help pls refused iva is bankrupcy best option?

thequietone

this is my first post and first time on a forum but need advice pls. On monday we(husband and i) had our iva meeting, it was rejected. We have an interest only mortgage(northern rock with 26 yrs left) with neg equity and have unsecured debts of approx £39000, 2 loans of which are with NR,(one is a together loan with 26yrs left). We are 41 and 40 and cannot cope with our debts anymore,is bankrupcy the best option, as we cant bear thought of losin the house we've been in for almost 15yrs and have read we may not lose it if go bankrupt? pls help

confused76

hi there
please take advice and find out what your options are. you can try one of the free debt charities such as the national debtline, cccs or the cab. they will give you information on your circumstances. the first two you can deal with over the phone, or make an appointment with the cab who you can see face to face

i am not entirely sure where you stand with your house, but people don't automatically lose their homes, which is why it is important you seek advice
good luck x

Sunnylooloo

Great advice from Confused, please speak to one of the debt charities as suggested.

and try not to worry and just keep posting and people can help/advise where they can

x

thequietone

thank u, have tried our cab but they only do drop in's durin weekday mornings which would mean time off work 4 us both,not really an option and phone help but tried 3 times and noone available, my husband did ring national debtline,they said they'll post info,that was monday,not had anythin yet. But just feel a little left in the lurch,we were told iva should b approved easily,not given a back up plan if it failed and we were also conned into payin £680 by the 'introducer', as we now know they were, b4 the proposal went thru but i have rang them today and they are goin 2 refund us that,although they did suggest dmp before agreein to refund that! but we feel so unsure of the way they have dealt with us we dont want 2 use there services 4 anythin else. Thanx again its nice to not feel alone

v8jamie

thequietone wrote: »

this is my first post and first time on a forum but need advice pls. On monday we(husband and i) had our iva meeting, it was rejected. We have an interest only mortgage(northern rock with 26 yrs left) with neg equity and have unsecured debts of approx £39000, 2 loans of which are with NR,(one is a together loan with 26yrs left). We are 41 and 40 and cannot cope with our debts anymore,is bankrupcy the best option, as we cant bear thought of losin the house we've been in for almost 15yrs and have read we may not lose it if go bankrupt? pls help

many years ago me and my wife had a very good engineering business together , then she !!!!!!d off with my manager and then i found she had not been paying vat, tax, and some supliers. my life was devistated and i ended up going bankrupt, ten year ago this was realy bad, but now its just another thing. since then i set up again and was doing ok until this bit of a resesion were haveing, and at first i had every one threatening me with court and bankruptcy ect. well i got to the stage were i didnt give a dam so i started telling people well you best get on with it and bankrupt me, it will save me £500 doing it my self. you will be suprised what a change ov tune you have from people. even our corperation tax has been squashed and our personel tax held off for revue in 6 months. 15k overdraft has had 4.5 k nocked off and maybe more to come then wen thats sortet, ile claim for miss sold insurance and get another 3k back. vat have struck off the old company as i could no as i owed supliers, so now they are cleare. my nieghboure has gone bankrupt and the isolvency service has made him put his house up for sale, it has been up for sale now for nearly 3 years but every time they get a buyer they put them off untill their 3 year bankruptcy is up then their in the clear. what i am saying is dont get stressed about it, i see it as if you havent got it then they cant take it off you. their are somany ways to get around thease isues , remember it costs people over £2000 to bankrupt you and people wont spend good mony over bad as all its going to do is cost them more. , hope this has helped alitle.,,, jay,,,

v8jamie

p.s, ten year ago i tried an iva, it cost me £2000 to set up and weeks of pain stakeing paperwork then i was told sory you need a pva as me and my wife were partners. this was going to cost me another 2k to set up. also i payed a debt colecting company in derby to colect my bebts in (I D C, INDEPENDENT DEBT COLECTORS ) they did well and colected about 30 - 40 k in for me, then went bump on me. so just be carefull who you ask for help. make sure they are insured to deal with your business.

confused76

thequietone wrote: »

thank u, have tried our cab but they only do drop in's durin weekday mornings which would mean time off work 4 us both,not really an option and phone help but tried 3 times and noone available, my husband did ring national debtline,they said they'll post info,that was monday,not had anythin yet. But just feel a little left in the lurch,we were told iva should b approved easily,not given a back up plan if it failed and we were also conned into payin £680 by the 'introducer', as we now know they were, b4 the proposal went thru but i have rang them today and they are goin 2 refund us that,although they did suggest dmp before agreein to refund that! but we feel so unsure of the way they have dealt with us we dont want 2 use there services 4 anythin else. Thanx again its nice to not feel alone

persist with the free debt charities, you don't want to be paying for advice... x