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Alastair10538
Starting Member
United Arab Emirates
7 Posts |
 Posted - 25 January 2011 : 07:58:28
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I have a query with regard to my ongoing attempts to buy back the beneficial interest in the property I have in London.
The quick facts:
- Bankrupt August 2009, 90k of unsecured debt, no secured debt
- Discharged August 2010
- Request made to purchase back BI in October 2010.
- My understanding was that it was 1 pound plus legal fees
- My property has about 25k of negative equity (and I have sent valuations proving this to the OR
- I received a letter today from the OR
- They are now saying that the scheme to buy back BI in a property with negative equity no longer exists, and "an offer is required for a value which is clearly in the interest of creditors, which is likely to be for an amount which exceeds £1000"
So they basically want me "to make an offer".
There is no value in the property, because of negative equity (value is 180-190k, outstanding mortgage 215k).
So my question is, do you have any advice or recent experience, or anything you can share with me on this new regulation and how I should proceed?
Should I just make an offer of 1000 GBP and see how they respond?
Any advice welcome.
Thanks
PS. I live abroad now, was never requested to take part in an IPO, and have been told that now I am discharged I will not have to be pay anything back
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I have a query regarding beneficial interest
