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zoe2008
Posts: 115 Forumite
Hi this is my first time so i hope some one can help
Myself and my partner are in fulltime employment with one child and one on the way ( just found out )
We have an IVA which we cannot afford to pay. We asked for thye payments to be lowered but they wont lower them!! We are now delfulting in these payments as we are trying to catch up on other bills!!!
We have £15,000 in negative equity on our house but dont want to lose it.
Is bankuptcy for us??????
Can we keep the house as we have keept up with the mortgage and even on one wage we can do it.
The IVA has crippled us!!!
Can anyone advise
Thanks
Myself and my partner are in fulltime employment with one child and one on the way ( just found out )
We have an IVA which we cannot afford to pay. We asked for thye payments to be lowered but they wont lower them!! We are now delfulting in these payments as we are trying to catch up on other bills!!!
We have £15,000 in negative equity on our house but dont want to lose it.
Is bankuptcy for us??????
Can we keep the house as we have keept up with the mortgage and even on one wage we can do it.
The IVA has crippled us!!!
Can anyone advise
Thanks
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Comments
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If you are in negative equity then yes you might be able to keep your home but that would depend on your abilaty to keep up to paymants on the mortgage and other loans secured on it, if any
Can i ask who your IVA is with and do they have a provision to make you BR if it fails as some do and some dontThats it, i am done, Blind-as-a-Bat has left the forum, for good this time, there is no way I can recover this account, as the password was random, and not recorded, and the email used no longer exits, nor can be recovered to recover the account, goodbye all ………….
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My IVA is with Debt Free Direct.
We asked for it to be dropped from £243 to £100 and they say no!!!
We can afford the mortgage and secured loan.
Spoke with a Debt adviser this morning and she says we were mis sold the IVA!!!!!0 -
Your advisor might be right Debt Free Direct dont have the best track record round here but no point in getting into that now.
sorry to ask more questions but which company did you speak to re the debt adviser?
Was it one of the debt charities?Thats it, i am done, Blind-as-a-Bat has left the forum, for good this time, there is no way I can recover this account, as the password was random, and not recorded, and the email used no longer exits, nor can be recovered to recover the account, goodbye all ………….
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Yes I got the number from the phone book0
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Well the first thing we need to recomend i that you get free impartial advice usually from one of these-
The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 - https://www.cccs.co.uk
National Debtline - Tel: 0808 808 4000 - https://www.nationaldebtline.co.uk
Citizens Advice Bureau - please make sure you book your appointment with the specialist money advisor as many of the volunteers don’t have the necessary experience and knowledge: https://www.citizensadvice.org.uk
From the little info you have given it does sound like BR may be an option, but its not for us to say it what you should do.
Did the advisor you spoke to descuss BR with you?Thats it, i am done, Blind-as-a-Bat has left the forum, for good this time, there is no way I can recover this account, as the password was random, and not recorded, and the email used no longer exits, nor can be recovered to recover the account, goodbye all ………….
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It was the national debt line i spoke with.
I gave them all the info and yes they seem to think that BR is for me and should never have been given an IVA as we were advised to change our mortgage to intrest only just to qualify!!!!
One thing confuses me, they said we can dotwo things:
1 Do the BR ourselves
2 Dont pay anymore IVA payments and make them take the cost to make us BR??
is this correct?
Debt Free Direct have us in worse mess now than when we started the IVA.0 -
As i said at the begining not all IVA companies will make you BR for failing the IVA as some exclude it or wont pay for it unless you have paid enough to cover there fees and the cost of making you BR.
I cant say for sure but i doubt Debt Free Direct will do it as im sure it has been said before they do not have a BR provision in there IVA,s so i think you will need to do it yourself
there is little you can do now regarding Debt Free Direct misselling you an IVA as that money has gone but its important that once you decide to go BR you dont pay them another penny.Thats it, i am done, Blind-as-a-Bat has left the forum, for good this time, there is no way I can recover this account, as the password was random, and not recorded, and the email used no longer exits, nor can be recovered to recover the account, goodbye all ………….
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Thanks loads for your advice.
We are going to go BR.
The national debt line are going to send us loads of stuff in the post to help us.
We are not going to pay the IVA and put the money to pay for our BR costs instead.
Hopefully we can get this sorted before baby arrives in 8 months.
Please if anyone is reading this and thinking of going to Debt Free Direct DONT!!!!!!!!!0 -
If you get stuck on anything or have any questions or worries dont hesitate to ask thats what this boards here for:DThats it, i am done, Blind-as-a-Bat has left the forum, for good this time, there is no way I can recover this account, as the password was random, and not recorded, and the email used no longer exits, nor can be recovered to recover the account, goodbye all ………….
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Cheers
I will keep you posted as i am going to fight to keep the house!!!
We will never ever ever get in this mess again!!!0
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