| T O P I C R E V I E W |
| Lee.bb |
Posted - 21 July 2009 : 21:44:56
Hello, my name is Lee,please could you advise me in the situation regarding BR and my home.
I have no equity in my property due to the housing market crash, would my home still be taken off me? and if so how soon.
Many thanks
Lee |
| 8 L A T E S T R E P L I E S (Newest First) |
| Lee.bb |
Posted - 22 July 2009 : 21:17:58
Just wanted to say thanks for the advice,but still don't have a clue what do do for the best
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| memphisd56 |
Posted - 22 July 2009 : 14:33:46
Rhe car situation is a grey area, as i was quizzed why i needed my car...and it`s value is less than £750. Its very much dependant on the O.R, so present a good case as to why you need it, just to be safe... |
| Skippy |
Posted - 22 July 2009 : 14:29:17
Regarding the car, I think there is some discretion as I was allowed to keep a car worth £3k.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
24 IPA payments made, 12 to go - on the home straight! |
| gettingoutofdebt |
Posted - 22 July 2009 : 12:02:44
Based on what you have said BR would probably be the best option for you especially as you aren't convinced you can keep up with the IVA repayments.
You would be able to purchase the beneficial interest in your property for £1 + £211 fees so wouldn't lose the house although you would obviously need to keep up with the mortgage repayments.
The car at £2500 is a bit higher than the OR normally allows (£2k) but you could make a case that you need a reliable car for your wife to go to the supermarket with the kids and any other necessary journeys. |
| Lee.bb |
Posted - 22 July 2009 : 10:39:33
Hi Paul,I'm currently in debt of around 30k on cc and loans, I've looked into an IVA but im not sure I would be able to pay the monthly installments, the debts have mounted up over the past two years due to not as much overtime being available and a large mortgage.
I don't have any assets apart from my car which is probably worth about £2500.00 and all my household goods, no pension or endowment policy and as I said the house prices have fallen and I'm in negative equity of around 35k. I'm married with two young children but there is only my income as my wife looks after our children and we have no support with childcare. I'm in a good job as a HGV tanker driver with nearly five years service.
Any help will be greatly appriciated.
Many thanks
Lee
|
| Reviva UK |
Posted - 21 July 2009 : 22:36:42
Hi it might be helpful to get an overview of the whole situation incase we can think of other alternatives and potential consequences.
we will need to know the level of debt
your assets ( car, endowments , pensions etc )
job etc
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
| Lee.bb |
Posted - 21 July 2009 : 22:31:25
Hi Jan thanks for your help
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| Niobe |
Posted - 21 July 2009 : 22:19:03
Hi Lee,
If you have no equity in your home and can afford to keep up the mortgage and any other secured repayments on it, then it is unlikely that you would lose it.
You would need to buy back the beneficial interest from the OR though which would cost you £1 plus £211 costs.
The glimmer gets brighter all the time
Jan
xx |
