IVA to bankruptcy not sure if we can??

brainy74

We had a phone call just before christmas from a guy from a insolvency company called uk restart, who has since tried hard to talk to us about our iva as he thinks we are in a position to go bankrupt....mentioning miss-selling etc

We're with dept free direct which as a lot of you know isnt very good but at the time we would have done anything we thought would help. We mainly went with the IVA to protect our home as weve been here 11 years and our kids love living here and have been in the iva since sept 07.

I was made redundant in september 08 (20k a year) and we had a 3 month payment break, unfortunatly im still unempolyed and we have just missed our first payment. we contacted dfd to find out what we can do and was told that 'it will take a few months for the default to flag up the a few more till paper of default are sent so dont panic, and if you get a job we can start paying again and pay extra at the end...2 weeks later dfd have been on to us saying we,ve missed and they will need to send a letter to 'notice of defult!'

anyway the guy says if our home which we re-mortgaged to pay business dept in early o6 was in neg equity we could go bankrupt and still as long as the mortgage payment are made, keep the house!

we have an outstanding mortgage of 111k and have had 2 valuation this week both coming back with a value of 120k so we're in possitive equity...

does anyone think this is still a possiblity that the house can be kept in the event we go bankrupt?? with only this value??

we are just managing to get by on my wifes wage without the iva payments and i dont want to go into everything in this post as its really just to see if anyone thinks its do-able.

also i know the insolvency companys are in it for profit but they wanted to charge us £1000 to sort all the papers etc and protect the house plus us sorting court fee's etc on top. if we had that kind of money ..................

we new to this forum, a friend told us about it so thanks in advance!

Billy_two_speakers

brainy74 wrote: »

We had a phone call just before christmas from a guy from a insolvency company called uk restart, who has since tried hard to talk to us about our iva as he thinks we are in a position to go bankrupt....mentioning miss-selling etc

We're with dept free direct which as a lot of you know isnt very good but at the time we would have done anything we thought would help. We mainly went with the IVA to protect our home as weve been here 11 years and our kids love living here and have been in the iva since sept 07.

I was made redundant in september 08 (20k a year) and we had a 3 month payment break, unfortunatly im still unempolyed and we have just missed our first payment. we contacted dfd to find out what we can do and was told that 'it will take a few months for the default to flag up the a few more till paper of default are sent so dont panic, and if you get a job we can start paying again and pay extra at the end...2 weeks later dfd have been on to us saying we,ve missed and they will need to send a letter to 'notice of defult!'

anyway the guy says if our home which we re-mortgaged to pay business dept in early o6 was in neg equity we could go bankrupt and still as long as the mortgage payment are made, keep the house!

we have an outstanding mortgage of 111k and have had 2 valuation this week both coming back with a value of 120k so we're in possitive equity...

does anyone think this is still a possiblity that the house can be kept in the event we go bankrupt?? with only this value??

we are just managing to get by on my wifes wage without the iva payments and i dont want to go into everything in this post as its really just to see if anyone thinks its do-able.

also i know the insolvency companys are in it for profit but they wanted to charge us £1000 to sort all the papers etc and protect the house plus us sorting court fee's etc on top. if we had that kind of money ..................

we new to this forum, a friend told us about it so thanks in advance!

Just because its not negative that does not mean its worth selling, the costs legal adverts taxes all have to come from somewhere so a value that might seem + will be negative when you add 3% selling fees legal and any taxes ... it might not have stamp duty at present but by the time it sells it could be back

also the speed at which prices are going down means a drop of 4% in the next three months plus all charges means your soon getting into not getting enough dosh to cover costs