Remember to factor in to any decision the £655 needed to pay for a Bankruptcy, and the likelihood of 3 years of payments under an Income Payment Agreement. If you can afford to pay something towards your debts on a monthly basis then you will be expected to do so.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
However, as the OP has stated that he is very worried about the prospect of losing the property, then professional advice as to the pros and cons of all scenarios is to be encouraged as a first port of call, rather than relying upon opinions from forum posters with little knowledge of the actual case itself, myself included.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
I'm still waiting to hear from my IP about what is happening, I can manage to increase my offer by changing a few things about about it will significantly increase the dividend so if its refused again and I have to go BR then thats what I will have to do , I'm going to see what my IP says but BR will intimately mean the possibility of loosing the house and a lot less for the creditors than an IVA !
Theres so many things in BR that I dont understand
If theres equity in the house after a valuation how long do we get to come up with my wifes half if she gets the option to buy ?
Would the mortgage company even allow her to buy it and be responsible for the full mortgage as she dosen't work due to ill health ?
Will they take in to account my sons DLA as he lives with us (he's 20)?
I dont have a car as I have a van provided by work but would the wife's car be considered an asset , its registered and insured in her name and worth less than 2k?
sorry for all these questions .. just trying to get all my facts straight
The OR will take an interest in the house for two years and three months and then look at it again.
DLA would be considered but if it is for your sons needs then would be taken into account for that. I don't know what his problems are but could he possibly be able to get a motability car depending on what his level is?
Why don't you chat to a BR expert? Give Viki Warbrooke at Vincent Bond a ring for some free advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
A Repossession Order in BKY will not be granted until one year has passed. That gives plenty of time to get your ducks in a row and perhaps as I suggested for your wife to pay in installements/
Based on gross equity of £8k creditors won't receive any dividend in Bankruptcy - everything will be swallowed up in costs and Bankruptcy taxes.
The care belongs to your wife then it is not an asset for the estate. She may have to prove she bought it to satisfy the O.R./Trustee. Given its worth less than £2k they shouldn't be too interested anyway as it will be deemed nominal. Plus, if you needed it for your work you could also argue it be exempt from the Bankruptcy estate.
Whether the mortgage company allow you wife to take on the mortgage solely in her name will depend on her financial status and the Bank. Based on what you have said I suspect its highly unlikely.
To give yourself some comfort calculate the equity as previously recommended.
So I could probably consider BRwith a very low risk of there being any equity in the house currently , however in a couple of years time there will obviously be more equity available ! Based on my calculations I think approx another 10k so equity is going to be somewhere between 10-20k assuming house prices don't change much . So either way looks like I'm going to loose the house in BR if not now then in a couple of years so with this in mind I really need to get an IVA accepted instead ! What do people think to having a joint IVA with my wife ? She has very little debt in her name maybe only 2-3k so not sure if she could be included along with me ? What do people think ? Thanks guys you're all a god send #128516;
There is no such thing as a joint IVA, they are interlocking and you just make one payment a month.
You wouldn't be able to include her debts on yours.
Hopefully your IP can come up trumps for you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
We were advised to do a interlocking iva because it meant we could share the pressures. However I would never advise anyone to go into one for that level of debt.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
If disposable income is the issue then you can shift some of the household expenses to your wife, freeing up more of your income --- but don't go overboard.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Highly unlikely that any equity is going to increase materially in three years given the ongoing interest usually applied.
If you think that's the case that would be a reason to reach an agreement with the O.R/Trustee quickly rather than risk waiting and see what happens over 3 years. A Trustee will ant to do a deal quickly to close the case rather than leave it open for 3 years. If you can prove negative equity they will likely disclaim their interest in it and it will revert back to you.
Thanks Lisa, your a mine of information . If my second IVA proposal is rejected I will have no option but to go BR , my only concerns are obviously loosing the house but as you say its unlikely however if my wife does have to buy any equity back there's the problem with the mortgage company and how that will all work . I know they wont allow her to be responsible for it as she's unemployed ? Although we will be in perfectly good position to continue mortgage payments as normal.I am confused by this thing where they take an interest in the property for 2 years and 3 months however its been suggested if there's no equity they might just had it back ? Also in BR can creditors still chase me for payments ?
Once you have been made bankrupt then you are protected from being chased by creditors.
Hopefully your IP can come through for you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thanks everyone for your help and input ... received call today from my IP and some minor modifications have now been accepted so my IVA has been approved . I know its going to be a long slog but its a huge worry off my shoulders . Thanks again everyone
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
. If my second IVA proposal is rejected I will have no option but to go BR , my only concerns are obviously loosing the house but as you say its unlikely however if my wife does have to buy any equity back there's the problem with the mortgage company and how that will all work . I know they wont allow her to be responsible for it as she's unemployed ? Although we will be in perfectly good position to continue mortgage payments as normal.I am confused by this thing where they take an interest in the property for 2 years and 3 months however its been suggested if there's no equity they might just had it back ? Also in BR can creditors still chase me for payments ?
