I'm New and Confused

Darceydoo

Hi everyone

I have been reading the forum since Friday and after speaking with the National Debt Line today I am not quite sure what is right.

I will fastforward..... I am in alot of debt and I have an IVA. On Friday Payplan told me because I took out a payday loan I was in breach of the IVA. I knew it would happen, I informed PP that I had done it and they have said either PayPlan or my creditors will petition to make me bankrupt

I put my house up for sale 6 weeks ago with the intention of paying off the mortgage, secured loan and the IVA in full, there is enough equity to do this, but after talking to National Debt Line she said that Payplan might not let me sell the house. Surley it is in everyone best interest if I do, I can clear all of my debt and expenses if I sell it, and also PP are already aware of the house being on the market.

My goal is to leave my property debt free as I am fortunate to have the equity, I do not want a IPA when I leave, and she said that if that is the case then I can ask for an annulment to my bankrupcy. She was a bit worried that I would walk away with nothing, but to be honest I would rather walk away with nothing than still continue with debt. So can I sell me house or not as I really don't know what to do now

Thanks

NeverAgain_2

Payplan - or anybody else - cannot stop you selling your house if you want to.

Your assets are under your control.

That will change if you become bankrupt when your assets will be under the control of the official receiver.

Debtfree1

Will the OR still continue to let me sell the house with my estate agent or will they appoint their own agent?

PippaGirl_2

Do you need to go BR before selling the house? Can you not hold it all off, sell the house and then clear the debts?

Darceydoo

Well Payplan told me on Friday they were going to either petition me or my creditors, and I won't sell the house before then privately.

The debt is too much for me, my mortgage is going up to C&R end of september to £1,400 per month, at the moment it is £763. Halifax have allowed me to be on an interest only for 3 years aswell, also my secured loan is £500 per month, and that is my wages gone, so I cannot afford the IVA, council tax etc

I know if the house sold ALL of my debts will be paid in full, and I am not looking to walk away with £1,000's, paying everyone is more important for me. I just wanted to know once the OR takes over, will he instruct an estate agent instead of using mine, I also have a 5 year old so would I be able to stay in the house until it sold?

OR do I just get the house repo instead, I really am in a mess TBH

IF

Hi Darceydoo, Please do speak to another of the free debt charities for further 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 read as much as you can too.

For ‘essential’ BR info the ‘Look here first’ sticky by Fermi.

BR friendly home insurance thread.

BR Friendly bank accounts sticky.

BR Abbreviations

Bankruptcy NDL Guide

Basic Bankruptcy Advice & Guide NED CAB


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


Best wishes
If...x

debtinfo

I think you need to put it to payplan first an option to hold off on the bankruptcy whilst you sell the house and pay your creditors

Darceydoo

I don't think they will because I am in breach of my iva, so I have broken the rules and because of this they are going to petition. The thing is is that come September would not be able to pay the iva anyway so I would of failed. I really want to sell the house , but the more I read the more I feel this option will be taken away from me!!

tigerfeet2006

Find out who the boss is of your IP and write him a letter asking for a reply within so many days. Set out the facts of the house and show that it is in no one interest to make you BR

I must admit I have no experiance of Payplan but with normal IVA co.'s it is very rare to make someone BR because of the money involved to them, around £1400 or so.

Darceydoo

If it is rare then why say this to me. I wrote to PP a month ago informing them of my breach and after consulting with the ip my case officer informed of his decision. I feel sick and anxious about this all and I am back on antidepressants again

Darceydoo

This is the response I got from Payplan,

Thank you for your email. !Do to your IVA being failed and the Insolvency Practitioner looking at petitioning for your Bankruptcy, you are not permitted to sell your property as the property will !be an asset in the Bankrupcy


What I do not understand is surely it is in everyone's interest for the house to sell??