help

lloydybhoy

my self and wife got ourselves into round £50,000 worth of debt and entered an IVA in September of 2007, everything was going fairly well until July 2010 when my wife lost 1 of her contracting jobs. i was paying £430 into the IVA and my wife £150. DFD gave me a 6 month break but due to kids and scholl my wife could not get another job to work around the kids. So july this year DFD failed my IVA. but my wife's is still running. Where do i stand now with the creditors and house. Mortgage is £163,00 and the house is worth the same.
would it be best to go bankcrupt or any other ideas? Would we lose the house?

dojoman

Hi and welcome to the forum:)

Please contact one of the charities below, they will offer free and impartial advice.

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

tigerfeet2006

Not necesarily (how the heck do you spell that?). If you can afford the mortgage and all your bills then you will more than likely be able to keep the house. Is there any secured loans?

The OR will come back 2y 3m after BR to look at the house. If it is still in negative equity then he will just hand back his interest to you. If there is equity then you will be able to purchase this back from him.

Have a read of the Bankruptcy Help thread and it is explained in the first post. Also get in touch with one of the debt charities linked to and get some free, professional, impartial advice on your situation. This is a must as your petition can be postponed by the court until you have.
https://forums.moneysavingexpert.com/discussion/1056083

lloydybhoy

Thanks for the reply, there are no secured loans on the mortgage, i am waiting for the final figures off the Iva company and have a interview with the Citizens advice on the 16th of august.
hopefully there will be good advice there, i only had 2 years left on the IVA, but the kids are costing more and more each year.
thanks for the advice