Bankruptcy and IVA

Former Member

Hi,

I wondered if anyone could give me some info, I have sent a letter to the people we have an IVA with as they requested and im awaiting their reply regarding the options I have.

I own a house with my husband which also has a secured loan against it. I have decided to seperate from my husband but we dont think selling the house will cover the outstanding mortgage and secured loan. On top of all this we are currently in an IVA for the rest of our debt. I know I have been stupid to end up in this position but I wondered if anyone knows what likely solutions they will come back to us with.

Thanks

Former Member

You were ill-advised to take out an IVA, as the companies that sell IVAs are immoral vultures who serve no good purpose, but debt problems happen.

With regards your debt issues, you should talk to the Consumer Credit Counselling Service, who will help you with your debt without charging you a fortune. You may well be advised to declare bankruptcy, but you will need to contact them to arrange an appointment (over the phone) with a debt counsellor there.

Former Member

Thank you Kermit, I will discuss making an appointment with my husband.

Former Member

Kermit wrote:

You were ill-advised to take out an IVA, as the companies that sell IVAs are immoral vultures who serve no good purpose, but debt problems happen.

With regards your debt issues, you should talk to the Consumer Credit Counselling Service, who will help you with your debt without charging you a fortune. You may well be advised to declare bankruptcy, but you will need to contact them to arrange an appointment (over the phone) with a debt counsellor there.

Agreed.

I hope you get this sorted as I know a few people who have been through this and it was a long winding road.

Would you not be able to come to an arrangement with your husband where you just continue to pay the remainder of the loan between you after clearing as much as you can with the proceeds from your house sale?

Former Member

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