Worried what happens next..

FixitM

Hello. First time posting here. Due to a change in my husband's self employment & him having to take any job just to put food on the table, we fell behind on our IVA and it has subsequently failed, and no idea what happens next. Absolutely petrified of losing our home, and the implications that will have on our children (school, etc). Any advice welcome please. TIA.

tigerfeet2006

Get in touch with Business Debtline and talk your options through.

https://www.businessdebtline.org/

Is there any equity in the property?

Roughly how much do you owe?

FixitM

Thank you for your reply. We have an appointment with Citizens Advice in a couple of weeks, but so worried, I need to be aware of what we may be facing.


We don't think there's any (or much) equity in the property, but it's not been valued for years. We're just going off what a fairly similar property went for down the road.


It's about £60,000, but may be more as the creditors will add interest now the IVA if failed.


Thanks.

tigerfeet2006

While you are waiting for your CAB appointment give BD a ring and have a chat with them. It's always good to get several opinions in these matters.

If you have no equity in the house then the OR will most likely say he had no interest. If there is a few thousand then he will most likely wait and revisit it at the 2yr 3mth mark to see if the equity increases. If he does then you will have a chance to buy the beneficial interest off the OR. So don't panic yet.

Have a read of the Look Here First sticky. Read as many threads as you can, even if you don't think thy apply to you, ask questions on here, read some more, ask, ask and ask again.

FixitM

Thank you so much. I will have a good read & seek further advice. Someone mentioned to me they may take our wedding rings, my engagement ring. Is that the case?


Thank you again for your help.

tigerfeet2006

Are they worth £1k each? How long ago did you buy them? Were you really struggling moneywise when you bought?

FixitM

Wedding rings aren't, but my engagement ring is. My husband bought it me 18 years ago, and the money was a gift from his grandfather (early inheritance). We weren't struggling financially at the time.

FixitM

Hi. Just wondered if anyone knew about whether engagement ring would be included as an asset, or exempt with circumstances mentioned above please? TIA.

alltaken

If you declare that you have an engagement ring...... Yes it would be an asset.

If you declare that you have an engagement ring......

If you didn't declare it and it was shown on a bank statement from within say, the last two years then it would be an asset. If you declare it, it's an asset of value and will be sold.

Cobalt77

Then again, the value of your engagement ring could be just a couple of hundred pounds

I hear that the second hand market is swamped with rings at the moment, so you would probably just get scrap value.

And remember, you probably have no idea of how much your ring is worth as you didn't buy it anyway....

FixitM

Thank you so much for your replies. My mother offered to buy it off me, so no idea which is best. Will see what is said at our CAB appointment. Thanks again.