helpgreenspun.com : LUSENET : Repossession : One Thread
Bought house in 1998 with my then girlfreind,in august 98 she then left.Mortgage is in joint names but i have been paying for the past 2yrs.I have been paying into an iva for the past ten months as she left me in alot of financial difficulty. Just lost my job & are unable to continue paying the IVA & the mortgage.I no longer want the house as it has been a headache from day 1. Is there anyway out,can i go bancrupt voluntaraly or not because of my IVA
-- d anthony (firstname.lastname@example.org), October 08, 2000
Going voluntarily bankrupt is probably less beneficial to you than any other option. Lenders are unlikely to make you bankrupt if you have no cash because they only get what's left after your bankruptcy administrator has taken their 15%. And that ain't much if you didn't have much to begin with.
So you pay your IVA until shortly before you run out of cash completely, which clearly you are giong to do, then explain the position and and then let it hit the fan. Nothing is going to increase the amount of money you have and lenders know this better than you.
They also know that threatening you until kingdom come is more likely to make you try to borrow the money they want from someone else - which is not going to work - for you.
So keep everyone informed and let it go. Does this make sense?
-- Lee (email@example.com), October 10, 2000.