Which is best for us IVA or BR??

Ava8

Hi All,
I have been reading and digesting lots of great advice surrounding IVA, DMP and BR but there is still a lot I don't fully understand. My head is in a spin and I don't know what to think from one minute to the next. I have 50k debt and am in a DMP and have been for almost 2yrs (due to finish 2057!!!!!!!!) My OH is approx 50k also and is in talks with a great IP who is trying to get an IVA sorted for him. We don't appear to have much equity in our property after the Mortgage is repaid although I will know more soon after a forced sale valuation has been carried out (done yesterday) We are both in work FT and poor judgement, renovation work and the collapse of the housing market have condensed our situation leading to this big mess we are living in now.

If the IVA for him goes ahead then we think we will welcome this but as my DMP has been relatively hassle free, I think if I just keep this in place for me then we have at least enough to live on and afford the odd emergency that is bound to crop up. Although what will happen if his IVA does not go ahead? BR might be the only option.


My questions:

• Will creditors force a sale?
• What if there is not much left after the sale?
• Will they still force a sale even if there is not enough to pay them all (def will not be enough)
• Should we both go BR at the same time?
• Should i wait until his IVA finishes, take my name off the mortgage and go BR on my own?

I am still in a spin and not sure if I have even asked the questions I set out to ask. I know i will feel much better when i know what is happening. If there is anyonw who could offer me some advice I would very much appreciate it.

Thanks in advance.

dojoman

Have you spoken to one of the debt charities about your options? Going BR has to be the last resort but in the end only you can make that decision. As for the questions I do not think anyone could you give you a definitive answer to them, sorry if that sounds negative it is not meant to be. Hope you can sort something out that is beneficial to yourself!


https://www.cccs.co.uk/
https://www.nationaldebtline.co.uk/
https://www.citizensadvice.org.uk/

Sunnylooloo

Can I just echo what Dojo has says, you need some independent advice and to be able to go through all you options. I found the CAB great as you can go in and sit face to face with someone, but the National Debthelpline have also been fantastic to deal with, even when I became a quivering wreck.

There are so many things for you to conisider which anyone of the Debt Charities will go through with you.

Good luck with whatever route you decide to take and just remember there is a great bunch of people who are here to help you and give you some great support when needed.

LL

immoral_angeluk

In my experience IVAs are rarely suitable only in a small amount of cases.. without seeing your exact financial situation it's impossible to make a judgement on whether you'd be better off with an IVA or BR. If there's property involved you should really take all your paperwork and go to see a debt caseworker at your local CAB, or give one of the phone debt charity helplines a call such as CCCS, or National Debtline.