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| pm.e |
Posted - 10 July 2007 : 21:58:24
I was advised by a debt management company to get into an IVA to deal with the outstanding debts I had.
Two of these debts were a joint debt with my wife, this was for around £51,000
The debt management company advised me that all of my debts including the joint debt would be dealt with through my IVA which I would be contributing £630 per month.
The debt management company nor my IP did not tell me that as the debt was a joint debt, my wife would be liable for the whole amount.
The joint debt was with Northern Rock who then chased my wife for the whole £51,000. My wife told Northern Rock that payments on these loans could not be made.
Two interim charging orders have been made on the property, for the beneficial interest of my wife. These orders total £51,000 and my wife has to pay £47 per month to Northern Rock.
The mortgage, secured loan, and two full amounts of the charging orders for the beneficial interest of my wife make the property negative equity.
My questions are:
1) If I made myself bankrupt, what happens to the two charging orders for the beneficial interest of my wife? I assume as long as she pays the £47 per month no further action will be taken?
2) Would 50% of the two charging orders or all of the £51,000 (whole charge) be considered by the Official Receiver in calculating the valuation of the property?
3) Could my wife buy out my interest in the property for £1 if the values meant that we had a negative equity situation?
4) How could I avoid my current employers finding out about my bankruptcy through the revised NT Tax coding notice I will get from the inland revenue?
5) Should I make myself bankrupt (pay the £480) rather than my incompetent IP?
6) Is there a best time during the month for making yourself Bankrupt?
7) Should I make a complaint to the IP's governing body before or after being bankrupt?
Any advice on all of this mess would be very much appreciated because I have no idea on what to do next.
My most important issue is to secure the home for my family.
Thank you. |
| 1 L A T E S T R E P L I E S (Newest First) |
| flashingblade |
Posted - 11 July 2007 : 08:06:10
Hi
i dont know the answers to your questions as we are just as confused as you, but i do know this site is very quiet and you are best posting your questions on the IVA site www.iva.co.uk it is the sister site of this, and much more busier with very knowlegable people on there, and i know you will get some answers there.
Hope that helps and good luck! |
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