new here- starting IVA but cant sell house

nikiln

Hi,

I'm new to this site and looking for some advice and support.

General background:
my hubby and I bought a flat over 3 years ago ( with northern rock on one of there 125% mortgage deals, not good we know now) discovered soon after moving in that it had been house doctored and needed, new electrics, boiler, windows etc. We took out a secured loan with endevor to do the flat up and to pay of my hubby's debts from before we met. As I was working at the time my salary paid the mortgage and hubby's went on everything else. In jan 06 we had a baby and then i had no income so my hubby had to take on the mortgage as well. Babies are expensive and we stupidly took out credit cards to buy nice stuff that we prob didnt need. Towards the end of my maternity leave my hubby left his job for a new one where they sacked him after 1 week, this lead to nearly a year of very patchy contract employment ( he's in IT, so it was 3 months on 2 months off etc) when my maternity leave finished, we worked out that it would actually cost us money for me to go back to work with nursery fees and transport. so I stayed at home.

We decided in the summer of 07 to contact the CAB in our area but kept getting our appointment posponed until november
things were bad for about 9 months and then the final straw came when it was november and my hubby in his new contract hadnt been paid since august. some days he couldnt go to work as we couldnt afford his tube fare. finally that was sorted but as we had been robbing peter to pay paul we were still in a real mess.

Finally we contacted a debt management company Thomas Charles who have been great and put the house on the market. all was going well ish we moved into rented accomodation as it was cheaper than our mortgage and secured loan and hoped for a quick sale as the estate agent had a cash buyer. then we waited and waited.
We had some problems with endevour to agree to the sale but 2 weeks ago it was sorted, we havent been able to pay the mortgage and are new being threatened with reposession. our buyer has now pulled out got a letter in the post today. The IVA is still in the early stages as they could do anything because of the house, this is now progressing slowly.

Has anyone been in a similar situation, what happens in reposessions? do you have to go bankrupt ( dont really have a problem with that its just my hubby works for a brokerage in the IT department and is worried he could lose his job especially as its taken his ages to find a perm job and he cant really ask his boss)
any help would be great
thanks

jmhgibson123

bumping this up for you

jmhgibson123

i dont think you have to go bankrupt - but if your house if repo'd and the bank sells it for less than what you owe i think you still have to pay the rest. if you are really struggling for advice phone national debtline or c c c s and get some advice
certain jobs are unavialibale to people in bankrupcy i think these are accountants lawyer and similar professional bodys so i think you hubby may be ok
good luck hope it gets sorted for you

shinyhead

I second that, I'd strongly suggest you contact a debt charity such as CCCS, ND or Payplan and discuss your situation. If they advise a IVA I'm not sure about Payplan but CCCS do one for a lot less than you would pay with that firm you're with. That will mean more money available to pay off your debts quicker

I don't think your OH need worry about job if BR.

Herbie21

I am sorry but I a reading this in utter horror. I cannot for one moment see how any company can possible suggest that you enter into an IVA at this moment in time.

THIS IS UTTER MADNESS.

You could simply write to your creditors and explain the situation. Provide a sensible Income & Expenditure and a sensible repayment that is affordable. Why on earth are you going into an IVA..........

shinyhead

I can- it'll make money for them.

rayday2

I would think about a DMP first then take the IVA route personally it will impact you a lot less credit score wise and you can always go down the IVA route if you please later.