Hi sorry to ask again going to court in 3 wks ! Our house has £4000 equity in it if we cant afford to buy the BI in it what happens ? If we rented somewhere that was alot cheaper than our mortgage payments within the three years would the OR want the difference to be paid into the bankrupcy ? Sorry for all the questions. Think we have a DI of around £164 a month i have not included pocket money but my expenditure on grocerys is over the guidlines .
The £4k equity may not be worth the ORs while as they would sell the property quickly so would be using the 'quick sale' valuation. Is the £4k equity from a 'quick sale' valuation? If not then there may not be any equity in the property.
If you rented accommodation that was cheaper than your mortgage then you would complete another I&E and your IPA would be based on the amount left over (DI).
If your current DI is £164 then you would pay an IPA of 50% so £82.
If the grocery amount is over the guidelines then the OR may or may not question this, it really depends upon the OR. If there is no way that you can only spend the guideline amount then the OR may want some reason for this i.e. you have specific dietary requirements that are backed up by a GPs letter, etc.
Try not to worry (easier said than done, I know) but the next 3 weeks will pass quickly and then you will wonder what all the fuss was about.
Hi sorry to ask again going to court in 3 wks !
Posted - 19 May 2010 : 17:57:25
