www.iva.co.uk

...about the reality of bankruptcy.

As we're still waiting to hear about my interlocking IVA, I'm beginning to get a little bit twitchy that it may fail so keep thinking about the reality of bankruptcy and wanted some info as to what it will really mean for us, because there really is no other way if the IVA doesn't go through.

Our mortgage is £336,000. Secured loan of £96,000. House worth £330,000. Unsecured debt £136,000.

Husband has a professional qualification and currently works as a director but not a companies house director, so just a title really. I know he'd lose the professional quali but for how long? Can it be reinstated?

We have four children, dog & cat, would we be kicked out of our house, where on earth would we go and would husband be completely stuffed in terms of work?

I'm trying to be positive but I'm just preparing myself for the worst to be honest.

Thanks.
Rache

Oh Rache it's the unknown isn't it?

Always have it in your mind you IP will have put the best offer on the table to the creditors and in the unlikley event of rejection there will be another solution. I don't know the answer to your questions but want you to know we're all here for support.

One of our professionals will be along very soon. x

Thanks Lesley.[:)]

I think I may well be cracking up and can feel myself going over to the "bad place". <<Sigh>>[:(]

It won't fail - and you are only in this very unfortunate position due to a completely incompetant bunch of creditors voting on your husband's proposal and not yours - claiming that they did not receive yours, when they were mailed in the same envelope!

This is quite a ridiculous scenario - made worse by the fact that when I chased it along today, we were informed that they had listed your creditors meeting as 2 August! Fuming! But I expect to have this resolved by Wednesday at the latest.

[:(!][:(!] Honestly though why does it FEEL like these things always happen to us?!!!

Thanks for reassuring me Melanie. [:)]

It is not fair - and they ought to be dealing with it in a far more professional manner. If I don't hear from them on Wednesday as promised, I will taking this straight to the top!

[:0][:0] Gulp! Well that scared me so hopefully it'll work!!

[:D]

Melanie will definitely do all she can to help and I'm sure get results. x

Uh oh, I wouldn't want to be in whoever's shoes "at the top" if Melanie has to escalate this. Rache you couldn't have a better IP fighting for you and no-one could hates imcompetence more than Mel. She'll get it sorted.

Regards,

Good luck with it all and remember there is always a solution and you are doing well to act now, rather than let it all get on top of you.