1st Post Newbie and totally confused!

blind-as-a-bat_2

Shattered_Dreams wrote: »

Wow, now I do feel scared! The company is Tenon and they absolutely assured me that they could include CCJs.
As for the house - we have absolutley no equity, in fact, if anything we could be looking at negative equity.

As for charges - no, nothing until the IVA is set-up

tenon debt solutions? http://www.tenondebtsolutions.co.uk/

AKA tonon group PLC http://www.tenongroup.com/

That include a DCA in ther company?

there portfolio makes them questionable to be acting in your best intrests at least. It is there business to recoupe money for creditors, not help debtors

But i cant find any negative comments anywhere (yet) but am stil intrigued how they will get a CCJ included into an IVA

blind-as-a-bat_2

As it is known that County Court Judgement (CCJ) are the actions taken by the creditors to recover their debts through the county court. It is the legal act, in which the court takes action in order to recover the debts of the creditors. If this is issued against any debtor the credit report of the person will be badly affected as this will stay on the report for a long time.

IVA (Individual Voluntary Arrangements) is the arrangement made by the court to let the debtor pay off the debts in a short period of time according to the financial situation of the debtor and the ability of monthly payments. When a CCJ is being filed against an individual, it can or must be included in your IVA. The Individual Voluntary Arrangements (IVAs) overrides the CCJs, so that upon their approval any payment of the debts that were made through CCJ is now covered by the IVA. This will have organized and orderly payments to the creditors.

Whenever there are multiple CCJs, the IVA can make them affordable. When County Court Judgements are passed they are paid individually, but of they are included in IVA (Individual Voluntary Arrangement) than they become less expensive as they cover the total debts.

Ok this, or text worded simaler, is being touted around the internet, mostly on sites conected too or advertising IVA companies.

So it appears this is one of the IVA marketing techniques.

will let you know if/when i find a source i can trust saying the same

Shattered_Dreams

Wow,thanks so much for your replies!
OH and I are now discussing whether BR would in fact be better for us. We are considering handing the keys back to the mortgage company as, because it's interest only, we're effectively paying a stupid amount for what is essentially rent. Much as we hate to lose a house we've built up for the past 15 years, we're paying double the amount than similar properties are being rented for in the area.
One other question - would OH be able to carry on his building business, or would he lose that in the BR?

chelseabun_3

He would probably be able to continue business, but would have to inform anyone giving him more than £500 of credit that he is BR. So it may become difficult to keep cashflow and stock going. It also depends on whether any of the debts are related to his business, and whether he's a Ltd co or sole trader. I'm not the expert, others will correct me if I'm wrong! CBx

RAS

Hi

BK may well be a better option for you.

if you are even remotely considering an IVA, please use CCCS as they have an in-house IVA provider.Despite this they consider IVAs to be appropriate to a mere 3% of their clients.

Do check out the early repayment penalties on your mortgage. remeber even an IPA is only for three years.

And do not hand the keys back. You need advice from folks on here about handle the house if you decide to rent.

If you want to go BK, then it might be sensible to move faster than the HMRC?

milliemonster

Shattered_Dreams wrote: »

Wow,thanks so much for your replies!
OH and I are now discussing whether BR would in fact be better for us. We are considering handing the keys back to the mortgage company as, because it's interest only, we're effectively paying a stupid amount for what is essentially rent. Much as we hate to lose a house we've built up for the past 15 years, we're paying double the amount than similar properties are being rented for in the area.
One other question - would OH be able to carry on his building business, or would he lose that in the BR?

I am by no means an expert but as I understood it, even if there was no equity, the OR could still force the sale of the house if rentals would be much cheaper than what you are paying on a mortgage, to release up some money to go into an IPA?, as the OP's mortgage is £360,000, wouldn't the OR think it would be much cheaper to rent and force the sale?

blind-as-a-bat_2

milliemonster wrote: »

I am by no means an expert but as I understood it, even if there was no equity, the OR could still force the sale of the house if rentals would be much cheaper than what you are paying on a mortgage, to release up some money to go into an IPA?, as the OP's mortgage is £360,000, wouldn't the OR think it would be much cheaper to rent and force the sale?

As i said earlier that is a possibilaty, but the OP hasnt given enough info to know if that may be the case. The value of the property is not relavent, its the suitabilaty for there needs that matters really

If the op had a ten bedroom mansion all to himself then yes the OR may force sale as it far exceeds need but if he had nine kids it probebly be seen as ok for example

It also seems OR,s do not follow a set pattern re rent vs mortgage, i have seen many with really high amounts not even get questioned, but only one or two that the OR tried to force a sale to free up money for an IPA

Just another little grey area to add to the uncertanty during BR:rolleyes:

Shattered_Dreams

Chelseabun - OH is a sole trader but employs future son-in-law. Yes, his HMRC debt is from his business.

RAS - there is a 24K penalty for settling the mortgage early - mortgage is 360K, valuation is at best 380K.
The house is a cow shed conversion done by ourselves. It only has 2 bedrooms, no en-suite, but does have lots of outbuildings and 2 acres of land. Most of outbuildings are full of building equipment for OH, hence the reluctance to leave.
Daughter and fiance (and their 2 dogs) have rented out their house and moved back in with us to help both us and themselves as they are also struggling with their mortgage.

The property lost 60K in value in the last year. We know this as we had it valued last August when we remortgaged to consolidate debts we were incurring even then with the pub. Our mortgage payments are 2K per month, so yes, rentals would be a lot cheaper.
But if OH cannot trade if we go BR, then we wouldn't be releasing anymore money for the IPA, in fact we'll even worse off, as it is OH who pays all the mortgage at the moment. I only take home 1,300 per month, kids contribution to mortgage is 360 per month.
However, this last month we haven't been able to cover the mortgage in full as everything just seems to have suddenly got so much more expensive. I thought by moving the daughter back in, food etc would work out cheaper, but that just hasn't been the case.

chelseabun_3

Would definitely recommend you talk to one of the debt charities for advice on Monday. Not sure where you stand with the house, tbh. If OH is a sole trader, my understanding is that BR won't affect him trading, except for credit as mentioned earlier.

Sorry can't be more help, others are far more knowledgeable! CBx

Shattered_Dreams

Thanks for all your help, will definitely make that call on Monday. Got a load of paperwork from Tenon today, haven't had chance to go through it yet. Will update when I have more info.