| T O P I C R E V I E W |
| wildberry |
Posted - 02 July 2008 : 20:28:31
we have a high motgage and secured loan payment and there will be no equity can we keep the house as payments are up to date.
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| 14 L A T E S T R E P L I E S (Newest First) |
| Dee |
Posted - 04 July 2008 : 21:18:22
Thanks Julian |
| JulianDonnelly |
Posted - 04 July 2008 : 17:49:28
Hi Dee,
If the OR has offered you to buy the BI, I wouldn't worry. Once this transaction has been completed, the OR will deem the property dealt with and will not revisit it.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| Dee |
Posted - 02 July 2008 : 23:27:53
Thanks Paul
I suppose I'm just worried about buying it ourselves only to find some where down the line there is a catch, which is why the advice given to everyone on here is to find a 3rd party to purchase it.
Dee |
| Reviva UK |
Posted - 02 July 2008 : 23:23:20
Hi dee
I think these are fine points of Law and I am only able to work within my understanding of the current procedure.
Sometimes it seems a little unusual an not logical but that is what it is
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| Reviva UK |
Posted - 02 July 2008 : 23:22:03
Hi Money Stinks
If your situation has changed then Melanie's team will always give you the very best advice. Stick close to them and if you work with them then all will be come good.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| Dee |
Posted - 02 July 2008 : 23:13:59
But if it is in negative equity then the nominal £1 wouldn't be an issue surely. So is this why we have been offered the opportunity to purchase our own BI?
Dee |
| Moneystinks |
Posted - 02 July 2008 : 23:13:50
Ah thank you for that....
We are currently going for an IVA with Melanie but if things don't go to plan. Unfortunately for us I think this will be the way we go. Not ideal for us and our situation - mainly my job but a DMP would finish me off!
X
Marie |
| Reviva UK |
Posted - 02 July 2008 : 23:10:36
It needs to be a third party as in theory you haven't got the means to purchase this and the BI shouldn't be in your name.
if you have the money for it yourself then you should declare it to the OR and he will take the money - thus a third party.
to purchase it back you effectively have to do the reverse when you are discharged. Fairly straightforward
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| Dee |
Posted - 02 July 2008 : 23:07:26
I still dont understand why everyone only talks about a 3rd party purchasing the BI when we have receiced letters from the OR stating that we can purchase the BI. What is the difference and is there any reason for it being a 3rd party rather than yourselves.
Thanks
Dee |
| Moneystinks |
Posted - 02 July 2008 : 23:07:11
How would you purchase it back?
Sorry for all the questions....
Marie |
| Reviva UK |
Posted - 02 July 2008 : 23:03:48
Hi
If someone buys the beneficial interest the are not on the mortgage but do have a calim for the equity in the property. You need to find someone who you trust to allow you to purchase this back after the Br period.
There arfe companies who offer this service incase it is a secret from family and friends.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| Moneystinks |
Posted - 02 July 2008 : 22:59:32
If they buy the beneficial Interest what stake do they then have in the house?
Marie |
| Reviva UK |
Posted - 02 July 2008 : 22:59:28
hi wildberry
if the house is in negative equity ( please check first ) then provided that you found someone else to buy the beneficial interest from the official receiver for £1 PLUS legals of £211 then that is OK.
Please check through your income & expenditure to ensure that after the Br you are fully capable of repaying the loans for the duration as you won't have a safety net anymore - i.e. if the house is in negative equity then you are liable for the shortfall.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| hammy0107 |
Posted - 02 July 2008 : 22:11:58
If the property has negative equity then my understanding is that you will be able to get a family member / friend etc to purchase the Beneficial Interest for £1 plus legal fees of about £250. |
