| T O P I C R E V I E W |
| ling |
Posted - 15 August 2009 : 23:37:36
Im a confused and need your advice please.
A year ago I bought a foreign property from a developer which we have been paying over a year now. This property is bought in joint name but in this country unless the property is fully paid, we havent got the right to sell it. If I declare BR how would the OR see this? Do I need to include it as an asset? What are the procedures? It really is making me worried as my brother is living there, and they could end up nowhere to live, I dont really want them to know my difficulty here in the Uk.
Thank you. |
| 7 L A T E S T R E P L I E S (Newest First) |
| ling |
Posted - 16 August 2009 : 13:22:04
Hi! RHB
The developer company will sieze the property back regardless of the amount I have paid to the house and probably charge me some charges as well.So far I havent missed any payments yet as my hubby managed to borrow money somewhere. I really want to declare BR but this is one of my concern plus my problem will come in the open to all my family as my brother will be wondering why they have leave the house so I will have to explain it to them. Very stressing. |
| RHB |
Posted - 16 August 2009 : 12:55:50
Out of interest, what would happen to the property if you stopped paying for it? |
| gettingoutofdebt |
Posted - 16 August 2009 : 10:36:01
That will be fine. If you declare BR then the OR has the power to say what you can and can't include in your expenses but your husband can spend his money as he wishes. |
| ling |
Posted - 16 August 2009 : 10:15:40
Thanks debtinfo
I only work part-time but at the moment I'm off work. Does this mean that there wouldnt be a problem with the OR in continuing to pay for this property?As you said I cant include it in my expenses but if my husband continue the monthly payment after giving a fair share in the expenditure, is this going to be ok? |
| debtinfo |
Posted - 16 August 2009 : 09:38:25
Hi, You will not be able to include the payment as as an allowable expense when working out your IPA, If your husband is not bankrupt then he can do as he wishes with his money as long as he pays a fair share of the household expenditure |
| ling |
Posted - 16 August 2009 : 09:24:49
Thanks RHB
Do you think the OR will stop us to continue paying for this property?Do they have the last say? I don't want to lose this property eventhough the interest charge fro the developer is quite high compare here in the uk. My husband said that he will pay for the monthly payment if I go BR.
Thank again. |
| RHB |
Posted - 16 August 2009 : 07:53:58
If the OR can't get any money from the property it should be ok, BUT he/she will still need to know abbout it |
