advice wanted

beko_2

where to start
due to borrowing money for my brother for a business which collapsed,i find my self £44000 in debt.money owed on credit cards and loans.i sorted an i.v.a out,which i can do a one off payment of £22000.thats that,this is the tricky bit,when his business was collapsing,i tried to sort it out and remortgaged and borrowed another £20000.this now has me struggling to meet repayments on my mortgage.
i have another house to which theres equity of around £25000 which is going to pay the i.v.a off.
basically what im asking is,is there any way i could sell my other house,go bankrupt and pay the £20000 i borrowed on my house.
hope that makes sense

Annie_Fanny

Beko -

Who did/do you have the IVA with?

In terms of us helping you - could you post a 'Statement of Affairs (SOA)' on here? It may be that you a struggling with the mortgage repayments but maybe we can claw some money back to ease this situation?

Here is a link for guidance on producing a SOA...

http://forums.moneysavingexpert.com/showthread.html?t=107280

Annie

Emmzi

Beko,

this sounds very complicated and I am sure there are issues of gratuitous alienation with creditors here. I think you need to speak to a professional expert. Could the person dealing with your IVA offer an opinion? (Have you decalred your second home to them?)

Emmzi

Annie_Fanny

Is your brother going to pay back the money??

beko_2

theres no chance him paying me back,hes broke.
its an accounts company thats dealing with the iva
my soa is
Monthly Incomings:

My salary - £1,450 (£1600 depending on o.t)

Total - £1450
Monthly Outgoings:

Mortgage/Rent - £900
Council Tax - £86
Gas - £20
Electric - £20
TV License - £10.99
Sky £45.99
Phone - £33
Food - £100
Car Insurance - £30
Petrol - £30
maintenence £200

Total: £1,435

CLAPTON

could you claify the loans and mortgages and houses say the dates you did things
what did the IVA cover and when was it agreed? include the value of the houses.

beko_2

loans £20k,cc £24k
one house valued at £180k mortgage £165k
other house £220k mortgage £190k(i live in this one)
iv.a was sorted in january,got all the paperwork explaining that the creditors would accept £22k but since then ive heard nothing,the iva company said put the house up for sale at a ridiculous price and the creditors after 6 months would drop their amount

Annie_Fanny

Are you paying for the services of the accounts company?

Annie_Fanny

The Sky has gotta go!

Wot does maintenance cover?

beko_2

no,i dont pay the iva company anything unless they take a cut of what i pay the creditors,agreed the sky has gone but they gave me 3 months free,forgot about that.the internet could go but thats only a tenner,im in that much trouble,a tenner will hardly matter

Chortle_2

beko wrote:

basically what im asking is,is there any way i could sell my other house,go bankrupt and pay the £20000 i borrowed on my house.
hope that makes sense

Are you saying that you would like to

1) sell your other house, and take the £25k equity
2) then go bankrupt
3) Use the equity from house #1 to clear the £20k secured loan on the house you are living in??

I'm sorry if I have that wrong, but it is how I read your post.

If that is the case - no, I don't think it would be possible! For a start, I doubt any judge would let you go bankrupt if you had £25k cash floating about, but even if you used it before you went bankrupt to clear the secured loan on the house you live in - normally you end up losing your home through bankruptcy anyway They'd probably make you sell both houses and use all of the equity to clear your debts!