Should I fail my IVA and go bankrupt

tigerfeet2006

Then I am afraid to say that the OR will probably ask you to rent as secured loans do not go into the BR and you will have to continue to pay them unless they become unsecured ie: the bank repo.'s and sells the property, then all costs will go into your BR.

debtinfo

The biggest problem you may have with keeping the property, is then when they work out how much you need to pay, one thing they are allowed to do is limit the amount you can put aside for paying the mortgage and secured loan to the amount of what a local rent would cost. which in your case could lead to your payments being more than what the IVA is now

So although they wont repossess the property themselves probably, you may be left in a position where you cant pay the mortgage and secured loan fully leading to them repossessing later. The main way round this is in some cases is if the wife has sufficient income to make up that shortfall, could that happen in your case