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siobhan1978
Starting Member
1 Posts |
 Posted - 09 July 2009 : 22:14:36
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iva or bankrupsy which is best,
i was a director of a company i sold my shares for 410,000.
i spent 200,000 gambling, within days and invested the rest in a motor trade business with my partner, it is a limited business.
i own my own home but it has a mortgage on it home value 220000 mortgage on it 173000
my name is the only one on the mortgage, but me and my partner have been together 10 years and he originally helped with the original deposit to get the house, we have a 1 year old son and i am 3 months pregnant..
we also have an aprtment in spain that has been on the market for 2 year thert is little or no equity in the apartment now.
we are both on that mortgage.
we have the option of taking me off the mortgage and just leaving my partner on, so that we can rent out the apartment to cover the monthly mortgage,
is an iva or bankrupsy best for our situation
i payded my tax loiability this year and will owe IR 70,000 in january plus a futher 50,000 to other creditors,
i am working for the car company and am able to take home around 800 per month
the intrest only mortgae is 300 council tax is 140,
will i be able to kepp my house, my business, the aprtment on an iva or bankrupsy also in january 2011 i will owe a futher 20,000 to the ir for capital gains made when i sold my fiorst business, i am paying my self by paye at the moment to avaiod futher tax debt,
what should i do |
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debtinfo
forum expert
2826 Posts |
Posted - 09 July 2009 : 23:07:13
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Hi Siobhan1978, I try not to give advice only information although some of the others on this site may offer advice, particularly the experts some of whom offer proffesional services. In general with the bankruptcy route you lose control of your assets and in the long run if you want to keep them you have to find someone who will buy out the interest in them at the going maket rate. This is less complicated if they are in negative equity as you may have the funds to buy the equity back for a pound plus cots. The other part of the OR's role is to investigate misconduct. Only you will know if this will be applicable to you. I should point out at this stage that things like gambling are not automatically misconduct, it depends on things like if you were solvent when the action took place and if it was detrimental to creditors.
Onto the IVA, An IVA can let you keep your assets put after 4 years you may be required to release equity by remortgaging. It is not normally the remit of the IP to investigate your prior conduct. In both cases future credit will be restricted which could be important if running a business.
Hope this helps |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 10 July 2009 : 08:51:26
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If you decide to declare BR then the OR will want to release the equity in your home so you 'may' lose this. The apartment in Spain 'may' be reclaimed by the OR but if there is little or no equity in it they may not as they will probably need to employ a local solicitor to reclaim the property and this could end up costing the OR more than they would get from the sale of the apartment.
You will probably end up with a BRU for the gambling, which will mean that the BR restrictions will be extended for several years rather than being over after 1 year.
If one of your creditors is IR then I doubt if they would agree to an IVA as they would want the whole debt repaying rather than agreeing to a certain percentage of it.
Speak to the CCCS, CAB or National Debtline and they will discuss your current situation and advise the best route. These companies are extremely busy at the moment so it may take a while to get through to them. The other option is contact the professional companies that post on this board. They offer free advice and will only charge if you want their assistance in completing the BR forms or even accompanying you to court on the day:
Reviva UK: http://www.revivauk.com/
Jones Giles - http://www.jonesgiles.co.uk/
England, Jackman & Spacey - http://www.ejands.co.uk/index.php
You may also want to post this on the IVA forum to get the advice of the IVA experts regarding your situation if you decide to try for an IVA rather than BR.
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 10 July 2009 : 18:18:59
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You can also visit www.iva.com for a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to all the options open to you and the best way forward for your circumstances.
The glimmer gets brighter all the time
Jan
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iva or bankrupsy which is best,
