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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
 Posted - 02 September 2008 : 15:36:57
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Hi Zoe,
I have successfully argued many times in from of an OR for them to include early redemption fees when calculating BI.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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zoe
Junior Member
329 Posts |
Posted - 02 September 2008 : 15:49:02
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Really!?
i wish you had worked on my case!!!
The OR catagorically stated in my letters that it could not be taken into account - were your cases recently? |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 02 September 2008 : 15:57:30
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Hi Zoe,
Indeed they were. As I mentioned earlier, different ORs seem to interpret the guidelines differently. Either I've been lucky or you've been unlucky!
The key I believe is in the presentation of the information. If you present the redemption figure as the balance outstanding, the OR tends to accept it.
Consider this .... balances quoted are the debt as at that date. With a mortgage, the debt at any one time will include a redemption penalty which must be considered (after all, that's what you owe at that time isn't it?). The only justifiable exception is if you fall outside of the early redemption penalty within the 3 years of your BR.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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zoe
Junior Member
329 Posts |
Posted - 02 September 2008 : 16:01:12
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Mr Donnelly are you being sneaky????
I understand what you mean though - if they dont know the redemption takes into account ER then dont tell them - is that what you mean??? |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 02 September 2008 : 16:18:25
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Hi Zoe,
All I am stating is that you need to tell the OR what the debt is at the date of the BR. If you're in a fixed rate period, then early redemption fees form part of the debt. Nothing sneaky about it!
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 02 September 2008 : 21:32:45
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Hi Julian and Zoe
I added my redemption figure into mine and the OR looks like she has accepted it.
I explained this at the time of the interview and then she worked out the BI.
I also gave her 3 house valuations too, which really shocked her. I do aim to please.!!!!!
Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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Help! What does this mean?
