as opposed to 2p in the £ with BR. We may also be able to offer more with equity release at a later stage.
If our IVA is rejected and I am forced to go BR (we have already assumed a DMP will be no good as even if intrest was frozen it would take us about 15 years to repay everything)I am prety sure that I would be able to get a family member to buy out my share of our homes equity (about 7.5k) and put their name on the mortgage for us to keep our house. If my creditors knew about this would they be more willing to accept the IVA as they would know for a fact that they would get more? Also, if they accept the IVA and it fails for some reason later, I'm assuming that both me and my wife would have to claim BR entitling my creditors to all of our equity. Would this play any part in their decision to accept said IVA?
One more thing. NR have informed me that if I miss three months of repayments they will automaticall move to secure my loan against our property. Am I right in thinking that if I don't go three months behind then they can't do this or can they do this at anytime if they think the debtor is having repaayment difficulties?
Please, any advice anyone?