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T O P I C R E V I E W
daisy duck
Posted - 18 September 2009 : 00:13:23 Hi I went bankrupt just under 2 years ago and now have about 1 1/2 years left of an ipa and now my wife has got into financial difficulty due to a few unforseen circumstances. She owes about £18000. Just a few questions if you could help.
1. Will me going BR 2 years ago have any bearing on OR decision to issue my wife a BRO.
2. When I went BR we had no equity in the house so my wife paid £211 to buy the BI back as we do not want lose the house will I be able to buy back BI this time.
3. When my wife has her interview with OR should she mention me being BR before and should she state on household outgoings my IPA.
4. Also If there is any BI in the property will they split it 50/50 or, as my wife paid to buy back the BI when I went BR will I have to pay for the full amount of BI to buy it back.
Thanks for any replies I am sure I will be asking a few more questions soon.
1 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 18 September 2009 : 08:53:48 Hi
sorry to hear about the situation and hope we can help.
1. any BRO will be due to your wife's situation and your own Br will not have impact on that.
2 & 4. Your wife now own's all of the beneficial interest in the house so if she were to petition for br the OR would require all of the equity to retain the house.
3. she should mention your IPA on in the household expenditure as this is an allowable expense.
Alternatively you may want to speak to your OR regarding the change in household financial position - i.e. your wifes outgoings have increased, therefore her contribution into the house has decreased therefore your ability to meet the IPA payments have reduced or gone completely.
I don't know the exact figures you have but potentially by thinking outside the box she may not need to petition if you can adjust your IPA.
