| T O P I C R E V I E W |
| Topcat001 |
Posted - 07 June 2008 : 21:13:42
Hi..
My wife & I have decided to go BR at the end of the month, we have cancelled all our Direct Debits this month and move into a rented house the end of the month.
My questions are the following........
1. Do we tell the creditors that are ring and texting us every day that we are going BR, or just keep ignoring them until we are actually declared BR.
2. Do we move into our new house first then go BR, or go BR then move in .
3. As we are both going BR do we go into court together or seperately.
4. At what point do we send the keys back to Northern Rock (with a big THANK YOU NOTE !!)
5. Is it ok to open a COOP account now or is it better after the hearing.
6. I pay maintenance for my two boys on a private agreement (not through CSA) will this be looked into, or will i be allowed to carry on as normal (I pay by standing order, so theres proof I pay)
7. My current Mortgage is a Northern Rock Together deal which is made up of Secured and Unsecurred. On the SOA when it asks for Mortgage payments do I declare both the secured and unsecurred (Northern Rock) and also include the second charge on the mortage (not NR)?
Just a few points that have been niggling me, any feedback would be much appreciated.
Thank You, |
| 7 L A T E S T R E P L I E S (Newest First) |
| kevywevy |
Posted - 09 June 2008 : 14:59:01
Hi julian
The house is worth approx 240k with a mortgage of 228k ,i have a unsecured loan running alongside my mortgage payment of 28k plus other debts totaling 40k. so around 70k total debts outside of mortgage
My wife is not working and we receive child and working tax credits
I am in a fixed rate till 2010 and currently £2000 in mortgage arrears but in a payment plan with my mortgage lender to catch up with this
regards kevin |
| JulianDonnelly |
Posted - 09 June 2008 : 10:02:30
Hi Kevin,
Before I can answer that, I just need a liottle more information...
How much is the house worth?
How much is secured on it?
Are you in a fixed-rate period on your mortgage?
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| kevywevy |
Posted - 09 June 2008 : 08:04:01
Hi julian
What happens when i am going BR and my wife is not ,i was under the impression that the OR would work out my equity in the property and then seek to retrieve it
Regarding your previous message does the fact that my wife has a half the stake in my property change anything ?
And if the OR wants to retrieve my share of the equity and i cant afford to pay for my equity amount or find someone who can help me out either ,what steps would the OR take then.
I am at the stage where i should now file for BR but the concern i may lose my house is the only thing stopping me procede
Apologies for the bad spelling it is a long time since i left school
kind regards kevin
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| JulianDonnelly |
Posted - 08 June 2008 : 17:36:25
Hi Kevy Wevy,
Your assumption regarding the charging order is absolutely correct. Your mortgage would just be the secured portion, with the unsecured portion being written off in your BR with no effect on the secured, apaer from Northern Rock being a little unhappy!
Forced sale is the absolute last resort for the OR. Given the property market at the moment, it is likely a forced sale would be an auction where only 75% of the market value would be realised. Therefore it is fair to asume you'd need a minimum of 25% equity before a forced sale is even considered. Therefore, I would suggest that you should be fine.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| kevywevy |
Posted - 08 June 2008 : 15:59:27
Hi
I am in a simular position to topcat and with northan rock ,i have a mortgage monthly payment made up of a secured loan and unsecured loan running together to form a monthly payment to NR.
I understand the rules with secured and unsecured debts when going BR but wondered if technically my mortgage is the total of both loans added together ?
Also if my unsecured laon is valid for BR and if Northan rock were to obtain a charging order on my property for the outstanding loan
would that swallow up any equity i have in the house in the eyes of the OR ? ie if at present my outstanding equity is 28k and i have a charging order placed for 28k would the OR deem me to have no equity in my property?
Im curious to know how little equity the OR would be interested in to still force sale of a property
all help appreciated
regards kevy wevy |
| JulianDonnelly |
Posted - 08 June 2008 : 12:14:24
Great advice as usual Vicki!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| m and v |
Posted - 08 June 2008 : 12:13:08
Hi topcat
1. I would tell any creditor that calls that you are going BR and they will be contacted by the OR. That should keep them happy until they get then.
Don't be bullied by them - you have taken control and they are wasting their time with persisitent calls.
2. Previous advice to other members has been to move into rented accopmodation before going BR.
3. You will both have separate BR cases but you may find the OR looks at you as a couple. I am not sure if the judge will see you together - makes sense to me that he/she would. A BR assist expert will confirm this for you shortly and answer Qu4 and Qu7 for you too. I didn't have a mortgaged property so not come across this personally.
5. I would open the co-op account as soon as you go BR. I opened mine the day after - over the phone and had account detials within a few days.
6.There is a section on the SOA form to list dependents and you'll need to list the maintenance as an expense - the OR may ask for proof which you already have.
Hope this helps a little - hang on for one of the experts to answer the bits about your mortgage.
Good luck
Vicki x |
