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Jez
Starting Member
United Kingdom
49 Posts |
 Posted - 18 March 2009 : 12:18:39
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I am using the online forms.
In the secured creditors bit of section 4, I have a mortgage and a current account overdraft secured against the mortgage.
When I put in the values and print the forms, I am getting strange figures, I guess because it is treating the secured assets as two separate assets.
My figures are as follows:
Mortgage amount owing: £221,227.28
Present Value: £215,000.00
Net amount owing: £6,227.28
Overdraft Amount Owing: £9,307.19
Present Value: £215,000.00
Net amount owing: -£205,692.81
Obviously, because of the overdraft net amount owing, it looks like there is a massive equity, which there isn't.
Can I put the present value of the overdraft as £0 to force the online form to show the correct values, or is there something else I should be doing?
Thanks
Jez
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John
New Member
United Kingdom
73 Posts |
Posted - 18 March 2009 : 13:03:08
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Hi
in the 2nd line (where you list the secured overdraft) in the box that requires present value, enter -£6227.28 as that is the value in the property AFTER the first charge has been deducted.
The figures should then begin to make some sense.
John White
England Jackman & Spacey |
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Jez
Starting Member
United Kingdom
49 Posts |
Posted - 18 March 2009 : 13:20:42
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| Fantastic, thanks John! |
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SOA Section 4
