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| T O P I C R E V I E W |
| Fifi |
Posted - 04 April 2008 : 15:01:13
Hi,
I wonder after all I have been reading, in Bankruptcy, if family/friend purchase the beneficial interest and we keep up to date with the mortgage repayments, does this mean we get to keep the house?
Is there a limit on the mortgage repayment / house as a luxury?
I.E. 4 Bedrooms for a family of 4. Who are wishing to expand to 5...maybe 6...
New to the forum, so hope to learn more...
Fifi |
| 7 L A T E S T R E P L I E S (Newest First) |
| Reviva UK |
Posted - 05 April 2008 : 21:33:49
Hi Fifi
sometimes the obvious solution is not always the best one and as such a free chat with a professional is always the best first step.
Seems to me that a modest downsize in car plus the support of family could have you debt free quite quickly.
Which mortgage company are you with?
melanie and her team do great work and have a fabulous reputation here on the forum - She has got to be your first phone call on Monday.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| Helpful Advice |
Posted - 05 April 2008 : 18:44:24
Hi Fifi,
With this level of equity and the fact that your family would need to find the funds to purchase your interest I agree with Melanie that BR may not be the ideal route.
I would contact Melanie via her link above and have a chat about the alternatives.
I hope this helps
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| melanie_giles |
Posted - 05 April 2008 : 12:48:56
If your family are going to need to raise that sort of money to buy out the beneficial interest in bankrutpcy, why don't you think of making the same offer through an IVA and thus avoiding the publicity of bankruptcy? This would be a fairly simple procedure, but you will need to engage the services of an insolvency practitioner to act on your behalf. This would run over one year rather than the usual five, if you could not afford to pay
anything to creditors on an ongoing basis - bearing in mind that your family would need to have their loan repaid.
In bankruptcy, your usual domestic assets would not be touches, so long as you had nothing of significant material value, and I am assuming that you have no disposable income to offer to creditors?
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| Fifi |
Posted - 05 April 2008 : 10:04:26
Hi,
House is worth £239k as forced sale (£18k equity before charges), and poss £249k open market valuation but market is really flat around here. Do relatives get the opportunity to negotiate over the £'s paid for the beneficial interest?
Balance on mortgage is £221k.
Total debt in region of £65k.
Car worth £6k (bottom book)and on finance included in the above figure. (Car loan, not HP)
Children are settled in school locally, dont wish to move if can help it.
Would like to retain the house if possible.
What should we do re car, should we sell this one and buy cheaper one and then balance goes to the OR? (£2500 max??). Can we have a car each worth £2500?
Dont have any other assetts but worries about household items. Husband has PC, I have laptop purchased by college, we have 32inch LCD purchased by in-laws as gift for us. Kids have mountain of toys. I have a nice big fridge freezer that was £499 new 2 yrs ago. Nothing else to speak of.
Are you forced to sell things like your jewellry?
Thank-you for answering the hundresd and one questions!
Fifi |
| melanie_giles |
Posted - 04 April 2008 : 23:33:48
If a friend or family member pay some money to the Trustee to acquire the beneficial interest, then that is exactly what they aquire, so you would be wise to get a formal agreement drawn up between you detailing the nature of that interest and how it is intended to treat it in the future. |
| Carl McMullen |
Posted - 04 April 2008 : 21:54:01
HI Fifi,
Can you post a little more infomration about your situation, debt level, value or property, mortgage amount, disposable income etc etc
Have you taken advice about bankruptcy ? |
| JulianDonnelly |
Posted - 04 April 2008 : 15:53:38
Hi Fifi,
Yes if you can identify a family friend who can purchase the beneficial interest and mortgage payments are maintained then the property would be safe.
As long as the property is realistic to the nature of the family a four bedroom home for a family of four will not cause problems so long as the mortgage payments can be maintained and are not unrealistic
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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