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| billyD |
Posted - 29 August 2010 : 09:41:55
Hi, I wonder if anyone can help me? My wife and I went bankrupt in July 09 and were discharged in Jan this year, our trustee has sent us both a letter asking if we wanted to buy back the BI in our property, which is 11k each, totaling 22k. We are still under a payment order till July 12, we would prefer to buy back the BI and stay where we are in the family home, our questions are,
can we/should we get a loan to buy back the BI?
a family member may be able to help but would we have to add their name to the deeds?
would we be able to offer the trustee a smaller offer? |
| 6 L A T E S T R E P L I E S (Newest First) |
| Housing |
Posted - 30 August 2010 : 17:36:19
Hi
You could approach the local councils housing department and they may be able to assist with a form of Mortgage Rescue - worth asking - go in and make an appointment to talk it through with a Homeless Prevention Officer - come back as necessary - I am a head of a housing department on a consultancy basis so the advice is sound. Not, however, guaranteed to have the solution you seek, BUT with health issues the Government wants to end and to prevent repossessions and putting people through that stress.
Post back and I am happy to talk you through matters in cyber space
Richard
quote:
Originally posted by billyD
the house is in positive equity probably a little bit more than £22K, and after thinking about it a bit more, you guys are right in saying we wouldn't be able to get never mind afford a loan, so that means we have to hope a family member can help us, which is a long shot because of the amount of money involved.
Would the trustee have to wait till the end of our payment order before repossesion, or can they do it now?
Would the local council help us with re-housing? Our Son has had to move back in with us because he is very ill, he has got crohns disease and has had to have part of his bowel removed, he has suffered 8 strokes recently and has been diagnosed with a hole in the heart.
All of this worry on top of the trustee's demands mean we are close to breaking point, so any help would be appreciated.
Many thanks
Bill
"There are no problems - only solutions" |
| RHB |
Posted - 30 August 2010 : 16:22:22
I think the best thing to do would be to ring your housing dept to see what the options are there & to talk to the trustee & see whether or not they are prepared to let you pay in installments after your IPA has finished. Even if you don't buy the BI you should have time before the house is sold to source alternative accommodation so there is no need to panic just yet!! |
| billyD |
Posted - 30 August 2010 : 11:37:00
the house is in positive equity probably a little bit more than £22K, and after thinking about it a bit more, you guys are right in saying we wouldn't be able to get never mind afford a loan, so that means we have to hope a family member can help us, which is a long shot because of the amount of money involved.
Would the trustee have to wait till the end of our payment order before repossesion, or can they do it now?
Would the local council help us with re-housing? Our Son has had to move back in with us because he is very ill, he has got crohns disease and has had to have part of his bowel removed, he has suffered 8 strokes recently and has been diagnosed with a hole in the heart.
All of this worry on top of the trustee's demands mean we are close to breaking point, so any help would be appreciated.
Many thanks
Bill |
| RHB |
Posted - 29 August 2010 : 18:45:27
The BI hasn't been bought yet Richard.
Do you agree there us 22000 equity in the house Billy? If you do & a relative can loan you the money then that would probably be the best option as even if you were able to source a loan then the interst rates would be very high. |
| Viki.W |
Posted - 29 August 2010 : 18:35:57
Hi billy, Welcome to the forum.
As you have an income payment agreement, you will find that even if you could take a loan, you will not be able to budget for the monthly repayments. It would be best if you could get a family member to help you out and maybe you could repay them after your IPA.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
| Julie |
Posted - 29 August 2010 : 18:03:50
Hi Billy,
Not sure of the best answer here I'm afraid. I wouldn't think you'd be able to get a loan yourself as your credit rating would be shot for 6 years from date of BR.
I'm sure one of the professionals will be able to advise soon. |
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