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Hi all

 

IMyself and my partner entered an IVA 2 years back - we had about 90K joint debt ( 30K was NR together loan )

 

Our payments were £870 over 6 years ( extra year because of NR )

 

It was tough butwe both earned good money so went with it - Last year I got made redundant and got 20K . The IP agreed that we could use the redundancy to pay our bills and keep up with the IVA.

 

The long and short of it was that in 8 months I didnt find work ( I work in an industry that is shrinking ) after 8.5 months I got a full time job but at about 30% less income than before. It more or less makes the IVA impossible as I cant see me increasiung ny salary in the short term.

 

Now the IP is going to apply to te cfreditors for a change in circumstances - but it is doubtfull this will go through - but you never know We are thinking now that is it worth it - another 4 years of fighting on little disposable as the budget never works- petrol has gone through th roof as has leccy and food- but the budget never changes to that extent.

 

We are looking at ending the battlle and going BR - we still must owe about 70K .

 

My only big concern is the house. Our morgage is now 270 000 ( we paid £295 ) and we reckon that the house is probably worth around the 270/ 280 - ( bought at the peak in 2007 )

 

we can still service the mortgage but would the OR want our propoerty on such a marginal call on the equity . NR is the biggest creditor by far - with HSBC the next .

 

Got a lot of thinking to do and would welcom any feednback

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