| T O P I C R E V I E W |
| long56 |
Posted - 18 March 2010 : 18:41:07
Hi this is my first post and have mixed feelings. I have just started the bankruptcy process and although ive read all the facts i still feel confused inside but know its the right action to take following a discussion with a solicitor. I have just separated from my wife because she realised there is no more money to spend (just shows what she thought about our wedding vows...never again!!)Any way i'm have £70000.00 of unsecured loans and a mortgage of £104000.00on a flat which was rented and now i'm going to default on that. I have a joint mortgage of £163000.00 with my wife who still lives in the house. How will all this affect me in general and if she defaults on the mortgage payments will this affect my bankruptcy.. I now live and pay rent to my brother. |
| 6 L A T E S T R E P L I E S (Newest First) |
| gettingoutofdebt |
Posted - 19 March 2010 : 09:11:22
£320 sounds fine depending upon how much the total mortgage and utility bills costs are. If the £320 is 50% or less than the total amount your brother pays then it will be fine. If it is more than 50% then the OR may question it. |
| long56 |
Posted - 19 March 2010 : 09:02:51
My brother has a mortgage on the property and i pay £320 per month towards rent and running costs. Is this a fair amount as far as the OR is concerned? |
| Reviva UK |
Posted - 19 March 2010 : 08:46:32
Again the other element you need to review is your disposable income AFTER all your reasonable living costs are paid.
The Official Receiver will look to have a contribution towards your debts based on a percentage of disposable income.
If you are paying your brother a nominal rent you are likely to have a significant IPA.
If you are paying a large contribution towards rent you will be asked to justify the contribution and the OR will want to see what your brother pays.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
| long56 |
Posted - 19 March 2010 : 08:14:10
Both mortgages are on interest only and the properties are brand new. I tried to sell the flat as soon as i got married but the suggested selling price was below £100000. I am also happy living with my brother and have no desire to move into the flat because circumstances both financially and mentally have changed. At 56 I know i will eventually i will have to find a place to rent |
| chester2005 |
Posted - 19 March 2010 : 00:48:56
Planning your BR when there are complicated factors is essential to a positive outcome.
the above poster is one of the forum's professional experts and i cannot recommend them enough.
it would be worthwhile and make a lot of sense in your situation to give Reviva a call and take some professional Insolvency advice
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman)
RevivaUK and Paul Johns helped me through it all i can't recommend them enough!! |
| Reviva UK |
Posted - 18 March 2010 : 21:13:02
Hi
Sorry to hear about your situation you do have a lot going on.
Questions :-
1. House ( jointly mortgaged with wife ) has a 163k mortgage. What is the house worth?
2. You mention a flat which is rented out and has a mortgage of £104k. What is the flat worth and had you considered moving into the flat?
3. You are now living and paying rent to your brother?
It sounds that you may have had advice from a solicitor regarding the need for insolvency but please don't think that you are left with nothing having to start again.
depending upon the equity in the flat you may be able to retain that.
The residential house is not your problem. If you were to petition for Br then any mortgage arrears are your wife's to resolve.
take some time to understand all of your options and plan your process carefully. It will make a massive difference to your position.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
