Please please help - In an IVA but cannot maintain it - Bankruptcy?? Scared

Ineedaname

I'd forgotten that bit Teen, so both our comments are relevant depending which way the OP decides to go.:)

TinyToes

i would stop paying all non-essential things and try and save the fees for BR. I think you and DH need to sit and discuss whether you would like to keep your home or give it up and start fresh.

would you be able to afford mortgage and secured loan aswell as all normal bills and possibily an ipa?

Ineedaname

An IPA would only apply if there were surplus after paying mortgage, secured loan and essential household expenditure.

So the question is, can you afford to remain in the house without unsecured debt repayments?

Daisy4567

Hi All,

Thank you for taking the time to reply and I'm sorry for the delay in my coming back to you - it's been a bit of a time!

I've spoken to the Local Money Advisor at the Local Council and he actually recommends that we don't go BR and maintain the IVA if poss as we would definitely have IPA as DH's income is actually quite good (IRONIC!!) - we're still unsure as to what to do. Whether to try and rent privately again even though we just kept hitting a brick wall last time or whether to try and struggle through the IVA.

There's so much to think about and I'm very grateful for all the replies - it at least means any decision we make will be an informed one. Thank you

D

tigerfeet2006

Why not get a second opinion from one of the other charities? You don't have to stick with one.

Would you like to put up your SoA and someone can show you how an OR may look at it. Might help you some.

http://www.makesenseofcards.com/soacalc.html

Daisy4567

Hi Tigerfeet, thanks very much indeed for that - I've saved it on my Bookmarks and as soon as I get time to fill it all in I will post it up here. Thanks again everyone for all your replies