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| T O P I C R E V I E W |
| john.m |
Posted - 10 August 2008 : 19:22:10
Just need ome advice on a few issues..
I have 92k personal debt. Which I have been advised by the cccs to go br...as no job..
Wife has the same but is 6 moths into an iva...cant afford to keep repayments so is also going to default and go br...
No equity so going to give keys back and move into rented...have not missed anny payments on mortgage yet ..but will do to pay rent for new home..
Worked out income and outgoings and after allowances and rent petrol etc...have a surplus of £200 per month..based on the assumption I will be working and bringing home an average wage...
What I ould like to know is
1. Would we get a bro/bru, is there any rules to how and why one would be set up...
2. If we were still living at the mortgaged property at the time of bankruptcy..would the new landlord be informed if it was a private rent and no credit checks were done?...How long after br before yu can rent without the landlord knowing your situation....
3. Would the or take a dim view of us moving to rented, which woould be a £100 dearer than the mortgage..(int only)...onl until jan 09 when mortgage increases by £355...
Sorry its abit wordy but just need clarification on these points...
ps...If I have already completed a statement of affairs and then circustances change can I redo it or do I speak too the court at the tiime....
thanks in advance |
| 3 L A T E S T R E P L I E S (Newest First) |
| John |
Posted - 10 August 2008 : 21:47:48
Hi
your wife's IVA must fail before she can petition for BR. If you go BR 1st and move out of the current property, once the house is sold at auction all of the shortfall will be her liability.
The mortgage is joint & several so you don't each have a half share of the liability.
Incidentally, the £140K estimate for sale at auction for a property of around £157K is optimistic in today's market.
70% to 75% is regularly acheived.
After sale, the lender would chase your wife for the whole of the shortfall until such time as she pays, or declares BR.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| john.m |
Posted - 10 August 2008 : 21:34:45
thanks john much appreciated,
Just following on from that, Would my wife be better off waiting for the iva to fail, or to go straight for bankruptcy....ie the house is in joint names so if i were to go br,...the difference once the house is sold would then be her problem....house is worth about 157k and mortgage with penalties is the same, so would prob be sold at auction for 140 upwards...i think then my half of the debt would be put into the br , what would happen with regards my wife, would it just then be put on hold until she too went br....
again thanks in advance
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| John |
Posted - 10 August 2008 : 20:27:35
Hi
Obviously your wife's IVA will take a few months to fail but once done.
1. Nothing from that which you have written would suggest a BRU/BRO.
2. If you're already BR and apply for a rental, provide the application form does not ask the question re BR, and if there were no credit check then you'd be OK. Your are not required to disclose here unless the form asks the specific question.
3.Once in rented, it would appear from your post that, over a 3 year period, the OR, or rather the creditors, would benefit from the move compared to maintaining your pending increase in mortgage payments.
The SoA must be representative of your situation on the date you petition. As and when circumstances change after BR, and in respect of I&E,and within the term of an IPA, then you must notify the OR of each change as and when they occur.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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