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| T O P I C R E V I E W |
| daisyw |
Posted - 12 December 2008 : 23:10:30
I am so sorry, have even MORE questions to ask about the Br forms...
'Cash in bank accounts'...do I put whats in right at this minute? I only have enough in to cover my DD's and it changes every day.
'Assets' life insurance value...we have joint linked life insurance which only covers the mortgage, depreciates as the mortgage goes down and only covers who-ever dies first.  What do I put as the value? The current vale of the house?
'Property - other interests'...have put husbands name, do I also have to put down secured loan company?
Cheers!! xx |
| 6 L A T E S T R E P L I E S (Newest First) |
| Needafriend |
Posted - 16 December 2008 : 07:39:10
Hi Daisy
It was never my intention to worry you. You see in the clauses of bankruptcy the OR/RTLU has 3 years in which to deal with your property or asset, if in the 3 years they say it can revert back to the bankruptee. But and i stress this as a but you must not think that you have the 3 years and if they have not sold it or done anything else then it will come back to you automatically.
You must if you want to keep it and can afford to keep it make proper provisions in order to do so. Basically im saying that they wont forget about in once discharged and they can deal with it at any time.
Take care
Jo
x
19 Weeks down
33 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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| daisyw |
Posted - 16 December 2008 : 00:12:00
Hi Jo, when you say there is NO guarantee that we will get get the property back after the three years, do you mean in any circumstance or if we do not buy the BI? Got me a bit worried there! xx |
| Needafriend |
Posted - 14 December 2008 : 09:17:50
Hi Daisy
If you dont buy the BI (Equity) within the 3 years (Max) then the OR will have theire piece of the pie.
They will notify you just after the hearing and ask if you wish to buy the BI if you can you have 21 days to reply to say that you are interested. If you dont then it will go over to the OR until such time you can buy it or the 3 years are up and then they can if they feel its right at the time force a sale or even put an order on it.
We are going to buy our BI next year as we are waiting on house prices to drop enough to make it negative as we have equity at the moment so ours is a waiting game.
There is NO guarantee that after the 3 years you will get the property back so never rely on that fact.
LOL
Jo
x
19 Weeks down
33 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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| suzybabyuk |
Posted - 14 December 2008 : 09:07:32
Hi Daisyw,
Re the value of your house, I used a web site valuation, it's free, but quite good to not just to have to guess yourself
www.zoopla.co.uk
Best v luck |
| daisyw |
Posted - 14 December 2008 : 00:02:06
Thats great, thanks again! Yeah, we are going to try to keep the house, we have negotiated with the secured lender to lengthen the term of the loan so the re-payments are lower. When i am back at work after I have had the baby, we can pay additional payments and without all the other debts, we should be able to whittle it down quickly. We had a letter today also which says the bank (HSBC) have decided to lower the interest rate which leaves us £70 a month better off!  Hopefully, house prices should start to go back up after next year so once the secured loan is gone, we will have a decent amount of equity in the property. Fingers crossed! I'm counting on not receiving a payments order through the BR so am I right in thinking they cant touch the equity once we are discharged? My brother is going to buy the BI. x |
| Needafriend |
Posted - 13 December 2008 : 08:47:15
Hi Daisy
The bank money would be on the day before BR is declared, so leaving just enough to cover your DD's.
Also the Life assurance has no cash in value so put 0 in there and add a note to say NO CASH IN.
Yes you have to put the secured loan as well as the mortgage, please put both these in the secured and unsecured sections and the value would be a rough idea for now.
Are you going to try and keep your home?
Jo
x
18 Weeks down
34 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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