help and advice needed

tatty1985

Hi

Just wondering if anyone can help me with a few questions,

My partner and I have been in an IVA for about 7 months at the moment, It is going ok but I have had a repossession letter off the mortgage people (was in arrears before the IVA was set up and they wanted more then the IVA people had budgeted for) anyway that's another point.

I have come to the conclusion that even if I was to clear all my debts and get debt free I will never have the money to do the house up or the repair work it needs etc. (there is a lot of damp and bits and bobs that need sorting out)

I am now considering going bankrupt and letting them take the house and starting completely fresh. new home new area etc. However i am concerned I will not be able to rent anywhere due to already being in an IVA and my credit rating being shot, obviously if I go bankrupt I will have even less of a chance of renting. What are my options for housing if I go down this route ? does anyone know.

how long would I have before they repossess the house ? it is only the first letter to say they will look into repossession if I do not contact them?

After looking into bankruptcy I obviously don't want to shout it from the roof tops or let my work know, however if my tax code is changed won't they know because of this?

I also have questions in regards to IPA with us both being in IVA they take our surplus incomer roughly 240 a month and pay the IVA with this figure, will this likely be the figure used for the IPA ??) also what happens with bankruptcy and bonus from work or over time? I cant seem to find a definite answer on this on line.

Thanks for making it to the end, I would really appreciate some advice

Any help would be greatly appreciated

luvchocolate

lenders do not usually do much until 6 months of no payments, mine was repossessed 4 months after that time.
I would look to private landlords instead of estate agents, Open Rent is a good place to start, my son lets his properties on this site and looks at tenants individually.
Hope a couple of answers help.