|
|
 |
 |
FORUM |
|
> Browse and post on our forum |
|
|
|
 |
|
 |
|
Note: You must be registered in order to post a reply.
To register, click here. Registration is FREE!
|
| T O P I C R E V I E W |
| lozzie |
Posted - 21 June 2008 : 17:04:02
If you take equity release, use all the money paying secured creditors will you still keep your house if you go bankrupt
|
| 5 L A T E S T R E P L I E S (Newest First) |
| melanie_giles |
Posted - 22 June 2008 : 22:14:56
Have you thought about a sale and rent back. These schemes, although currently unregulated, are becoming more and more popular, and I do know of a company that would be prepared to offer you up to 80% of the value of the property. Your plan seems feasible, and depending upon the money you can raise from the property sales an IVA might also work as well as bankrutpcy.
Definately worth chatting to an insolvency practitioner to explore all options, who would also be able to liaise with your bank on a professional level in an attempt to buy more time to effect an orderly realisation of the properties.
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 |
| lozzie |
Posted - 22 June 2008 : 20:48:11
Hi Melanie
Thanks for your support.
I will give you the full facts.
I am 75 years old and my wife is the same age.
We both have health issues.
I have developed 2 properties within a limited company
but cant sell them.
The funding via the bank , lent to the company is secured by a charge over the properties themselves and is secured over the bungalow owned by my self & my wife who are both directors & shareholders in the company.
The company ran short of finance developing the properties & i have incurred £100000 of personal credit card debt in finishing off the development.
The two properties are not selling & I am running out of facilities to service the card debts.
If I put the properties through the auction & sell our home to an equity release co I will pay off the secured bank debt, my wife will bank some money.
I would then go bankrupt for £100,000 re the unsecured debt.
Hopefully we could continue to live in our home, until we die when the equity release co will take it.
Iam advised that the price we can expect for the
property on equity release would be between 50%-60% of the vcurrent market value.
If i do nothing the bank will foreclose & we will lose both the home & the properties in the company.
If what I propose works we havev somewhere to live & will be reliant on benefits but wont have lost everything.
Please let me know your thoughts.
Lozzie |
| lozzie |
Posted - 22 June 2008 : 20:29:57
quote:
Originally posted by melanie_giles
Hi Lozzie and welcome to the forum
Could you be a little more specific about your query - as I am a little confused.
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
|
| JulianDonnelly |
Posted - 21 June 2008 : 20:11:59
Hi Lozzie,
It depends on whether there is any equity remaining. The OR has to realise the beneficial interest in the property for the benefit of the creditors.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| melanie_giles |
Posted - 21 June 2008 : 17:11:57
Hi Lozzie and welcome to the forum
Could you be a little more specific about your query - as I am a little confused.
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 |
|
|
| bankruptcyhelp.org.uk Forum |
© bankruptcyhelp |
 |
|
|
|
|
 |
|
|
|
|
|
