sick with worry,iva refused!!

madnessishere

hi, my husband and i have been told today that the creditors meeting failed!my husband owes about 45,000 in debts and all the creditors apart from one agreed to the iva,the one who refused was the tax office! they said they wanted us to sell our house and move to rented,but there is so little equity in it it will not clear even quarter of our debts!but they refuse to budge.why are they doing this to us? and where do we go from here?i am sick with worry and my health is really suffering!

spenderblender

Pop over to the bankruptcy board and they will give you some advice and where to go next but, your IP should advise you further.

toshtec

I had some advice when I was headed down the finacnial problem road.

First are you working yourself if you are what you can do is to get a valuation as it was put to me of what could be got under a quick sale you then look at what equity would be realised and half it and then buy out yours husbands half of the equity this would go to the Officail receiver you in effect would own the home.

your husband would be made bankrupt the creditors would get the 50% of the equity after all the other 50% belongs to you as joint owner of the home and that would be all they could do as even if the house was seized you would still be entiteled to the 50% stake you had in the home.

You then draw up an income expenditure sheet of all your out goings mortgage electricity etc etc and again you half it and that then is your husbands contribution to the upkeep of the family you would be responsible for the other half, if you dont work and can somehow manage to raise the money to buy the 50% share then your husband would be liable for the full upkeep of the home and expenses, he would after all have to find somewhere to live if you were evicted and also to fund everything.

The house would be protected your husband would also be able to continue paying the home expenses.

Visit This guy Simon and ask him to clarify it as he is the one who told me about it, I never used the advice as ai went down the IVA route but ckeck it out

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