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| T O P I C R E V I E W |
| Tigerloverbole |
Posted - 11 March 2009 : 15:51:02
Hi i was wandering if you could give me some advice, me and my partner have an iva which is close to failing, probably is now as we were paying a reduced rate of £500 as could not afford to pay the full amount of £744 no longer due to having had a baby which he is now 2, and the cost of everything going up, but one of the major creditors has refused out lower payment, and this month we needed a payment break but freeman jones said we could have no more payment breaks, we have over 3 1/2 yrs left on it, so i had to cancel the direct debit this month as we got desperate as we need to both have our cars MOT'd mine passed luckily but my partners didnt and it cost over £480 altogether, but we needed our cars for work, now we are really worried about what is going to happen as we have a toddler, we have a 2 bed maisonette which is a shared ownership property so we only own half of it, and we pay rent on the other half, we are worried about being homless, and was wandering what advice you could give please. |
| 3 L A T E S T R E P L I E S (Newest First) |
| Tigerloverbole |
Posted - 12 March 2009 : 09:04:55
Thanks for your info guys, yes we do need both cars as i work nights and then need to take my 2 year old to his childminders, as with the property there is no equity on it now since the recession, i was just worried that we would end up being in a hostel.
But thanks for your reply's much appreciated.
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| John |
Posted - 11 March 2009 : 16:33:52
Hi
you will need lots of advice but your main concern appears to be your property, is the proportion of the property which you own via the mortgage in negative equity?
If it is and you are up to date with the repayments and can continue to service the repayments in the future then there is no reason for you to lose your home in bankruptcy, if indeed that is what you are contemplating.
John White
England Jackman & Spacey |
| Suzanne |
Posted - 11 March 2009 : 16:33:22
Hi
If your IVA has failed then your supervisor will normally issue you with a certificate of non compliance and perhaps then petition for your bankruptcy.
If there is no equity in the property you would have the opportunity to buy the beneficial interest and so keep the roof over your heads.
If you need both the cars for work and they are worth £2.5K or less then you should be able to claim them as exempt property and keep them in a bankruptcy scenario.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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