Considering Bankruptcy

sarahmarsh30

Hi all,

I am after a bit of advice and reassurance really myself and my hubbie currently have an IVA which we entered into in May last year. I was then made redundent in August, and have yet to find another job, we have been managing to keep up repayments so far but things are now getting serious, my hubbie is self employed and has had no work since begining of december a few quotes out there but nothing booked in, we are considering bankruptcy as we have a huge secured loan attached to our house aswell as the mortgage which is draining us dry, so far we are up to date with all payments but i know in a months time this will not be the case we have had the house valued and it has about £8k equity in it, not enough to cover the loan, the loan company have said they will not allow us to sell. What should we do???

Any advice would be really apprecieated!!

Sarah

tigerfeet2006

Your first step is to talk to your IP about your situation. You will then have to fail your IVA if it cannot be renogotiated. Once that has failed you need to talk to one of the debt charities about your situation and they will advise you on BR.

If they suggest BR and you want to get rid of the house then you will need to stop all payments to the mortgage and SL and save the money for a rented house. Save enough for deposit, rent, moving costs and BR fees. When you are in your rental property you will then need to go BR.

Please try the debt charities as they don't charge and are impartial. They will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if you are not ‘clicking’ with one of the Debt charities do try another. We advise you to try at least two for your own piece of mind. Your BR could be refused if you have not sought advice.

* Blue text on this forum usually signifies hyperlinks, click on the blue links below *


Main recommended sources of help:

• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)
• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111

Others:

• Business Debtline
  - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

Please don’t do anything rash make sure you take your time and weigh up your options and read everything you can.

For ‘essential’ BR info this is Fermi’s sticky.

BR friendly home insurance thread.

BR Friendly bank accounts sticky.

BR Abbreviations.

We often ask you to post your SOA so we can see if you have included what you need to:-
MSE SOA Calculator - Click here Select the MSE format at the end. Copy and paste onto your thread.


If you are new/old to this board and receive/see a comment that is not helpful or insensitive please don’t let it put you off posting, often these comments are made by people who don’t normally contribute to this board and don’t speak for us.

What to do if you get an insensitive or hurtful comment.


And do remember we’ve all been through this and anything you don’t understand don’t be afraid to ask.

Best wishes TFx