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| T O P I C R E V I E W |
| nicolegold |
Posted - 21 March 2011 : 10:14:51
Hello.
I received my AD a few weeks ago and have been trying to buy back the BI in my negative equity property for the past few weeks, but my trustee tells me there has been some recent changes regarding this, and they're looking into it now. Does anyone know what these changes are?
Are we still able to buy back BI?
Thanks
Nicole |
| 4 L A T E S T R E P L I E S (Newest First) |
| wellerchic |
Posted - 25 March 2011 : 21:35:05
Hi
If the Trustee in BR gives me the deeds back to my house because the neg equity is high will this be covered if the house is sold or would it be better to just hand back the keys (Is it best to do this after not paying mortgage to save for deposit)My mortgage payments are up to date at the moment
I was BR in Feb 09 and discharged Feb 10.
I really want to rent because I cannot afford the upkeep on this house and it is losing equity more and more each year
Gill x
There is light at the end of the tunnel, I can actually see it !!!! |
| Bigal4787 |
Posted - 21 March 2011 : 13:28:08
Hi,
the trustee(OR) will entertain you or a 3rd party buying the BI if the property is in negative equity, but it also depends upon how much the property is in neg equity.
If it's quite low (£10k or under) the OR will probably want to retain it until the 2yr 3mth point, as it ,may return to equity, but you could still buy the BI, but you would have to be prepared to offer around £1,000 or more if the neg equity is less than £10k.
If it's substantial, then an offer of between £500 - £1,000 may be acceptable, but it all depends on the OR/RTLU that's dealing with it.
Hope this helps
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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| nicolegold |
Posted - 21 March 2011 : 13:12:11
Thanks for responding Viki.
Can you please let me know how I 'make an offer'? is there some formal process to ollow? How do i word it etc. I thought I had to wait for the Trustee to 'invite' me to buy back BI?
I've been contacting them to ask how I do it, but their response is basically that they'll get back to me.....and its been a few weeks now. I'm just eager to get it all sorted.
Many Thanks |
| Viki.W |
Posted - 21 March 2011 : 12:46:01
Hi Nicole,
If it's in a lot of negative equity then you can make an offer now, otherwise the OR will value the house again 2 years and 3 months after your BR court date.
The OR will not let you buy back the BI for £1 plus £211, that is the change.
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/ |
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