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Mr_broke
Starting Member
United Kingdom
4 Posts |
 Posted - 15 January 2011 : 06:24:50
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Hey guys,
I am in about to go bankrupt but just want to clarify something; i have a property but has negative equity, mortgage and a second charge. Now I don't live there coz I can't afford the mortgage and have the house on rent. Now will the OR just ignore this property and can I sell my beneficial interest to a family member (if so do I need solicitor or can I do, and roughly how much does that setup cost). Would I still be paying my mortgage while I'm bankrupt? And what about my phone contract would that be terminated or can I continue with it? Thanks guys :-)
I have a whole other bunch of questions but just wanna get this one queried first. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 15 January 2011 : 09:35:15
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Hi Mr Broke, welcome to the forum.
Is the property jointly owned or is it just yours?
The OR will take the rent from the tenant and the mortgage won't get paid, so it will eventually go for repossession unfortunately.
Your phone contract should be ok if it's affordable and you want to keep it.
I suggest you take some advice from an expert on here or the CAB if you haven't done so already.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 15 January 2011 : 11:58:03
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HI Mr Broke
with an "investment property" and loads of other questions, i would suggest making direct contact with one of the experts, most of the experts on this forum will provide the first consultation for free.
posters on this forum are willing to help with answers and potential solutions but without knowing the whole scenario, the answers will be vague and general.
anyway saying that i will put my bit in, the OR will not just ignore the property they will see the rental income as income for them, they will ask you to continue to pay the mortgage. i do not know why you would want to do that unless you are thinking of retaining the property.
The OR will also scrutinise the sale and transfer of the property believing that you have sold the property under market value. if they get the slightest hint of favourable treatment they will investigate thoroughly.
regards Richard |
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Mr_broke
Starting Member
United Kingdom
4 Posts |
Posted - 15 January 2011 : 15:40:48
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Thanks guys, i really appreciate the quick response.
Gives me something to think about... |
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Mr_broke
Starting Member
United Kingdom
4 Posts |
Posted - 23 January 2011 : 14:45:01
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Hey guys, just wanted to bump this again as I'm not sure how to contact the experts. I had a look of experts but couldn't find a contact for 'Housing'. Does anyone know how to contact him?
Thanks in advance |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 23 January 2011 : 14:58:38
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Hi,
The only way you can contact him is by either Traceyjr or admin contacting him and giving him your email address. Email addresses can't be posted on the forum.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
xx |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 23 January 2011 : 15:58:36
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Hi Mr broke, I've emailed Housing.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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Mr_broke
Starting Member
United Kingdom
4 Posts |
Posted - 23 January 2011 : 18:21:40
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| Thank you for your prompt responses :-) |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 24 January 2011 : 02:33:48
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You can contact any of the experts via their email addresses on the left hand tab "experts".
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
08454 751 851
Real People ..... Real Debt Solutions |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 24 January 2011 : 10:05:58
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Unfortunately Paul, Housing doesn't have any contact details in his bio, so this is why Traceyjr had to contact him that way.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
xx |
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Topic |
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About to go bankrupt just wanted clarification
