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| T O P I C R E V I E W |
| Worried Essex |
Posted - 16 July 2008 : 10:57:02
Hello. I was declared bank rupt on 24 June. I am meeting the OR on 21 July (next Monday) and want some advice. My net monthly earnings are only just able to meet my monthly outgoings, maybe £150 spare each month, what % that £150 do you think the OR may request for a monthly payment, and can I be forced to pay the whole £150 each month. Am I right in saying the payments last for 36 months?
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| 4 L A T E S T R E P L I E S (Newest First) |
| Suzanne |
Posted - 16 July 2008 : 13:35:08
Hi
The OR are not able to force you to sell your property. The only way they can exclude the difference between the rent and the mortgage would be if you were still able to pay the difference out of your surplus. eg. if you have a surplus of £1,000 per month, they add back the difference of £600 and ask you to pay 50-70% of £1,600 - £800 per month. That way it is your choice to either pay what works out to be an additional £600 for your mortgage leaving you with £200 pm, or make the saving on your housing leaving you with £800 pm.
I have tried to explain it as logically as I can, so I hope it makes sense. Of course if you have no surplus to begin with it is academic.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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| Worried Essex |
Posted - 16 July 2008 : 12:01:00
Thanks for your assistance, 1 last question!
I have been told that as my mortgage is £2,200 per month and we could rent a suitable home for £1,600 per month, the OR could either force us to sell and rent therefore have £600 per month to pay to the OR extra over and above current surplus or allow us to remain in the home but force us to pay the difference between rent and mortgage each month to them, could you clarifiy the position here please? |
| Suzanne |
Posted - 16 July 2008 : 11:02:41
Hi
The OR will expect you to pay 50-70% of any surplus income for 36 months you will not be expected to pay all of your surplus.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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| Skippy |
Posted - 16 July 2008 : 11:02:32
There is a payments table in my blog, and for a surplus of £150 the OR will most likely take £75.
Good luck with the interview. I found mine was nowhere near as bad as I was expecting. Are you having a telephone or face or face to face interview?
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
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