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T O P I C R E V I E W
ripski
Posted - 11 April 2009 : 05:29:26 Re mortgage/rent.The form on Insolvency site says allowance = 'not excessive housing costs'. Will the OR consider, in the calculations, what I am actualy paying or what I should be if I reduce /not pay mortgage and secured loan. my mortgage has actually now gone down to £750 ( from £1300,if this had happenned last year I'd have been ok). I agreed to pay £1060 to clear arrears and pay £189 secured loan. Last month I did not pay the loan and hope that OR can deal with this loan. I was going to try and pay mortgage, stay in house for 12 mths whilst I got organised. However I have now decided to cut my losses and move on now. I have been feeling much more positive and able to cope since going BR. My partner and I have split but I am looking at rented prop around £700.This is fairly average for a decent 2 bedroomed place in my area.I could prob get £650. Under £600 and theplaces are very much less desirable. I know this sounds like I am being picky and beggars cant be chooosy but I would like to live somewhere decent with a bedroom for my son when he comes home Is the OR going to say this is excessive for a now single person and allow me less in the calculations which will make a difference to my Insolvency Payment PS been 2 weeks now and still have not heard from OR
ripski1
1 L A T E S T R E P L I E S (Newest First)
John
Posted - 11 April 2009 : 08:11:24 Hi
it will depend on where you live and the average local rental costs. I'm sure you will be aware that in the majority of areas in the UK a £700 monthly rental will secure a very very nice 2 bed home. I'm afraid desirability isn't taken into account as it's basically a matter of opinion. Local average rental costs for the property type required (not desired) will be the benchmark in the OR's deliberations.
If the OR deems the rental sum you claim to be excessive in your particular area then it won't be allowed.
