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lotsofquestions
Starting Member
10 Posts |
 Posted - 27 November 2009 : 07:41:29
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| Thanks for the reply - at least we know what we are doing now - didn't want to spend our wages and then be told we shouldn't have. I did telephone the OR office yesterday and they also clarified this. At least it won't be such a bleak Christmas and we are still relieved and thankful that we don't have a massive debt hanging over us. |
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lotsofquestions
Starting Member
10 Posts |
Posted - 24 December 2009 : 04:06:03
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Well - had our telephone interview with the OR on 17 December. Really nice guy who has been very helpful as the Co-op froze our cashminder account and we had no money last week - so he was frantically sending faxes telling them to unfreeze it - but then it got to the weekend and nothing could be done until Monday! However, we got through it ok but we are hopefully going to open a cashcard account with Barclays as we have a branch near us whereas with the co-op we had to pay cheques into the post office (queues horrific) then wait for them to get to the co-op HQ in Skelmersdale (nearest co-op branch 50 miles away) and then wait for the chques to clear.
Heard this week that I have an IPA of £100 a month starting 1 February which I am more than happy with. As for hubby - they are going to take his annuity of £6000 a year for the next 3 years which is ok - this leaves us with more income per month which is all we need. It also means that we will have paid nearly half of our entire debt in 3 years which doesn't make us feel quite so bad.
Am so glad things seem to be sorting themselves out now. Our only main concern now is our house. It is in negative equity by approximately £1,000 - £2,000. The OR never mentioned anything about it in our interview apart from asking about the mortgage etc. (We had 3 valuations done in October which came in under what we owe on the mortgage so I enclosed these with the paperwork we sent to the OR). Does anyone know what we should be doing about the house - if anything? |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 24 December 2009 : 08:49:40
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Hello again lotsofquestions,
A very Happy Christmas to you first of all.
I will try as a one time estate agent to assist you with regards to the property:
Did the OR say anything about buying the BI in the house?
Are you both BR or just one of you and is the house in joint ownership?
There are lots of BRs who are able to buy the BI in properties - easier if it is one BR and joint ownership.
As I understand it, it is NOT a right to buy the BI. The OR has three years to deal with your property if they see that as appropriate. I suspect that is more and more the case now as prices are rising again. In some areas (we live in Devon) the valuations are as at two years ago now, so quite a change!
We have started the process of buying the BI (through my wife) of both of our properties. I am the BR and the properties are in joint ownership.
With the BTL house, she is having to make a positive (albeit quite small) contribution. We negotiated with the OR on valuation and split the difference!! However, it is worth doing in our case.
I think you should hold fire at the moment and see what the OR says. If you have not already expressed a desire to buy the BI (although it seems as if you may have done) then drop the OR a line to say you are interested. Are you up to date with your mortgage?
Different situations will vary.I hope that this answers your immediate question, but please post back if you have more questions and I will try to assist.
In the meantime, do not worry. regards, Richard
"There are no problems - only solutions..." |
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RHB
Senior Member
1159 Posts |
Posted - 24 December 2009 : 09:16:07
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I think they are both BB Richard as they are both contributing towards the debt through IPAs.
They will contact you about the house even if it has loads of equity. As house prices are on the up they may wait though, they dont have to do it straight away. |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 24 December 2009 : 09:49:45
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Thanks RHB.
I did not look at the threads that closely.
I am happy to try to assist in any event if I am able. However, as the market is rising again, buying the BI is going to be more difficult for some! Thank you Gordon Brown for messing us all up over the past 12 years!! (Half a joke!)
I wish you and yours a Happy Christmas and great 2010 - and to all others on the forum. Regards, Richard
"There are no problems - only solutions..." |
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RHB
Senior Member
1159 Posts |
Posted - 24 December 2009 : 12:55:32
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| I think I must be one of the few people to appreciate Gordon Brown, being a single parent of 3 children I dread to think what our life would be like under the Tories!!! |
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debtinfo
forum expert
2826 Posts |
Posted - 24 December 2009 : 13:17:21
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| You should receive forms MP1 and BHNOT within a few weeks that set out the position regarding the family home |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 24 December 2009 : 15:19:31
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You may be right RHB, frankly, they are all crooks - I worked with many over the years when I was giving housing advice to Ministers - I could tell lots of stories....
I was a life long Labour supporter, until about 2/3 years ago...
Anyway, policics aside as it only causes tensions, have a great time with your children at Christmas and a Happy New year to you and them, Richard
"There are no problems - only solutions..." |
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RHB
Senior Member
1159 Posts |
Posted - 24 December 2009 : 16:25:13
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| You too, at least with Grandkids you can spoil them & hand them back lol!!! |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 24 December 2009 : 17:23:20
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That`s true - we have our eldest grandaughter stay with us every weekend and its good medicine - she has been great when things were at there lowest!! She is 8 and in so many ways has given us the sanity we needed...
Have a great time and here is to a much more successful 2010
regards, Richard, Sue and all
"There are no problems - only solutions..." |
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lotsofquestions
Starting Member
10 Posts |
Posted - 16 January 2010 : 15:24:27
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| Well, here we are nearly 2 months later. The OR asked us to give further details of our expenditure which we did so far as we can remember. We are just waiting to hear what will happen next. We have been told that we can both keep our cars as we live in a rural village. I have an IPA set up for £100 per month and they are going to take 3 years of my husband's annuity each November so we will be paying back £21,000 overall which makes us feel a bit better although it will be a struggle monthly - at least we won't have credit card or loan companies chasing us. We still have some people chasing us for money but not as many as we did. We can now answer the phone with ease! |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 16 January 2010 : 15:27:53
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I'm glad things are going well for you.
If you are still getting hassled by creditors speak to your OR and ask them to contact the creditors again. The other option is to send the creditor a copy of your BR order yourself - I did and didn't hear from Littlewoods again.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
30 IPA payments made, 6 to go - the end is in sight! |
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Help! Court on 23rd - and worried about BRO
