This is my first time on this forum, so please forgive me if I ask anything that seems a bit silly.
1. I have a mortgage shortfall of 25,000 home repossessed 9 years never paid anything off it. Mortgage company have applied for an attachment of earnings which I dont want because I can't let my employer find out about this, plus its too much to pay. I have been paying my other debts and nver default on them. The mortgage compnay are only chasing e even though the mortgage was in a joint name with my wife.
2. I need to save for the BR fee so this month I have cancelled my direct debits for 2 loans and not paying any other debts. This will take approx 2months.
3. I have started to complete the SOA. The I & E part. Do I complete this with my current outgoings surely I dont include my loan payment for my car??? even though one of the question asks essential payments car tax, insurance and maintainance. I have been told the OR will probaly have no interest in the car and I would almost certainly be able to carry on the repayments with black horse.
4. My wife isn't declaring herself bankrupt yet so when I complete the I & E do I list the full maximum amount allowed by the OR so then I would have no DI?? does this all make sense - sorry
If your debt with the former mortgage shortfall is in joint names both you and your wife will be liable for the amount so if you file for bankruptcy your wife will also have to file or mortgage ompany will chase her for the whole amount.
It is at the discretion of the OR whether or not you will be allowed to continue with the car HP (check if the car finance is definately Hp or a loan) if a loan it will just be treated the same as any other unsecured debt. Most Hp companies have a bankruptcy clause written in that on the making of the Bankruptcy order the agreement is void and they will repossess the vehicle - so a phone call to thee hp company will be required by you to ascertain whether or not you will be able to continue wuth the hp even if the OR will allow it. Sorry but a cut and dried answer cannot be given it is down to the OR and ultimately the HP company
Your income and expenditure will have to reflect the income into the household and your monthly commitments including the hp if it is to be continuedMelanie
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
Thanks. I don't know 100% if they will allow me to keep the car. I I call the HP company nd they say yes, could the OR then say no??
On the I & E it asks about assets, is the car an asset? its on HP
Also - there is a question that ask whe id you first realise you were having difficulties?? what do I put here?? the date 9 years ago when the house was reposesed or the more recent date when I received an attachment of earnings. Thank you so much for your help
I NEED TO DECLARE BR BUT HAVE SOME QUESTIONS. HELP
Posted - 23 July 2009 : 12:13:55
