| T O P I C R E V I E W |
| Trolly-Dolly |
Posted - 02 September 2008 : 12:08:35
Hello All,
I know it may sound self explanatory but please anyone, what d you make of this.
Recieved big letter from OR today and he says that he doesnt wish to interview us at this is time. Loads of leaflets but just have to send back Data Protection and HMRC release forms. No mention of statements, car, home.
Our case is very staightforward, is this why?
Have you heard of this before? If so, do they usually end up with an interview?
All in a pickle. Does this mean good news? Can I go back to work with fewer worries?
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
| 15 L A T E S T R E P L I E S (Newest First) |
| Needafriend |
Posted - 02 September 2008 : 21:32:45
Hi Julian and Zoe
I added my redemption figure into mine and the OR looks like she has accepted it.
I explained this at the time of the interview and then she worked out the BI.
I also gave her 3 house valuations too, which really shocked her. I do aim to please.!!!!!
Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| JulianDonnelly |
Posted - 02 September 2008 : 16:18:25
Hi Zoe,
All I am stating is that you need to tell the OR what the debt is at the date of the BR. If you're in a fixed rate period, then early redemption fees form part of the debt. Nothing sneaky about it!
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| zoe |
Posted - 02 September 2008 : 16:01:12
Mr Donnelly are you being sneaky????
I understand what you mean though - if they dont know the redemption takes into account ER then dont tell them - is that what you mean??? |
| JulianDonnelly |
Posted - 02 September 2008 : 15:57:30
Hi Zoe,
Indeed they were. As I mentioned earlier, different ORs seem to interpret the guidelines differently. Either I've been lucky or you've been unlucky!
The key I believe is in the presentation of the information. If you present the redemption figure as the balance outstanding, the OR tends to accept it.
Consider this .... balances quoted are the debt as at that date. With a mortgage, the debt at any one time will include a redemption penalty which must be considered (after all, that's what you owe at that time isn't it?). The only justifiable exception is if you fall outside of the early redemption penalty within the 3 years of your BR.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| zoe |
Posted - 02 September 2008 : 15:49:02
Really!?
i wish you had worked on my case!!!
The OR catagorically stated in my letters that it could not be taken into account - were your cases recently? |
| JulianDonnelly |
Posted - 02 September 2008 : 15:36:57
Hi Zoe,
I have successfully argued many times in from of an OR for them to include early redemption fees when calculating BI.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| zoe |
Posted - 02 September 2008 : 14:34:25
Hi there
The OR DOES NOT take early repayment into account when calculating beneficial interest in a property no matter how long you have left on it! |
| JulianDonnelly |
Posted - 02 September 2008 : 14:15:46
Hi Mark,
They all work to the same guidellines. The issue is that everyone seems to interpret these guidelines differently!
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| JulianDonnelly |
Posted - 02 September 2008 : 13:41:41
Hi Mark,
Depends very much on the OR's discretion. If you present them first off with a redemption figure, then they usually accept it without question.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| JulianDonnelly |
Posted - 02 September 2008 : 13:37:42
Hi Mark,
Assets will include your share of the equity as well as vehicles etc.
The best thing to do is get a new (surveyor's) valuation and a redemption figure (not balance) from the mortgage company. You may well find with thiose two pieces of information that your BI is close to NIL.
Given the state of the housing market, it is likely you'll have the time you need to sort this out as a forced sale would achieve nothing.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| Needafriend |
Posted - 02 September 2008 : 13:34:27
Hey TD
You know where we are. :)
Just take it bit by bit and daya by day and it will all fall into place.
Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| Trolly-Dolly |
Posted - 02 September 2008 : 13:33:01
Sorry I meant OR (they keep mentioning trustees in the letter though).
That makes me feel heaps better. I'll write to the OR soon and ask to buy BI. I'm sure that they will point me in the right direction with regards to what forms etc. At least I can buy it back too.
Think thats me done for the day!
What a stress bucket I am.
Thanks so much. Things clearer now.
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
| Needafriend |
Posted - 02 September 2008 : 13:30:05
Hi Julian
As with our case its going over to a trustee as we have about 15K and we wont be buying the BI, well not for the foreseeable future as i dont want my parents having to cough up, then we default then we will end up back to square one, so i assume that for us its a waiting game.
Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| JulianDonnelly |
Posted - 02 September 2008 : 13:25:58
Hi TD,
Has a Trustee been appointed? This normally happens if your assets exceed £10k. If not, interest will remain vested with the OR. As soon as you've completed the purchase of your BI for £211, thats the property dealt with.
You can actually buy your own BI. If a 3rd party buys it, you can buy it back once you've been discharged.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| Trolly-Dolly |
Posted - 02 September 2008 : 13:23:38
That does make me feel better as I gather my trustee holds onto it for 3 years, so at least I have time to save.
Can it then be transferred back to me? When does this happen, I'm confused! Doesnt take much.
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
