Can we avoid bankruptcy?

tasha999

We are facing bankruptcy as our IVA proposal has been rejected. We stopped paying full amounts on our loans in June, we have kept up token payments (pro rata) I was wondering what would happen if we wanted to go back to paying full payments again what would happen with the arrears?
We may have a chance to get some extra money, (long story but my OH boss is also his step father, he has found out about our IVA and wants to help, he is paying for us to see his accountant/solicitor, I'm not quite sure which) He figures that a shortfall of about £400 a month isn't worth bankruptcy! I have explained that £400 is a lot to us. He said he will make up the difference for us, if theres no other option.

My biggest worry is the charging order from Northern Rock (well possibly 2 I've just received the forthwith judgement from them for the 2nd loan) Is there any chance of stopping this? As my house is in negative equity and we have other creditors which we owe more too?

sammy115

I don't know is the honest answer to your questions, you may get more useful answers if you post in the bankruptcy/IVA boards at the top of the page. All I would suggest is that you take up the offer of professional advice from your OH's step father - although I would make sure that he is a professional in the relevant area. Accountants are not always equipped to deal with debt matters..

Have you spoken to any of the free debt plan companies, national debtline, CCS, payplan or the such like........

tasha999

[FONT=Verdana, Arial, Helvetica]Well, we have discussed the options with CCCS and they're sending us the forms for DMP. We will see what happens from there. They figure it will take us about 11 years to repay at the amount we can afford at the minute! We'll also have to wait to see what NR are doing with the charging order.
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