keep iva or go br?

pammie39

hi there all

please, i need advise.
myself and oh have an iva each. my oh is thinking of going br.
i am really worried about the future. i have posted a couple of theads on here recently and had good advise/help, but i'm still unsure!
answers to the other questions were- house has no equity, so wont be taken,-- cars needed for work, so wont be taken,---- have no stuff in the £500 region, so nothing there.
what WILL they take???
how will this affect his future?
will this affect me in anyway?
will this affect our family future(we have a daughter of 6 years)??
the house is in joint names-what will happen to me?? (will i have to buy him out or something?
we dont have the £500 pound to pay for this br, so what then?

sorry so many questions i know, but everyone seems so nice on here and knows alot..

please any help would be great.

debtinfo

what WILL they take??? - Shares, timeshares, expensive cars, cars not used for acceptable purposes, PB's, Multi million pound Art, Very expensive Jewellry, Do you have and herds of Cows, pigs etc, any patents for world changing products outstanding. Sorry got a bit carried away but you get the idea

how will this affect his future? - Mostly only in the credit department

will this affect me in anyway? - Mostly only if you cannot buy your OH share of property

will this affect our family future(we have a daughter of 6 years)?? - I shouldnt expect so

the house is in joint names-what will happen to me?? (will i have to buy him out or something? Yes you do, if in negative equity this can be done for a small fee.

we dont have the £500 pound to pay for this br, so what then? You may find that once you stop paying unsecured creditors that you can save over the first few months to pay for these things

pammie39

thank you!!!!

i can not afford to buy him out of the house, (good job but averidge wage).

every one on this site seems very happy with going br,

i dont wont to lose our house, need lots thinking i think!
many thanks for your quick reply.

Miss_Poohs

I'm the same as you Pammie - my husband is in a DAS and is now thinking B/R too.
I know we will be on a sticky wicket as there is equity in our house, but not enough to pay off his debt (no where near it infact) so I'm living in the hope I will be able to buy out the beneficial interest.
Our other concern is DH ownes half his mums house, she's nearly 85 and not in the best of health, and has no idea of the mess he's in either.
Obviously thats something we need to look into, but if at worst it means they will take a lean on his half of the property then they can have it.
I desparately miss having a life - and I'm no high flier - I just feel that we exist to pay bills, and nothing else.
Our son is 11 and its affecting him too, as we never have any money.
No advice - sorry, just wanted to let you know I know where you're coming from, and you're not alone.

peachyprice

Sorry to disagree with debtinfo, but no you won't have to buy your OH out if he goes BR. As secured debt isn't included in BR you just carry on as normal paying the mortgage in both names with the house staying in both names.

You will be given the opportunity to buy his beneficial interest from the OR, but this isn't the same as buying him out of the house, this is merely securing his share of any future equity and will not change ownership of the house or the mortgage.

If you chose not to buy the BI it does not mean you will lose the house. The OR will have a maximum of 3 years to take any equity, unless house prices rise drastically in that time nothing will happen to the house and it will revert back to your OH with no consequence. If house prices do rise you would still be able to buy your OH's share of the equity, but will have 3 years to save/make arrangements to do this.

If your OH stops paying his IVA will be be able to save for his BR fees over the next few months?

HTH

debtinfo

sorry, poor choice of words, trying to put it in laymans terms, peachy is right

pammie39

thanks again everyone

miss poohs ---hope all goes well for you both. it's affecting my daughter too, i hate saying to her " no darling we dont have any money" in a shop. she's too young to understand. (we lived on credit cards and loans basicly, so money was good when she was younger).
thats why i'm worried about our future if oh goes bankrupt, 6 yearolds can't keep quite, so the whole school will know in seconds and we wont be able to help her with her first car and things.

will the br only go in oh name or our address?

i'm greatfull for the info about the house, i don't think i could go from a large 3 bed house with garden and drive to a small 2 bed flat. i have once, but need room to escape when needed.

thanks again all

peachyprice

pammie39 wrote: »

).
thats why i'm worried about our future if oh goes bankrupt, 6 yearolds can't keep quite, so the whole school will know in seconds and we wont be able to help her with her first car and things.

will the br only go in oh name or our address?

How on earth will your 6yo know your OH has gone bankrupt???

And why, in 12 years time will you not be able to help her with her 1st car? That's a long long way away, the whole point of BR is to deal with the here and now for a clean break, so you can have a brighter future to do the things you couldn't do with debts/DMP/IVA having over your head for years to come.

It will go in his name and address, but no-one really reads the BR notices anyway, would you even know they were there if BR wasn't a part of your life? There has been some talk recently of them no longer going in the local paper, bit I'm not sure how accurate that is.

headoutofsand

Got to agree again with Peachy. Since going BR myself my enlightened daughter although 18 has told me of at least 2 of her friends parents going BR one of which had millions and lost the lot. Please remember BR is a clean break and is not the end of your world. Going BR is now as common as Kit Kats and no one gives a hoot about it. As my OH pointed out "There has never been a better time to go BR"

debtinfo

They stopped putting them in as a matter of course as off 1/4/09

wurzella

Really? So what criteria do they use to decide if you go in or not?