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carl
Junior Member
115 Posts |
 Posted - 13 July 2010 : 12:46:58
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I am just in the process of transferring my mortgage and secured loan payment from my exsisting current account to my new CoOp account which I will keep open post bankruptcy.
Do I have to inform both my mortgage company and secured loan company once I have been declared BR? or do I just continue to pay my monthly mortgage/loan payment as I do at present and let the OR do this? I was under the impression that as long as I continue to pay mt mortgage and secured loan that these organsiations would be happy? I may be wrong?
It is my intention to hopefully keep my property so I know that I will have to pay a £495 fee to the OR to transfer the property back into my name. Does anyone have any idea how long this takes?
My house is valued at 80k approx and my mortgage is 73k and there is a 22k secured loan on the property so the proeprty is in negative equity by approx 15k.
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 13 July 2010 : 14:18:51
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Hi Carl
There is no need for you to contact the secured creditors as the OR will do this, but you may wish to contact them after the OR has to confirm that you will continue to pay them as before.
Usually bankruptcy doesn't affect the way secured lenders act as long as you are up to date with the payments.
It will take a while for the OR to review the property position as far as the equity is concerned, but if you solely own it you won't be able to buy back the interest till after your discharge
Hope that helps
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
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carl
Junior Member
115 Posts |
Posted - 13 July 2010 : 16:51:20
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Thank you Bridgewood
What is the standard process that the OR goes through during the Bankruptcy process?
I just wondering if there are standard things that the OR will do? and if there is an order they do them in? |
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 13 July 2010 : 17:24:35
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Hi carl
There are loads of standard procedures the OR has depending on individual circumstances.
he will review the level of your income and expenditure to ascertain if you can make any contributions, he will review the values of your assets to ascertain if there is any value for creditors - this will include vehicles, properties, life policies, etc, he will write to your creditors with his initial report based on your statement of affairs and questionnaire, and at some point he will review everything again before deciding whether to allow you an early discharge and apply for his release
There are any number of other procedures they could go through depending on your circumstances.
The good thing is that, whatever they do, someone on here will have been through it and will be happy to offer assistance and advice as required
Good luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
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carl
Junior Member
115 Posts |
Posted - 14 July 2010 : 18:04:40
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Thank you again Bridgewood
Reading a post above I have only just found out that I will have to go on to a Nil Tax code and the money that I should have paid in tax will be paid to a company called Moon Beaver?
Please could you or anyone else tell me a little more about this please?
I work for a Local Authority and I know the HR department would flag this upto management which i really don't want. Declaring myself BR doesn't affect my Job, I just don't fancy being talk of the office!! |
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debtinfo
forum expert
2826 Posts |
Posted - 14 July 2010 : 19:37:36
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| Why would they flag it up to management, there are several reasons why someone would be on a NT tax code and the HMRC doesnt tell them why you are on it |
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carl
Junior Member
115 Posts |
Posted - 14 July 2010 : 21:21:52
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Thank you debt info - I guess your right and I am probably worrying for no reason.
Do you know anything about the No Tax code and how its works etc
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debtinfo
forum expert
2826 Posts |
Posted - 14 July 2010 : 21:50:30
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Basically they dont take any tax between now and the new tax year (April 2011). this means you get the extra mony in you pay packet, The OR then apoints their solicitor moonbeever to collect this from you (usually by direct debit)
Thats all |
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Question about mortgage and secure loan
