www.iva.co.uk

He didnt seem too sure. I have been with the CU for a lot of years, but took out a home improvement loan in sept/oct last year. Then my marriage went belly up in Feb and i could no longer pay. He thinks this is the reason, becasue its such a new debt. I also have another new debt for a large anount taken out in January. I am goingto lose my home i know it

They will have time to talk them around hopefully if it's adjourned.

There is about 9k equity in my house. Half will go to my ex, so if i have to go bankrupt there will only be just under 5k to go to all my creditors. It seems silly that they are not prepared to accept my proposal, becasue the only option i think i will have if it doesnt go through is bankruptcy. To have to sell my home to release £5k seems ludicrous.

With that level of equity ( less after allowance for a forced sale and fees) if you did go BR the OR would probably allow you to keep the house ( by no means certain though). So the creditors will get even less.

I feel sick to my stomach Foggy. I am absolutely devastated and cant see any future for us now

It's not over yet, Goffy. Are they going for an adjournment ?

He mentioned an adjournment and said something about 14 days. I cannot go through this for another 2 weeks. I am already in pieces and to drag it out for another fortnight seems pretty pointless and is not good for me mentally. I am already exhausted from all of this. My marriage has gone, im in debt up to my eyeballs and now this. I am not coping very well as it is and i cannot deal with this anymore

You need to give your ip time to try and renegotiate with your creditors, this can take 14 days and unfortunately, as upsetting and distressing as this is for you, you just have to try ad be patient, there is nothing you can do so it's pointless stressing so much as its only going to make you ill

I know lem, and i know what your saying is right, but im a worrier by nature. I did manage to speak to my IP again last night and he said perhaps the credit union didnt understand the IVA process. I also told him i was terrified of losing my home and he said to go bankrupt would be a waste of time as there would only be £5k equity and that he would not put my home in jeapardy. I want to beleive it, but I was told my IVA would be accepted and it wasnt, so this is why i am so worried. Thank you for the response, you are talking absolute sense