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hammy0107
Junior Member
399 Posts |
 Posted - 16 July 2008 : 11:34:03
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Hi all,
Looking for an experts opinion please.
If i can agree a figure to buy the BI in my property from the OR, will i be given time to raise the money???? If so, generally how long will i be given??
Thanks in advance. |
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zoe
Junior Member
329 Posts |
Posted - 16 July 2008 : 13:35:50
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Hammy
In my case negociations started in November last year. They have now been agreed after much battle. They origanally wanted £11000 from me - i have argued my case and got down to £4000. They wrote to my mum and asked for cheque as soon as agreed.
Hope this helps
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 16 July 2008 : 13:40:16
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Hi
no action can be enforced until 12 months after the bankrutpcy order, and they have to have started action for repossession before the 3 year anniversary of your bankrutpcy. The only thing to bear in mind is that property prices change and the longer you leave it the more of a gamble you are taking.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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leslie.p
Junior Member
United Kingdom
197 Posts |
Posted - 16 July 2008 : 15:44:15
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zoe, how did you manage to get it down from 11k to 4k?
i am very interested to know as i will be in the same situation very soon.
thanks
les |
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zoe
Junior Member
329 Posts |
Posted - 16 July 2008 : 16:31:21
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| Bascially house revalued - gave surveyors report and also looked on rightmove sale prices for properties in our area - put business case for early redemption payments etc. By the amount of research and paperwork sent they didn't have an easy ride!!! |
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hammy0107
Junior Member
399 Posts |
Posted - 16 July 2008 : 16:53:22
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Zoe,
Did you fight this on your own or did you get expert help?
Did the OR eventually take early redemption penalty, admin costs etc into account?
You mention you used rightmove sale prices, did this throw much weight behind your argument? What did you do? did you send proof of sale prices or just quote what you had read etc?
I know i am being a bit cheeky but could you give a brief run down of how the negotiations went. For example who made the first move? what then happened? how did you eventually come to such a great conclusion? etc etc
Really appreciate any feedback as it may just help me in my forthcoming battle. |
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donememoney
Junior Member
United Kingdom
195 Posts |
Posted - 16 July 2008 : 17:59:45
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Hi
Please please remember in the current economic climate with house prices in decline and showing no sign of slowing, it is wise to wait a while. In my case my house was valued at £245K last Nov
In Bankruptcy I have had the required 3 vauations On the 30th March it was £230K.
On the 4th June it was £218,000.
Today I have had another ~ £212K. We owe £210K on the mortgage so I currently have a £1K of OR equity. down from £17.5K last November. It is bound to continue to slide and we will end up in negative equity meaning the BE will cost £1.
My advice wait a while, you have NOTHING TO LOSE!! |
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zoe
Junior Member
329 Posts |
Posted - 17 July 2008 : 08:52:19
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Hammy,
I did the negociations on my own.
Rightmove site is
http://www.rightmove.co.uk/soldprices.rsp;jsessionid=DA11C0761E26A401A5F11689C93765CD
This will tell you how much prices went for in your area.
I sent them a Mortage redemption statement, stating how much needed to be paid to cash in mortgage, no breakdowns.
I also sent them thread details from other experts on this forum giving advice, so that they could see i had researched.
Had valuation done by surveyor not estate agent as mortgaeable price not sale price.
Decline in housing market put as arguement, local estate agents have gone bust in our area and house builders so put in snippets from the paper.
I put so much in - the more the better really so show your argument, perserverence prevailed!!! |
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melanie_giles
Senior Member
1191 Posts |
Posted - 18 July 2008 : 00:30:22
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What a fantastic result Zoe - how is the little one doing? Nearly time for him/her to put in an appearance?
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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zoe
Junior Member
329 Posts |
Posted - 18 July 2008 : 08:09:31
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Hi Melanie - no another 4 months yet!!!!!
Moving like a full back though!!!
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Topic |
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Buying BI question...again.
