www.iva.co.uk

Hi

I was wondering what the process of bankruptcy is? Do you lose your house, even if its in negative equity? does bankruptcy stay on your credit file forever? Will you ever be able to get a mortgage again?

Sorry for so many questions, but been looking into an IVA and don't think that we have enough DI to make the payments.

Hi,

It is possible for a third party to buy the beneficial interest of the property. Your credit rating is shot for 6 years (like an IVA) and you will be able to get a mortgage once you've buolt your credit rating back up. There are specialised compnies that deal with mortgages.

Have you taken advice from an IP?

bouncy ball have you spoken to cleardebt, they are very helpful with low DI IVAs?

I haven't spoken to any one yet. Have not plucked up the courage!

Do you know what the lowest monthly payment would be acceptable for an IVA. Does it depend on the amount of debt?

it actually depends on your disposable income rather than the amount of debt. I was also advised wrongly that I had to have a certain amount of DI to do an IVA. Cleardebt have been very helpful and they work very quickly... if you go on their website and fill in the details, they will call you so you dont need to pluck up the courage to call [:)]

IP's are only human...well the ones that post on here anyway [:D] Its difficult to say the lowest amount as an IVA is dependent on individual circumstances. I know Melanie has managed to get some low ones through.

You won't know until you ask......do you know what your disposable income is roughly? Making sure you've included everything?

With BR - have you got any other assets? Like a porsche [:D] Seriously, if you have a car you may have to replace it with a cheaper model if its over a certain limit.

Post as much as you can and we'll guide you, but your best option is to have a chat with an IP. Melanie and David post on here and they'd advise you.

As David would say - it is all down to affordability at the end of the day.

Your best offer is put forward to your creditors and it is up to them whether they accept or not.

How much DI do you think you will have bouncyball?

[:D]wish I did have a porsche. I'd sell it straight away and pay all my debt off! [:)]

Our debts are £38000ish Our DI is under £200 a month. We do have 2 cars as we both have to get to work. I have a 1 year old daughter so would rather not lose our house.

Give Cleardebt a ring - David specialises in doing IVA's with low disposable income. If anyone can help you, he can.

Will do thanks for advice

How much disposable income do you feel that that you do have available, Bouncyball?

Bouncyball - I will get my team ready alerted for your call.