4 years of 6 completed of our joint iva in sept. My problem is i just cant take anymore, sick of not being able to do anything with my 2 little girls and partner, not had a holiday in 4 yrs and always struggling. Nothing else left to sell on ebay. Is there anyway this can end early? Ill even give up my house.
Any advice greatly received
You can offer a full and final settlement based on the remaining payments ( plus 12 for the equity release)if you can raise third party funds.
You could offer this sum on the selling of the house, but make the sale conditional upon acceptance of your offer. You will have to make sure there is enough equity left for you to rent another home. If you just sell up the creditors will want all of the equity and the IVA will continue.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I would add ... think very carefully about giving up the house. The property ladder is hard enough for those with clear credit records to get on to ---- getting back after an IVA will take quite a few years and, if there is another "bubble", prices will expand beyond affordability again.
That house is security for you and the family and will be yours long after this IVA has passed if you can somehow tough it out or raise third party funds.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Mark; I'd definitely think long and hard about Foggy's recommendation. Giving up the security of a house you own to be flung into the rental market (which will most likely cost you dear in the long run) seems foolhardy.
I share your pain mate, I'm at pretty much exactly the same point as you (6yr, 2 to go) and it's not been easy. Hang in there mate.
Bear in mind that if you sell the house and have a chunk of equity you could end up repaying the full amount of the IVA including fees and charges. Depending on the amount of equity you could even come out of it with nothing. I've literally just commented on a thread about someone who's lamenting how difficult it is to rent when you're in an IVA and that will follow you (and all of us) around for a while even after it ends. With companies taking their time issuing CCs due to PPI and other crappy reasons, it could be a while before you can expunge your credit file (and even then the defaults will still show from 4 years ago for another 2 years).
My advice is that in all likelihood, you're far better off hanging on to your home, allowing as much debt to be written off as possible and riding out the remaining couple of years.
You've made it this far. Don't give up now, it will end. Your job is to make sure it ends on the best possible terms for you and your family.
Mark 29..... Hang in there mate, I agree its not easy and there are times when it feels really slow but if you can get through the final years its going to be well worth it.
Yes I know its feels hard with the kids sometimes but the most important thing to any children is just being able to spend time with them and not buying all the latest toys or clothes.
We took a six month payment break to try and get a few things sorted with the car and house etc
Maybe that might be an option for you?
Hi mark If you give up now you have wasted 4 years hard work and may well lose your house. I am sure this will be extremely stressful for you. You may then be made Bankrupt and your credit rating will be affected for 6 years from the beginning all over again. You may also have to pay contributions into your Bankruptcy for 3 years, which is longer than what you have left to pay in the IVA....!
You could consider a secured loan if there is any equity. This would reduce your monthly payments by half and once the IVA is over you could then sell if you wished and the remaining equity would be yours. How much equity is there is the house and at what loan to value?
