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set1077
Starting Member
United Kingdom
34 Posts |
 Posted - 17 August 2009 : 15:55:30
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My partner and I are about to stop paying the mortgage and Secured Loan to initiate reposession.
I have CCJ's and negative equity due to the secured loan.
If we stay here as long as we can to save for deposits and rent etc.
Then apply for BR when moved and house reposessed.
Am i right in then thinking the secured loan will then become unsecured and therefore able to go on BR, what about the CCJ's?
Are we able to apply for joint BR to only pay one fee?
He has another PT job to pay for CSA would it be pointless doing this because of possible IPA?
Many thanks for helping. |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 17 August 2009 : 16:35:47
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Hi
Once the house is repossessed and sold, any shortfall becomes unsecured debt and will vest in the bankruptcy estate, the same for the CCJ's. As long as the shortfall is listed on your bankruptcy statement of affairs it will be included if not sold prior to bankruptcy.
You are two individuals and therefore you petition separately and have to pay the both fees.
Whether you pay an IPA depends on the level of your surplus income after all expenditure is accounted for. You would need to look at all your income and expenditure to work out the effect of the extra income.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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set1077
Starting Member
United Kingdom
34 Posts |
Posted - 17 August 2009 : 16:50:42
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Thanks Suzanne.
Where will I find a reliable copy of expenditures I can put in the SOA? |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 17 August 2009 : 17:00:24
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A couple of the members on here have got blogs where they have listed what they claimed and were allowed in their income and expenditure. You should find these on the menu at the top. Or you can post them on here and we can give you some feedback on whats allowed or anything you have missed.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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gettingoutofdebt
forum expert
2418 Posts |
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set1077
Starting Member
United Kingdom
34 Posts |
Posted - 18 August 2009 : 10:59:13
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Hi all, another question.
I have a car only valued at under £1500. it's in my name and I am on maternity leave at the mo. My other half uses it mostly to get to work. We are both going bankrupt, will we be able to keep the car as I will be returning to work PT eventually.
I'm sure I read on here somewhere that the OR lets you keep cars under £2500.00? and I think I remember the CAB saying more or less the same a while ago when I was contemplating BR but didn't go through with it then, although wish I had! |
Edited by - set1077 on 18 August 2009 11:00:54 |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 18 August 2009 : 11:48:54
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A car with a value of under £2k or so isn't always allowed to be kept by the person who is BR. It is still a question of whether the person needs the car or not. Even if a car has a value of £1k it can still be taken by the OR.
In your case if your husband uses it to travel to work then it should be ok and the OR should let you keep it. |
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set1077
Starting Member
United Kingdom
34 Posts |
Posted - 18 August 2009 : 12:45:38
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Right then guys, this is going to be a looong question.
My partner and I are not married, we have joint mortgage and secured loan but all other debts are individual. If we have to declare BR seperately, because we pool our money every month how will we work out expenditure. Basically we have a baby as well so I am on maternity leave at the moment which means I am only having SMP but because the individual debts are mostly in my name when it comes to doing expenditure if it is seperate my partner won't have much to put down therefore it will seem as if he has lots of money left over but he won't because he has to keep me and the baby as well. Will they take this into account. I only ask as i remember when filling out expenditures for the CCJ's and they would only let you go on your wage and exactly half of all bills not more or less.
Based on My partner and I and one baby this is what I have worked out so far but obviously i've pooled all our income together.
Income including Child Benefit and Tax Credits and SMP
£2049
Outgoings:
mostly estimated
Rent 560.00
Counil tax 110.00
water rates 40.00
gas 45.00
electric 45.00
food / toiletries 450.00
clothes 125.00
Child support (CSA) 130.00
telephone 50.00
travelling 150.00
tv licence 12.00
Home insurance 15.00
Pet care & medication 60.00 I can provide proof for this
Optician 12.00
Hairdressers 30.00
Totalling £1824
What about equipment for the baby as he getts older? Highchair, ne car seats etc etc and tax for the car, mot, maintenance? Anything missed? |
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CCJ's and Secured Loan before BR
