IVA or Bankruptcy or other?

daprodukt

Hello I am in the middle of splitting with my partner and we currently live in a jointly owned house, with our 3 year old son.

We brought the house with the help of a housing association and so only need a mortgage for 75% of the house as the housing association paid the remaining 25%. We do not pay rent on that 25% but do owe the housing association 25% on sale of the property.

We also have around 25,000 worth of debt ALL of which is in my name.

As i mentioned we are now splitting up and so she has decided to move out of the house. As it stands I don't think that I will be able to afford to take the house over on my own and don't think that I can afford to rent a house as I have the debt to pay plus rent plus maintenance and all the other cost associated with living alone.

I have done a little digging around and have seen a lot about IVA and and so wondered if they were the next steps. I really don't want to go down either of these routes at 25 but don't see any other way.

I have a meeting with my mortgage lender and am trying to get to see the citizens advice but feel that they will tell me the same.

The other problem that I have is that most people wont help me because I am not in a bad way at the moment because she hasn't moved out, but I would like to know what the best thing to do before I am in trouble rather than get into trouble then panic.

james32_uk

Most important step you can take is to ring CCCS or Payplan. They are non-profit making organisations who deal with these situations every day and can help you make a decision thats right for you. They're really understanding and easy to talk to. You wont regret it I promise!

kevin_M

yep 100% spam and NOT FREE

taken from the FAO... Love the wording

As Myvesta is a not-for-profit organisation we do not charge our clients any fees at all for setting up an Individual Voluntary Arrangement. Or payment processing

BUT THE BIG BUT IS

The professional fees involved in an IVA are for the work undertaken by the insolvency practitioner. (gee so its not 100% free)

AND

the professional fees are already accounted for in the affordable IVA monthly payment.

the only advice i can give is AVOID AT ALL COST

use the CCCs, Payplan, etc

daprodukt

Hello all thanks for you advice I think I will give CCCs and Payplan a call/look
Will keep you posted.

Thanks again!!

lynzpower

Da produckt

You might also want to think about posting an SOA to see if there are any savings that we could find for you from your outgoings.

Is you ex going to pay towards any of the debt that youve accrued or was it all genuinely spent on yourself?

daprodukt

Hi

The debt is guenuinly ours (all but say £3000) and no she isnt going to pay anything.

The othe question I have is, at present she is still living with me is there any point contacting CCCs or Payplan now or should I wait till she has gone?