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sarahhoughton
Starting Member
22 Posts |
 Posted - 05 January 2011 : 19:56:55
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Hi Forum
I’m a first time poster but I have been BR now for 6months. All of my questions have always been answered by reading questions posted on the forum but I am confused by two aspects of my BR from reading recent posts below and I’m hoping someone maybe able to tell me.
1) My house is 20k in negative equity and has mortgage and secured loan against it. The property is in my name alone. I understand the rules have changed in that the IS will now wait until the 2yrs 3month point before dealing with property but may in certain circumstances allow the BR person to buy their interest back early. My question is say they offered me the opportunity to purchase their interest now/early due to the amount of negative equity could I say No to their offer and wait until the 2yrs 3month point or does the decision have to be made there and then? I know there is risk involved but my personal circumstances at work aren’t good and I don’t want to buy back the BI early only to lose my job and end up with a possible shortfall in mortgage and another debt. This was sort of covered in a earlier post but didn’t answer my specific question
2) Early Discharge – after my interview the lady who interviewed me indicated that in her opinion my BR was straight forward and she could see no reason why I may not get discharged early. With these rule changes has this option to people definitely gone now? I haven’t has any contact from the OR now for over 4months. I am fully prepared to wait the 12months but if I'm honest my fingers were crossed for an early discharge
A warm thank you to all the experts on here who help make people like me understand there BR and the best way to deal with situations as they arise. There advice and guidance is invaluable.
Sarah x
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 05 January 2011 : 23:22:45
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Hi sarah,
1) if your property is in negative equity, as yours is, you should have been offered the opportunity to buy out your beneficial interest by now, (although being solely owned it would have been more expensive in legal costs), if you were offered the chance but haven't done so yet, then it won't be offered again until review at the 2 years and 3 month point, although as stated in a previous post if you make a reasonable offer for your BI(say £800-1,000) then the OR, or in this case the RTLU may consider it. The danger is of course is that if you do buy out the BI, then lose your job you would be liable for any eventual shortfall if you fell into arrears, but there again,if the property remains about the same in neg equity by the time of the review, then it may be re vested back to you slightly early, so for you it's a judgement call as to what your best option is, which I can't advise either way.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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