www.iva.co.uk

Hi All,

I own a house with approx. £20k of equity based on current market values in my area. House worth £210k / secured debt £190k.

I have unsecured credit debt of £125k

I am currently on benefits after losing my job but I also receive interest relief payments so I am able to meet my secured debt monthly payments.


Would bankruptcy be an option for me without losing the house?
Would the OR use current house values or a "Forced" value when working out the equity in my house?

Many thanks for any help / advice,

David

It would be a risk going for bankruptcy, how many of you live in the house & how big is it?

Hi David,

I locked your other post as it was a duplicate of this one.

Is your house in your name only? If it is a joint mortgage then the OR can only consider your share of equity.

When valuing our property we gave the "forced" value to OR.

Hi Julie,

Thanks for the reply. Yes the property is in my name only so I would have to put 100% of any equity in to my bankrupt estate.

When you used a forced valuation did you have to offer several valuations and were they arranged by you (IE. local estate agents)or the OR?

No problems on the duplicate posts, I was unsure where to post so ended up posting on two topics. )

David - we just used one local estate agent, although I believe the OR do their own checking for valuation purposes.

It may be worth you getting a valuation so you have an accurate idea of the valuation.

I think that your house is at risk under bankruptcy proceedings, but try and get an estate agent's valuation on both an open market and forced sale basis so that you can calculate the potential exposure.

Hi Melanie,

Many thanks for the good advice.

I understand from Tina that my case details have been forwarded to you, hopefully I will get to discuss my situation with you soon.

All the best,

David

Tomorrow! See my last post!

Hi All,

Yes a HUGE BIG THANK YOU!!! to Melanie as she has been wonderful in helping me understand my options based on my current situation. If this changes then I will have other options to consider too.

Melanie really helped me understand all my options and I was truly humbled by her kindness, professionalism and compassion for people like me who are struggling with huge debts. Thank you Melanie, I will let you know how things progress.

My main focus now is to find a job whilst investigating more details on my property value & secured debt settlement which may or may not result in myself going bankrupt.
The IVA may still be an option if that ever elusive job comes along.

This site and the experts on here have given me new hope and a clarity that I didn't think possible this time last last year. Thank you to everyone who has offered advice.

I'll let you all know hows things go. No doubt I'll be asking more questions before the weeks out. ;o)

David

Hi David so glad Melanie could help you understand your options, she is truly an amazing lady and I hope things go well for you x

Glad Mel was able to help you David.

Good luck with sorting things out and let us know how you are getting on.