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Bigal4787
forum expert
United Kingdom
641 Posts |
 Posted - 21 January 2011 : 18:49:00
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Hi Carl,
it's also called a BHNOT, which the OR sends out, once the report to creditors has been issued, and the OR appointed trustee. All it does is notify any interested parties that your BI is now vested in the OR as trustee.
If it's in negative equity you don't need to do anything(as you can't purchase the BI for £1 anymore), the next will be the OR, or more likely RTLU reviewing the property 9 months before the 3 year period is up.
But as I've previously posted, if you're in neg equity, then you can still try and buy out the BI, but only if you're willing to stump up £750 - 1,000, which from my understanding they would have to consider,so you have to consider whether the property is going to appreciate in value in the next 3 years, and whether £750 or £1,000 would be a price worth paying.
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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Form 6.83 re Property
