You need to think of the debts secured on the house as mortgages. Even if they started life as a credit card.
If you decide to sell the house in the future you will need to clear all of the secured mortgages ( or charges ) at the time of sale PLUS estate agent fees and solicitors fees.
Because you are Br it is unlikely that a mortgage company or a second charge ( via a final charging order ) will allow you to sell without clearing all the charges. They are almost certainly not likely to allow you to make a payment arrangement because they have historically taken you to court for a CCJ & charging order.
How much negative equity do you have in total?
Paul Johns Bankruptcy Specialists Reviva UK www.revivauk.com 08454 751 851
Negative equity is about 20k. If I hand the key now that I am Br that means they all be clear as far as I am aware. Do standing orders put interest on top of secured loan? Do u think is worth keeping the house havin about 40k on charges plus mortgage ? Or will I be better of handing the keys? Thank you again f
the secured charges are entitled to charge interest for the debt - however it is usually significantly less than they were charging before it moved to a secured charge.
Paul Johns Bankruptcy Specialists Reviva UK www.revivauk.com 08454 751 851
If you can afford the mortage payments + the charges & you want to carry on living in that house in particular then I'd say keep it BUT if you want to get rid if a massive debt & can rent somewhere you like for a lot less it may be worth letting your house go under BR & removing the worry & stress of all the charges.
Thank You RHB I did phone on friday Land Registry & they told me that i have got interim charges on the house not final charging order as i thought. so they will go. Now my house is on positive equity I will need to buy BI at some stages if i find someone
Thank you
quote:Originally posted by RHB
If you can afford the mortage payments + the charges & you want to carry on living in that house in particular then I'd say keep it BUT if you want to get rid if a massive debt & can rent somewhere you like for a lot less it may be worth letting your house go under BR & removing the worry & stress of all the charges.
Hello After being made bankrupt
Posted - 04 April 2011 : 20:10:47
