| T O P I C R E V I E W |
| henrytc |
Posted - 13 August 2008 : 12:30:16
I have just recieved a letter (good news i may add) that the OR is satisfied that we are in negitive equity and we have to send £1.00 to buy back interest plus £211.00 solicitors fees and then the name of our solictitors. my quiestion is do we need one and how much will this cost ????
Thank you
Tracey |
| 13 L A T E S T R E P L I E S (Newest First) |
| John |
Posted - 13 August 2008 : 20:48:08
Hi
with a realistic value of £260K and £267K secured against it then the house has sufficient negative equity for the OR to offer your BI back to you for £1 each, plus fees of £211.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| mitsu8 |
Posted - 13 August 2008 : 20:29:12
house same as ours recently sold for 260000.even when things were booming it only got to about 275000.if it reached 275000 again could they make me sell if i went bankrupy thanks |
| John |
Posted - 13 August 2008 : 20:05:19
Hi
sorry for not making myself clear.
What I meant was how have you estimated your property to be worth £265K - £270K?
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| mitsu8 |
Posted - 13 August 2008 : 16:56:31
hi i have 242000 mortgage and 25000 secured loan and our house is worth about 265-270000 |
| Trolly-Dolly |
Posted - 13 August 2008 : 16:48:24
Absolutely!
If you are not in arrears etc or even if you have a teeny bit of equity then you may be able to keep your home (never heard of anyone not being able to). This is what we plan on doing. Going BR in 13 days so will keep everyone up to date on what the outcome is.
Best advice: Keep reading this site and educating yourselves, then you will know what to expect.
Good luck.
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
| John |
Posted - 13 August 2008 : 16:45:56
Hi
how have you calculated your negative equity?
You will obviously know how much you owe against the property but how have you arrived at its current valuation?
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| mitsu8 |
Posted - 13 August 2008 : 16:36:39
as we are only just in negative equity i could buy back for a pound and carry on paying the mortgage and secured loan which i can afford.does that mean they wouldnt take house off us thanks |
| Trolly-Dolly |
Posted - 13 August 2008 : 15:59:34
mitsu,
If your home is in negative equity then it is of no use to the OR, therefore you can 'buy' it back for a nominal fee of £1 plus costs; usually purchased by a friend or relative but keep hearing more and more about bankruptees buying it themselves.
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
| mitsu8 |
Posted - 13 August 2008 : 15:51:46
hi what does it mean about buying back the interest for a pound .thanks |
| zoe |
Posted - 13 August 2008 : 13:56:08
Thats right matey!!! |
| henrytc |
Posted - 13 August 2008 : 13:52:26
thanks Zoe
i didnt think i did i thought that was what i will be paying £211 for
Tracey |
| zoe |
Posted - 13 August 2008 : 13:38:47
You do not need a solictor!!!
Contact the OR
I received my papers to just sign and send back with a witness from the OR's solicitor |
| Trolly-Dolly |
Posted - 13 August 2008 : 12:44:22
Hello,
I think that they must do this via your solicitor and that the £211 is your fees and no more. Hope so! If you dont mind me asking, how much in negative equity are you?
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
