| T O P I C R E V I E W |
| Thomas.1 |
Posted - 20 February 2012 : 12:34:41
IVE BEEN ADVISED TO GO BANKRUPT BY IP.ONE OF OUR JOINT LOANS IS SECURED.WHAT HAPPENS TO IT
AND CAN WE PAY OFF SECURED LOAN WITH THE ASSISTANCE OF A GIFT FROM PARENTS WITHOUT IT BEING INVOLVED IN THE BANKRUPTCY CASE.THANKS |
| 4 L A T E S T R E P L I E S (Newest First) |
| TOMMY1 |
Posted - 22 February 2012 : 21:50:49
thanks viki for your reply,we will have little or no equitty in house.parents are a gift from god without there help and support nothing would be possible.we will continue to pay mortage until we can get out of this mess.think we will be BR in about 2 weeks once i get these forms filed out they are a nightmare lol.my IP was checking out for me about paying the bond off was just waiting on there response.thanks again for your advice |
| Viki.W |
Posted - 22 February 2012 : 15:58:27
If your parents want to pay it off, then that's fine.
Will this mean that your home will have equity in it?
The secured loan can continue to be paid whilst your bankrupt as long as that and your mortgage payments aren't excessive.
I advise you speak to your IP again for further advice or contact an expert on here for a chat.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
| TOMMY1 |
Posted - 22 February 2012 : 15:10:30
HI HAD TO CREATE A NEW ACCOUNT AS TOMMY1 SO SORRY FOR THE DELAY IN GETTING BACK TO YOU.YES WE WANT TO BE ABLE TO KEEP OUR HOME AND ALL BEING WELL WILL CONTINUE TO PAY MORTAGE.THE SECURED LOAN WAS A BUSINESS LOAN WE HAVE OUT AND STILL PAY MONTHLY EVEN THOUGH BUSINESS HAS CLOSED.THIS LOAN IS SECURED BY A PROPERTY BOND WHICH MY PARENTS PROVIDED.REALLY QUESTION IS CAN THIS LOAN BE PAID OFF BY THEM SO AS TO RELEASE THERE BOND WITHOUT IT COMING UNDER THE REMIT OF OUR BANKRUPTCY. THANKS.IM TOLD SECURED LOANS DONT COUNT IN BANKRUPTCY SO I WOULD THINK THEY COULD PAY THIS LOAN OFF ANYTIME WOULD I BE CORRECT |
| Viki.W |
Posted - 20 February 2012 : 13:41:29
Hi Thomas,
Do you want to keep your home or have it repossessed?
If you want to keep your home, then you need to keep up on any secured payments.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
