Can anyone please advise?

msflowerfairy

My Husband and i are both on IVA's which we have paid every month without fail.
I have just been made redundant, and despite looking for over 80 jobs i have not yet found employment, and to be honest i am starting to panic a bit, and wonder how on earth i will meet the payments on my IVA in JSA which i will have to start claiming on the 29th of February.

We have a mortgage on a 75K house with no equity and we have no children, my OH works full time for the Civil Service. We have a 2005 Rover.

I have been wondering if it would make more sense for me to make myself bankrupt, but i want to know if i make myself bankrupt what is the likelehood of us losing the house, car etc and is it worth it?

peachyprice

Hi msflowerfairy,
Welcome to the forum.

First off, have you asked the IVA company for a payment break, they can usually do this and it will give you time to sort yourself out.

If you were to go BR it's unlikely you'll lose the house as it's in negative equity, as long as your mortgage and any secured loans you might have are not £100's and £100's more than renting in you area.

You will have to prove the car is needed to be able to keep it, if your OH uses it to get to work that's good enough.

Unless you have a house full of expensive antiques and jewels there's nothing else you would lose in bankruptcy.

One thing to bear in mind, if you have joint debts with your OH and only one of you goes BR the debts will fall entirely to the non-BR partner.

HTH

msflowerfairy

Hi,
Yes i have requested a payment break from Payplan, and my OH will do the same, but i guess my confidence is so low at the moment, i am thinking that i may not get another job so i am thinking of what ifs.