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sarah.81
Starting Member
1 Posts |
 Posted - 22 July 2010 : 11:43:31
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| I have a 64,000 secured loan against the house and I owe 92,000 on our mortgage which is both in joint names,we owe 39,000 on store cards,visa's and bank loan which are unsecured in my husbands name.All together a grand total of £195.000 and we've just had our house valued at £145.000 and we would like to know if we go bankrupt would we lose our home or can we keep paying the mortgage/secured loan so we can keep our home?We are not behind in any payments but we are basically living to work now so your answer would be much appreciated thankyou |
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carl
Junior Member
115 Posts |
Posted - 22 July 2010 : 12:05:16
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Hello
Have a look at one of my earlier posts below titled
"General advice please...... (by: carl)"
Its about half way down the list.
You appear to be in a very similar position to me and I am waiting for Court date now. This website and the people on it will give you the best advice possible and the experts on here really know there stuff. They have answered all my questions and I now feel alot more secure regarding my position.
Hope this helps |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 22 July 2010 : 14:44:21
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Hi
If your mortgage is 92,000 and you have a secured loan of 64,000 then in total you owe £ 156,000 against your property.
If the house has been valued at £145,000 there is a negative equity of £11,000.
Couple of things you should consider.
1.Is your mortgage with Northern rock - if so is it a Together mortgage
2. what reason will you put down in your statement of affairs as the reason for insolvency
3. You may well end up with an Income Payment Agreement if there is disposable income
4. do you have other assets at risk in bankruptcy such as cars, caravans etc
5. will your job be affected in any way.
if you need to discuss further one of the forum experts will be happy to have a chat so you can ask all the questions you like. Often easier to talk rather than ask one at a time .
kind regards
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
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we go bankrupt would we lose our home
