hi, we are both going bankrupt in about three weeks time as we can no longer afford our dmp payments.we would like to keep our house if possible, we have a mortgage of £129000 and an unsecured part of £24500 as it is a togeather mortgage. we pay £1020 per month for this and also have a secured loan of £69000 with firstplus. this costs £670 which we can afford to pay.the house is worth about £160000 so we have no equity.do you think these costs would be seen as to high as by the time we have paid everything for the month we have about £70 surplus income .
Unless the unsecured part of your loan is secured before you go bankrupt, you would not have to pay this post bankruptcy. The Official Receiver would not look at your repayments and consider them too high as long as you were able to maintain the payments with out getting in future financial difficulty.
In the case of a non-saleable asset (ie property with no equity), secured lending is exempt from bankruptcy and the OR has no say in what those payments are.
before we go bankrupt and the house
Posted - 04 July 2008 : 13:17:57
