www.iva.co.uk

I am about to write to my mortgage company to offer to give my keys back as I have now moved to rented housing and about to declare bankruptcy, and there is no chance on this planet we are able to meet our mortgage payments anymore.

Out of interest, if I was to write to the mortgage company saying "I cannot pay anymore, i'll put it on the market, to get your money back but i'll no doubt be 3+ months in arrears by the time it sells -

1. Would the mortgage company be open to an offer like this?
2. Would they get more money this way, rather than have to sort the sale themselves?
3. If they agreed would this keep me off the repossession register, or am I just doomed to end up on it in any case?
4. Would the official receiver need to play a role in the sale once my BR is confirmed?
5. Is being on the repo register a big killer when it comes to obtaining a mortgage say 10 years down the line?

Hi
I would just let your OR deal with it.
there is no reposession register,just the Insolvency register and credit files.
The Insolvency file will be clear once you are discharged[upto one year] and the credit files six years
Good luck

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

There is nothing to stop you making such offer, but the bank are likely to want to secure their position by controlling the sale. Why would you want all of the hassle, if you are going bankrupt in any case?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Andy, this is taken from:

http://www.cml.org.uk/cml/policy/issues/47

"The possessions register (the register) is a CML initiative and was established in conjunction with two major credit reference agencies namely, Experian and Equifax. The register lists properties taken into possession on both a voluntary and involuntary basis by those lenders participating in the scheme, with the dual aim of preventing fraud, over commitment and loss."

Melanie, I was just thinking that it may look better for a future mortgage if a.) The mortgage company got all their money back by me selling it myself and not repossessing the house so to speak, rather than b.) them repossessing the house, and not getting all their money back and then going on the repossession register.

I know that bankruptcy is going to 'cost' us with a higher mortgage rate in the future, but I was thinking it may make our lives 'easier' doing a deal of some sorts.

I can take the "easy" option and let the OR sort it, but we feel guilty that creditors are losing money due to my husband and I (even though our business failure was out of our control), and while we would love to do an IVA, we just don't have the disposable income to do it. I see the odd post on here that seems to suggest that bankrupts just don't care about debts and are looking for an easy way out compared to those proposing IVA's, but it really is not the case!

Hi Wen
Thanks for that,news to me !!
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp