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tony-carvell
Starting Member
2 Posts |
 Posted - 18 January 2009 : 15:56:14
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Hi,
I am currently in debt and in urgent need of some advice,
I am 40 years old and married with 2 children one aged 11 and one aged 16.
I have spoke to several debt agencies regarding my situation and they have told me bankruptcy is my best cause of action,
Since my salary was reduced from 28000 to 21000 pounds 14 months ago I have struggled to keep up payments on my loans and credit cards and my debt is getting worse.
Creditors are now starting to hound me ringing my mobile and house phone all hours of the day and night and the stress is starting to take its toll on me.
The main worry I have is will they take my house which is jointly owned by my partner and myself the outstanding mortgauge is £166000 and the current value is £130000.
As long as we keep up the payments, will the building society allow us to keep the house. I was advised that because there is no equity in the house my wife could buy my share for a £1 is this true?
I also have a van which is not used for work purpose but is used for commuting to work, will they take this vehicle it is valued at about 2800 pounds?, I am unable to use public transport because my shifts sometimes start at between 2am and 6am in the morning as I am a Hgv driver.
Your advice would be greatly appreciated,
Could you please contact me back via email or send me a contact number and name so I can call you back if you can help with some advice
Thanks
Tony Carvell
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John
New Member
United Kingdom
73 Posts |
Posted - 18 January 2009 : 17:33:48
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Hi
the value of your property and the level of your mortgage suggest that you will indeed be able to keep it if you should decide to declare bankruptcy.
The van is borderline, a vehicle of £2K to £2.5K is, if proven necessary which yours probably is, about the value the OR will allow and make exempt.
To make sure you could try selling the vehicle prior to bankruptcy for the £2.8K, buy another for about £2K and use the balance for your court fees etc. The OR would not have a problem with this.
If you want to speak to someone why not call the helpline number on this site.
0800 078 9367.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Integrity
Junior Member
United Kingdom
201 Posts |
Posted - 19 January 2009 : 00:14:57
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I agree with John. The biggest issue you would be concerned with is your house. As it is in negative equity a 3rd party could buy the beneficial interest (even though it is negative) for £1 plus £211 legal costs if the OR is the trustee.
So bankruptcy would sort the debt out and enable you to move forward with your life.
The only thing I would say is because of your earning you may be subject to an IPA/IPO.
You need to work out your net pay and your outgoings. If there is disposable income after this the an IPA/IPO may occur.
With respect to the vehicle £2k -£2.5k is allowable if it is more than that then the OR may ask you to sell it and give him/her the difference above £2.5K.
If you sell it before Bankruptcy he/she will ask you to account for the amount above £2.5k. If it is still in the bank you will have to hand it over to the OR.
I would get an upto date vehicle valuation done. This can be done on line with autotrader or Parkers guide. You may find it is worth less that £2800 now and if it fals below £2k-£2.5k may not be at risk :-) |
Edited by - Integrity on 19 January 2009 00:19:02 |
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Hi, I am currently in debt and in urgent
