www.iva.co.uk

we are surrendering our house back to mortgage company at end of month because cant afford repayments with iva aswell,we have rented property to move into but iva said they will take another 500 pounds extra a month which we will be in the same position we are in now also there will be shortfall on mortgage.2 questions can the landlord evict us if we went bankrupt and also can iva take that amount and leave us with nothing to live on again with 2 children,bankruptsy seems best option in long term.i tried every evenue to keep my house,dont want to end up with nothing again,thankyou.

Hi
You should consider bankruptcy now that you have no property and a potential mortgage shortfall. You will find that you will pay less in a bankruptcy payment order, over three years, than you will if you continue your IVA.
You need to check with your landlord regarding bankruptcy but I think that you will be fine.
If you prefer not to go bankrupt then speak with your IP and fill out a fresh income and expenditure form, make sure you also discuss the implications of the mortgage shortfall.

On the info supplied I would certainly favour bankruptcy.
Regards

Why would your IP be saying they want money you cannot afford to pay? There must be some misunderstanding here, and I suggest you have another chat with them before kneejerking into anything drastic.

Have you provided them with a revised income and expenditure statement for once you have moved?

sharron555 - who is your IP? What change of circumstances have you had?

Don't do anything drastic at this stage and let us have all the facts as to what has gone wrong with your budgeting for example.

we are giving house up because the payments on repayment 1300 month which left us with 100 month to live which is impossible,now freeman jones says we can pay 800 month to them in rented which would leave us 400 month like before when we were on interest only and we still could not manage,what do you think is acceptable to live on 2 adults 2 young children,plus there will be shortfall on mortgage so they will be chasing us before long aswell,its never ending,thanks

How have they worked this out? Have you provide them with an income and expenditure account showing the level you anticipate paying on your new property rental.

they said need to fill one out when we have moved,what is acceptable to live on for most 4 people families on iva,thanks,and we only owe 19000 altogether so 800 over another 4 yrs is triple that amount.

It needs to be based on what you are actually spending Sharon, not what someone says you can or cannot do. Obviously expenditure has to be within guidelines, but this should be discussed with you after you have submitted your budget and not before.