I am considering bankruptcy, my house has no equity or even negative equity for mortgage purposes , and I also have a secured loan. Would the house be reposessed by the receiver, would I lose it? I need to lose it as I cant afford it and moving will allow me to seek better paid and more stable jobs.So will I lose it? Also i have a polce pension apid monthly into my account, would this be an HMRC approved pension and therefore not considered an assett?
Im sorry i cannot answer your query about the pension. However with regards to the house if you wanted to keep it you would have to continue to pay mortgage and any other secured loans on it. You can purchase the beneficial interest back off the official receiver for around £212.
If you want to give the house up for voluntary repossession, then you will need to inform the mortgage co of your plans and make sure you include any shortfall on your soa so it can be captured in the br.
Good luck
Jenny
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
I am considering bankruptcy
Posted - 28 January 2009 : 16:30:39
