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T O P I C R E V I E W
sharon555
Posted - 18 May 2009 : 12:31:12 i am surrendering property back to company and already about 40000 shortfall coming,also got iva who wanting lot more money because we are going into rented,think our best option is bankruptsy,but can we declare bankrupsy before we know the shortfall or do we have to wait so we can include it in the bankruptsy,iva are trying there hardest to talk us out of it,but if there gonna take all our money after having to give our house up what have we to lose,thanks
1 L A T E S T R E P L I E S (Newest First)
gettingoutofdebt
Posted - 18 May 2009 : 12:52:48 You need to include the shortfall in the BR but it doesn't need to be the exact amount as the OR will find this out from the mortgage company. Putting down £40k should be fine.
How far are you into your IVA? If you have been in the IVA for more than 2 or 3 years then it may be worth sticking with it even though it will mean giving up all of your disposable income.
Having said that I can understand how BR is an attractive option as you will only pay 50-70% of your disposable income so will have some money left over at the end of each month.
