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lister9995
Starting Member
United Kingdom
5 Posts |
 Posted - 13 March 2009 : 15:13:48
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Hi there guys,
I am looking at bankruptcy as an opyion to remove over £55000 of debt.
Before i take that big step, can anyone help me with sonme burning questions that i have?
They are:
1. Will I loose my house? I bought it 2 1/2 years ago and it cost me £148,000, i had it valued yesterday at £140,000.
2. The house was bough in joint names but my ex did a runner leaving me all the bills hence being in this position. Will that have any bearing?
3. I know my house will be signed over to the OR but i can buy it back for a nominal fee + solicitors fees. Is this right? and can i buy it back or does it have to be someone else?
4. I also have a joint loan attached to the mortgage (it's a northen rock together mortgage... if i go bankrupt can northern rock still try and take the house and/or the money for that loan after bankruptcy?
5. even if i go bankrupt and keep the house can northern rock insist on the sale of it?
6. will i loose my car as an asset? According to Parkers price guide, private good sale would be £1800 and private poor £900 - my car fits some where in the middle!
7. will i loose everything in my house?
8. after i go bankrupt, will i still have to pay anything to anyone or will i have any orders attached to my earnings?
There are so many other questions but thats all i can think of at the moment, sorry it's so much but if anyone can help me that would be brilliant.
And this website is ace, for the first time in a long time, things actually may be looking up! |
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John
New Member
United Kingdom
73 Posts |
Posted - 13 March 2009 : 20:19:42
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Hi
before I answer the list of question could you tell me how much the property is mortgaged for?
(secured portion of together loan only).
This info is needed to advise you on some of the questions you have raised.
John White
England Jackman & Spacey |
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lister9995
Starting Member
United Kingdom
5 Posts |
Posted - 14 March 2009 : 00:26:03
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| hi there, the mortgage is for £148,000 and the house is valued at £140,000 |
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John
New Member
United Kingdom
73 Posts |
Posted - 14 March 2009 : 01:01:20
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Hi
here goes
1. Your property is in negative equity and therefore as long as you can afford to keep up the repayments you should be able to keep it.
2. The only complication in respect of the property remaining in joint names would seem to be in view of question 4.
3. If a 3rd party buys your BI it will cost them £1 + £211 fees. If you buy it back it will cost the same with an added likelihood that you will be faced with an Ad Valorem fee of 1% of the value of the property.
4. When you declare bankruptcy the unsecured portion of the NR loan will no longer be your liability. It will however fall to your ex to repay the sum in full. If they cannot do this then they may be declared bankrupt by NR. To save time and complication it may then be preferable for your ex to see the writing on the wall and declare themselves bankrupt at the same time you do. You will each be able to purchase the other's BI for £1 + £1 + £211 fee. After you are both discharged you could arrange for their BI to be transferred to you.
5. NR cannot repossess the property unless you default on the repayments in respect of the secured portion of the together loan. The fact that you, or both of you, have written off the unsecured portion is basically NR's problem.
6. At that value you will keep the car as long as you can evidence the need to do so ie for travel to and from your place of work. If you live half a mile from your place of work for example you are very likely to lose the car.
7. You will not lose any household items nor will the OR send anyone around to check so unless you have a Van Gogh in the hallway you'll be ok.
8. If you have sufficient monthly disposable income after all of the expenditure required to meet your reasonable needs has been met (£100+) then you will be required to contribute to an Income Payment Agreement which lasts for 3 years. The amount you pay will depend on the level of monthly DI.
John White
England Jackman & Spacey |
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lister9995
Starting Member
United Kingdom
5 Posts |
Posted - 14 March 2009 : 01:19:31
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thats brilliant!
Thank you very much for the advice, i really appreciate it all
hopefully there is now light at the end of this very long tunnel! |
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Hi there guys, I am looking at bankruptcy
