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Al_
Junior Member
182 Posts |
 Posted - 03 June 2008 : 10:16:39
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Hi,
I just need some advice please. I am 6 months into my BR. I have volunteraly surrenderd my house back to Northern Rock before it was taken. I have a mortgage and un-secured debt against the house (approx. £150K). The property will be sold for approx. £120K max. Will the difference be written off as part of my bankruptcy? Also, the OR has advised me that I can have an early discharge from the BR. Will this have any affect with regards to the house?
Kind regards,
Al.
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 03 June 2008 : 11:34:00
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Hi Al and welcome to the forum.
When did you surrender your house? Was it before or after the BR?
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Al_
Junior Member
182 Posts |
Posted - 03 June 2008 : 15:16:12
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Hi Julian,
I successfully applied for my BR in Nov 07. I surrenderd the house May 08, shortly before my application for early discharge was submitted. To date, I have not been discharged but it is due very soon. The OR advised me that any short-fall in the difference with my mortgage and the sale price would be added to my un-secured element and would fall under the BR order. Is this the case?
Kind regards,
Al. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 03 June 2008 : 17:11:15
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Hi Al,
It is the decision of the OR to include it. Technically, the unsecured debt was incurred after the date of your BR so could still stand, but if the OR is happy to include it, then job done!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 04 June 2008 : 09:00:38
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Hi Al,
If the OR is happy that the property shortfall form part of your Bankruptcy debts then you will be ok.
My suggestion is you contact the secured lender who will be left with the shortfall and inform them of your Bankruptcy giving them your trustee/OR's details for them to contact to make a claim in your Bankruptcy.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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Al_
Junior Member
182 Posts |
Posted - 04 June 2008 : 11:19:20
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Thank you both for your replies.
Julian - The un-secured element of my debt was inluded within my BR. The shortfall will be the difference from my mortgage and the sale price, which the OR told me would also be included. It's a grey area which was why I posed the question.
Brett - The publicity around this particular lender goes no-where near their unhelpful attitude when dealing with them on a one to one basis. I approached them 18 months ago to discuss my position. No help offered. I have provided them with all the necessary OR details.
Thank you very much guys. Appreciated.
Al. |
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Al_
Junior Member
182 Posts |
Posted - 04 June 2008 : 11:22:22
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On a similar thread....can anyone provide me with information with regard to the service providers such as the gas, water, and electricity and who pays for what once the property is controlled by the lender. Also, who is responsible for things like Council Tax, building insurance, etc.?
Al. |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 04 June 2008 : 12:52:39
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Hi Al,
You should let the council know the state of play with regard to the Mortgage Company having control and that you are no longer living there.
All the utilities will be shut off including any immersion tanks being drained so not to incur and utility costs.
I would contact the utility companies and make sure you also inform them of the situation and cancel any contacts.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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Al_
Junior Member
182 Posts |
Posted - 04 June 2008 : 13:18:41
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Brett,
Spoke to the council who asked for proof which I provided.
Thanks again Brett. |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
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Topic |
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Will the difference be written off in BR?
