www.iva.co.uk

hi all

sorry to bother you again

just ring my iva provider. She says looking at my paperwork we will
be loking at paying 470 a month. because we dont hsve any equity in
house.me and my husband are looking to go for a joint Iva. We do not have any joint debt apart from an overdraft with HBOS. I asked her if a were to declare my self bankrupt would they be able to take the house as my name is not on the mortgage. I have been living here 14 yrs. We have 2 teenagers. My husband bought the house before. I met him. She said they would. Dont know if we could manage that amount per month. Dont know if this makes sense so upset

Hi

I would think long and hard about commiting to the iva if you think that you are going too struggle.

From my understanding if you have very little or no equity in your property you should be able too keep your house by getting a friend or relative too buy out the beneficial interest cost £1 each plus £211 solicitors fee.

Regards

Hopefull

Hi Cardtart, I'm sorry to hear that you're upset. One of the experts will be along shortly, but in the meantime there are a couple of things that I thought after reading your post.

First of all, please don't agree to an IVA that you can't afford as 5 years is a long time and if the IVA is unaffordable at the beginning there's a good chance it'll fail. Been there, done that!

As you are married and have lived in your house for that long you will have a beneficial interest in the property. However, as the property is in negative equity a third party would be able to buy the BI back for £1 plus £211 costs, meaning that providing you can afford the mortgage and any secured loans you won't lose the house.

I don't know if you already have, but I would speak to a couple more IPs and get their advice about the best way forward for you. Which company are you using at the moment?

Good luck xxx

DFD passes it on to tenon as my hubby is self employed. Tenon value
house at 100k. I think ours would go for more as it has a double ext
on side. Dont want to do bankruptcy if equity in house, do you think I should get it valued myself. If more value in house may be able to reduce monthly payment into an iva. Nothing proposed yet. In a pickle and need to pull my self together.

Thanks for your replies dont know what Id do without this site. Hubby not home from work yet. xxxxx

It wouldn't do any harm in getting the house valued now as you'll have to if you go down the iva route.
Make sure you ask any estate agents for a quick sale value, that's what we were told.

Good luck

P x

hi pap

What do you mean by that and what difference would it make. soory for being a bit thick

What we did was tell them that we may have to move for work reasons and were looking for a quick sale. It means that they'll give you an estimate which if you did put the house on the market would get interest almost straightaway and probably sell within about 3 months.
If you don't say that then they'll probably tell you a higher figure thinking that in a few weeks time they can get you to reduce the price as there's been no interest. The lower figure is probably the most realistic.
Hope that helps

P x

If this helps, Melanie told me to get "a forced sale valuation" - may I suggest you use those words to your valuer - he/she will know what you mean; also try and us a known Estate Agent if there are national ones in your area. I was told it goes down better.

I would seriously consider giving another provider a ring. The amount of equity you have in your house shouldn't make any difference. It is what you can afford that is the important thing.

Give one or two of the experts who post on here a ring - it costs nothing and you might find that you are better off with someone else.

Do as Jan suggests - I got all sorts of nonsense (and believe you me it was nonsense too) from some until Andy Davie recommended Melanie. I could have been in real trouble if I had followed some of what was said to me.

I agree and think you should ring around another couple of IP's, particularly if you don't feel comfortable with the advice given. You will know when you find one you like you get a really good feeling when you have spoken to them.

thank you all. have taken your advice. c x

Cardtart - it is based on:

(a) affordability
(b) achievable
(C) in the debtors best interest - so don't worry and have a chat withsome other firm as advised by others.

Let us know how you get on.

Has your IP actually obtained a professional valuation of your property?

She only has a valuation from average price on internet. Zoopla or something like that it gives you an estimated average of houses sold on that street