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Pregnant, redundant, stressed and confused!!!

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[quote][i]Originally posted by daisyw[/i]
[br]Hi, I have been posting on IVA.co.uk as my husband and I are in the process of applying for an IVA. The advice I have received however is that we would be much better off declaring ourselves bankrupt. We owe around Ł27K in unsecured debt, our house is valued at Ł104K with a mortgage of Ł94.5K and a secured loan of Ł17.5K.
We have filled in an I&E for the IVA and after everything, the payment does not leave us any allowance for food,clothing or emergencies. This is due to the fact that I was made redundant recently and am also 3 months pregnant so am not likely to return to work until the end of next year (We also have a little boy of 1yo). My husband works full time and I top up his salary with job-seekers, child benefit and family tax-credit. 
If we went BR, am I right in saying that our secured loan would not be able to be included? If so, and we kept up payments on our mortgage and S.L., as there is no equity in the house would we be able to keep the house?
Also, is it true that benefits are not included in calculating income, in which case we have no surplus income. Does this mean that we are unlikely to have a monthly payment amount to pay towards the BR?
I think as I am on job-seekers, I will qualify for a maternity grant when the new baby is born of Ł500, would this be taken away?
Last question... (so sorry for long post, [:I]such a lot to think about!!)my husband and I both have elderly grandmothers who are not in the best of health, its horrid to think about, but I understand that if we are left an inheritance in the BR year, the court will take the inheritance away. Is there any limit to this or is it just 'everything'? My parents were divorced and my mother passed away so my inheritance stands to be a substantial sum, could I not use this to pay off the secured loan?
Thank-you so much for any advice, am so stressed and know its not good for me or little-un. [:(]
[/quote]

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T O P I C R E V I E W
daisyw	Posted - 22 November 2008 : 21:30:14 Hi, I have been posting on IVA.co.uk as my husband and I are in the process of applying for an IVA. The advice I have received however is that we would be much better off declaring ourselves bankrupt. We owe around Ł27K in unsecured debt, our house is valued at Ł104K with a mortgage of Ł94.5K and a secured loan of Ł17.5K. We have filled in an I&E for the IVA and after everything, the payment does not leave us any allowance for food,clothing or emergencies. This is due to the fact that I was made redundant recently and am also 3 months pregnant so am not likely to return to work until the end of next year (We also have a little boy of 1yo). My husband works full time and I top up his salary with job-seekers, child benefit and family tax-credit. If we went BR, am I right in saying that our secured loan would not be able to be included? If so, and we kept up payments on our mortgage and S.L., as there is no equity in the house would we be able to keep the house? Also, is it true that benefits are not included in calculating income, in which case we have no surplus income. Does this mean that we are unlikely to have a monthly payment amount to pay towards the BR? I think as I am on job-seekers, I will qualify for a maternity grant when the new baby is born of Ł500, would this be taken away? Last question... (so sorry for long post, such a lot to think about!!)my husband and I both have elderly grandmothers who are not in the best of health, its horrid to think about, but I understand that if we are left an inheritance in the BR year, the court will take the inheritance away. Is there any limit to this or is it just 'everything'? My parents were divorced and my mother passed away so my inheritance stands to be a substantial sum, could I not use this to pay off the secured loan? Thank-you so much for any advice, am so stressed and know its not good for me or little-un.
5 L A T E S T R E P L I E S (Newest First)
Needafriend	Posted - 23 November 2008 : 08:40:13 Also you would fill out the I&E for food allowance, clothing etc and if you had any spare then if its over i think Ł100 then you would start to pay minimum 50% up to a max of 70% but that like i said is if you have more than a Ł100 left. LOL Jo x For more info on how i have come through bankruptcy and for links to help, you can read my blog here called: Needafriend's Info on Bankruptcy :-) http://debtfreejo.blogs.bankruptcyhelp.org.uk/ Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
Needafriend	Posted - 23 November 2008 : 08:38:23 Hi Daisy If you were assesed and had an IPA then it would stand for 3 years max. If your income dropped or went up then you would inform the OR and the changes would be made to either reduce/stop the IPA or it could be in the case of a rise in income go up but it would only be for 3 years then that would be that. If you dont have an IPA then your discharged you wont suddenly get one after your discharged they wont make you start one. Hope that helps too. Jo x For more info on how i have come through bankruptcy and for links to help, you can read my blog here called: Needafriend's Info on Bankruptcy :-) http://debtfreejo.blogs.bankruptcyhelp.org.uk/ Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
daisyw	Posted - 22 November 2008 : 23:02:49 Thanks for your replies. I would be perfectly happy for the amount we owe to be taken out of any inheritance, we thinking of taking BR as a last resort and obviously if we are/were able to pay the debt back by any means we would. If we went down the IVA route, then we would use the money as a final settlement payment. I just wasnt sure if they took just what we owed or took the full amount. Just to clarify something else, with an IVA, the monthly payment is assessed regularly and would go up if our income went up. If we went BR and were deemed to not have to pay a regular payment, would this stand for the full term or would it be re-assessed, as in the IVA? I only ask as when my little boy turns 3 (sep 2010)I am planning on returning to work and if this meant that we would have to payout extra it would probably effect that decision. Thanks so much again.
Skippy	Posted - 22 November 2008 : 22:34:25 Can I just add that if someone dies prior to your discharge, but you inherit after discharge the inheritance would still be payable to the OR. As Jo says any money over what you owed, plus costs, will be given back to you. Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of. View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Needafriend	Posted - 22 November 2008 : 21:39:41 Hi Daisy and welcome I will try and go through your post bit by bit. The SL wont be included in the BR unless your loan became secured, that would mean that you would either give up your home or have it reposesed, which brings me onto the bit for keeping it, if you can afford the payments and their is not equity BI then you can pay Ł1 plus Ł 211 fees to keep it, that would have to be by a 3rd party if both of you go BR. Certain benefits dont get taken into account, i know Child benefit and DLA but tax credits do as far as im aware, JSA i am not 100% sure on. The in heritence would have to be paid over in BR but not after you discharged, but if your debts are lower than what you inherit then you can get the other back. Hope thats a start Jo x For more info on how i have come through bankruptcy and for links to help, you can read my blog here called: Needafriend's Info on Bankruptcy :-) http://debtfreejo.blogs.bankruptcyhelp.org.uk/ Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!

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