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Sam.us
Starting Member
1 Posts |
 Posted - 02 October 2010 : 19:02:14
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Hi
My partner and I have debts on dmp and have done for some 6 years now. We recieve a statement from the cccs and each month the balance goes up, we now owe in the region of £90.000 and we pay £130 per month through cccs.
We have a mortgage with no equity and we have no personal assets but I am worried about losing my house if we go bankrupt as I have 2 children who are quite settled and secondary school is approaching next year.
Please can you tell me what the chances are of keeping my house? Thank-you Sam |
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debtinfo
forum expert
2826 Posts |
Posted - 02 October 2010 : 19:10:53
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| very good as long as you can keep up the payments to all debts secured on the property. The OR usually gives you the option of buying the equity for £1 plus legal costs if it is negative equity by the time it is dealt with |
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RHB
Senior Member
1159 Posts |
Posted - 03 October 2010 : 12:42:28
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| Could you afford to keep up with mortgage payments though if you only have just over 100 pounds for debts? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 03 October 2010 : 13:00:13
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Hi
Really disappointed that the CCCS apparently didn;t give you full and proper advice some 6 years ago.
Clearly there is no way you will be able to repay your debts via a DMP with £130 per month.
You will however be GUARANTEED to lose your home in the future, unless you do something different now.
Either
1. Your creditors ( who haven't stopped charging interest ) will pursue you for a charging order against your house
2. In the future ( 5 - 10 years ) you are likely to have equity in your house which definately puts it at risk. The creditors may want you to sell your house or they may pursue you separately.
However if you were to petition for Br ( subject to you having a conversation with an expert to go through the impact etc ) you are highly likely to keep your house and be debt free if you petition for Br.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
08454 751 851
Real People ..... Real Debt Solutions |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 03 October 2010 : 13:16:52
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Sam,
You state that you are worried about losing your house if you go bankrupt, which is a common thought people have, however bankruptcy doesn't neccessarily mean losing your home, as bankruptcy is about dealing with unsecured debt not secured debt.
So the the main question is: are you up to date with your mortgage payments, as if you are but in negative equity then the liklihood is that you won't lose the house, as creditors will have no interest in an asset that will provide nothing for the benefit of the bankruptcy estate.
Just provide a bit more information as to what the mortgage situation is, i.e. current balance, current value of the property etc.
Insolveny examiner with the insolvency service until 23 July 2010, released due to cost cutting!
Big Al |
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What are the chances of keeping my house ?
