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| mattieb |
Posted - 28 July 2010 : 17:06:19
Can anybody help? Me and my girlfriend are in debt to the tune of 75K. 50k of the debt is in her name, the remainder mine. 60k of the debt is unsecured.
Our house is worth about 130k, paid 147k (2 half yrs ago) for it would imagine still in negative equity. Both our names are on the mortgage.
Monthly income is around £2600 current outgoings £2000. However, one of our creditors have just been granted a charging order against property for a loan of £36k and sevral other companies that i thought we had escaped are now persuing us. At any time I believe our monthly outgoings are going to increase.
Is bankcruptsy the best option. I am like minded that a fresh start would be the best option and am not mortified about the possibility of losing my home.
My biggest fear is what would happen to the £2600 monthly income should we be declared bankcrupt, our outgoings renting would be about £1000.
Any advise would be greatly appreciated, sorry bout length of post. MB |
| 4 L A T E S T R E P L I E S (Newest First) |
| Richard P |
Posted - 28 July 2010 : 18:04:14
Hi Mattie
the charging order against your property means that one of the debts that would have previously been written off in bankruptcy is now a secured debt.
It is secured against your property and will only become unsecure if you sell your house and the house is sold with negative equity, if sold before you purchase the BI (beneficial interest) the debt will be included in your bankruptcy.
not every one who goes BR looses their house, with teh charging order it means that you will have to pay more each month to retain the property (loan + mortgage).
yes the loan and mortgage can I believe be included in your monthly expenditure.
yes it does give you options that some of the debt is solely in one persons name but please be aware that any joint debts will pass to the other named person should just one of you opt for bankruptcy. again that can get complex and messy get advice about how to structure and plan for this
regards Richard |
| mattieb |
Posted - 28 July 2010 : 17:46:24
Cheers for that!
Most of the debt is in my girlfreinds name, does this give us any options??
Are there any ways that can help reduce the amount of disposable income in the eyes of the OR??
How does the charging order reduce our options??
Grateful for response  MB quote:
Originally posted by Richard P
Hi Mattie
ideally we could have given cyber advice before it got to the stage of the charging order but hey ho it has just reduced the options available to you.
with a large disposable income it is likely that you would be hit with a large Income payment agreement.
I have known couples with 60K worth of debt avoid going BR or IVA but yet still taking action to address debt issues
it would be worth speaking to both an IVA company and bankruptcy expert to establish the difference between payment amounts.
if whilst you are speaking to the experts (list to the left) you speak to Paul at Reviva ask if your circumstances fit the Reviva plan !
good luck with the path ahead
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| IVADougie |
Posted - 28 July 2010 : 17:32:10
Definitely get some professional advice from an IP, you may be better off in an IVA but you need proper advice. I'm with Melanie Giles and have found her company extremely helpful |
| Richard P |
Posted - 28 July 2010 : 17:30:32
Hi Mattie
ideally we could have given cyber advice before it got to the stage of the charging order but hey ho it has just reduced the options available to you.
with a large disposable income it is likely that you would be hit with a large Income payment agreement.
I have known couples with 60K worth of debt avoid going BR or IVA but yet still taking action to address debt issues
it would be worth speaking to both an IVA company and bankruptcy expert to establish the difference between payment amounts.
if whilst you are speaking to the experts (list to the left) you speak to Paul at Reviva ask if your circumstances fit the Reviva plan !
good luck with the path ahead |
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