| T O P I C R E V I E W |
| rollercoaster |
Posted - 13 July 2008 : 20:17:15
if everything goes to plan my OH and I will be going BR on the 15th August. There will be 10K equity in the house total. I assume that we get 12 months to find rental property, is this correct. We have seen two possible houses already but heard it is very difficult to get rental post BR, how does everyone else do it? Dont think anyone will be able to help with beneficial interest (not that much anyway, half maybe) |
| 8 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 14 July 2008 : 11:25:28
I agree with Suzanne. It is standard practice will most of the banks to freeze accounts on publication of a BR in the London Gazette and Stubbs Gazette whilst they wait to hear from the OR.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| Suzanne |
Posted - 14 July 2008 : 08:46:06
Hi
It's not the OR who freeze the account, but the banks themselves. The bank will want the OR to say they have no interest in the account and then the bank will unfreeze it. So the sooner the OR can get a copy of the bank statement up to the date of bankruptcy the sooner they can let the bank know.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
|
| abr |
Posted - 14 July 2008 : 08:43:29
hi, i went BR on 17th april before i went BR i phoned my bank (nationwide basic a/c) and they said they wouldnt have a problem keeping the a/c open providing the OR agreed. it got frozen a couple off wks later but the OR sorted it out on the same day for me. when i moved from my house i could not find anywhere with a private landlord that i liked so i went to a letting agency and they took 6mths rent with a deposit as well. i do know people that has not had to put as much down though. hope this has helped a little |
| Trolly-Dolly |
Posted - 14 July 2008 : 08:31:37
Is it pretty much standard that the account will be frozen? And is this done after BR is granted or after meeting with OR? We too are planning to BR in August (20th), any money in our account will be for Direct Debits and money to live on, so do we then draw this out in cash the morning of the BR so we can eat? We are also planning on contacting Llyods and asking for them not to freeze or close account, or is this not up to us and entirely at the OR discretion?
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
| rollercoaster |
Posted - 14 July 2008 : 08:04:44
looks like i am going to need £1500 for a deposit on a rental, my husband and i have seen 2 possibles. The figure for the house was done by a valuer in february for the purpose of the IVA and that is the one that i am using, Approx £11k equity. OH IVA 3rd missed payment on 9 Aug.
It seems to me that we would better securing rental and moving whilst IVA fails, then petition for BR. What i dont understand is what happens to the house, council tax and utilities when we move and leave the house empty? can afford to pay these but dont want to pay 2 lots. do we tell the mortgage company or do we let the OR deal with that side and would the OR think that we were being dishonest for moving pre BR and leaving a house with £11K equity?
Could get the deposit for rental by missing last mortgage and secured payments pre BR.
Bank account with the co op, worried as they are the only bank that we can go with (Barclays = creditors) dont know what to do if we lose this account? was going to phone them pre BR and ask them not to freeze the account.
OH paid on the 25th each month, me 30th. chose the 15th as a date as the mortgages are paid on 14th. and allows 10 days for account to be unfrozen? |
| Reviva UK |
Posted - 13 July 2008 : 21:42:05
Hi
the best palce to have a free chat is with one of the experts on the site.
simply click on the web page links and you can contact them for a chat
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| BankruptC |
Posted - 13 July 2008 : 21:32:14
Hi reviva,
Sorry to hijack, but the timeline is something we are worried about getting wrong too. Where can we get free advice on this?
Thanks,
I |
| Reviva UK |
Posted - 13 July 2008 : 21:28:48
Hi Rollercoaster
do you have any arrears on the mortgage ?
I would seriously think about planning the bankruptcy timeline and understand the consequenses of getting it wrong.
For example if you want to stay in the property post Br then you must pay the mortgage. If you pay the mortgage how will you save for a deposit.
In Br it is usual that you will need more than 1 months deposit PLUS a month in advance - please go through your timeline again because you may be getting rid of the debt but you may find yourself in an unpleasant position.
Secondly did you have the house valued by an estate agent or proper valuer. House prices are dropping fast and there may be other options.
I really would recommend you have a chat to someone about your plans and let them give you some free advice about a time line and "getting the ducks in a row".
incidentally which bank account do you have and when are you paid during the month? Not a good plan to have a bank acount that will be frozen just after you have been paid. Makes eating a challenge for a few weeks until you get the money back.
hope this helps and gives you a few pointers to think about
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
