losing house and after...HELP

edsjad

debtinfo wrote: »

With the amount of equity in this case it is unlikely that they would wait 2 years 3 months, they normally do that in small or no equity cases. They will usually (and the court will at least) give you a period of time to make an orderly move to a new address.

As regards doing an IVA, It is possible to get an annulment (the bankruptcy cancelled) on the proviso of entering into an IVA, but it is not the OR's job to pursue this, if you want to do it you have to apply to the court yourself, It would need the agreement of all creditors and for them to go for it, it would need to provide a better return to creditors than the current situation which in your case is unlikely, If you want to look at this further then you would need to speak to an Insolvency Practitioner to look at the feasability of doing so

Thanks Debt info; hey really pleased actually spoke to OR today and she was nice!! Booked in appt on 16th november. Now realise that the trustee is someone different than OR - didn't get that before. I did contact an insolvency practitioner firm and they were interested but I have just left my job due to being ill etc. Grr. But searching really fast for another one. So the court action stuff is a separate process - hadn't realsied that one. Don't know how much time I have to find one but will do my best. (well court date is 10 december now). And the trustees are Price waterhouse coopers who are also insolvency practitioners. SO doesn't that mean that they might think creditors might get more back by me working etc than selling my house? Thank you so much for your support - I am in and out of head in sand; working at getting it out permanently. Any advice gratefully received. Love Jay xx

geoffky

Just remember that this is meant to be a clean start for you and you will get back on your feet again...good luck and be strong..

dancingfairy

Hi - Shelter are the experts in housing issues - hopefully they can assist you with things or suggest someone who can.
regarding an IVA you might find the IVA board on here helpful.
STart at the begining - what can you offer your creditors in an IVA vs bankruptcy? Why should they accept it?
How are you health wise right now? DO doctors have any idea of timescale for recovery to get back to work etc?
In terms of a proposal I assume that you are saying right no income for 6 months to a year (while you get back on your feet and find a new job), then 4 years of payments plus a remortgage to get back x amount of equity? or are you thinking of a one-off lump sum IVA via a remortgage now?
You need to work out how much your creditors will get back in the pound doing an IVA vs what they would get in bankruptcy and make it an offer they want to accept.
Do head over to the IVA board and see what they say.
Best of Luck
df

Ineedaname

DF - IO thought an IVA was only available to those in employment as you have to have at least £200 per months surplus income to enter into one. The OP is currently unemployed...