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del33
Junior Member
170 Posts |
 Posted - 16 June 2008 : 23:58:29
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hello, me and my husband are separated and bankruptcy is our only option at present as he is starting a new job on a lot less money. we have a debt management plan with payplan who have been very good, but our debt is over 100k and we pay £105 per month, so would take forever to pay off.
my question is about the house we jointly own, we owe 156k on it plus a forced secured loan on the property for 30k totalling 186k, the house is probably worth 170k so we are in negative equity, would this mean the house would still be sold when we go bankrupt, i have 4 children at home aged between 4 and 16, i work part time and with the maintenance payments i get i could still afford to pay the mortgage.
i understand that it would be hard to get a rented property once bankrupt so trying to understand this part of the process, many thanks in advance
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debtrider
Junior Member
494 Posts |
Posted - 17 June 2008 : 08:37:40
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Hello Dell33
Have been reading your post with interest. I can't answer your question i'm afraid but I wonder if you answer mine. I have a high debt level and I and suprised to see that you only pay £105 per month on this with payplan. I know that this would probably take forever and beyond to pay back and bankruptcy would be inevitable if you want to be debt free. I will have to go bankrupt eventually but want to minimise the creditor telephone calls in the meantime. Did you still get a lot of pressure from your creditors (Telephone calls especially) while in a debt management plan and how long did the plan take to set up with payplan.
Thanks for your help and I hope you get an anwser to your question for the experts.
Good Luck
Debtrider |
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melanie_giles
Senior Member
1191 Posts |
Posted - 17 June 2008 : 09:04:58
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Hi there
A DMP paying £105 per month with debt of over £100k is ridiculous. You will be far better off going bankrupt and, so long as you can pay the mortgage and the secured loan, your house will be safe so long as you can find someone to acquire the beneficial interst in the property for a nominal sum - usually £1.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 17 June 2008 : 10:08:28
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Hi Del33,
Under the Enterprise Act, the OR has a maximum of 3 years to deal with your residential property. They can either place a charge/restriction over your property in order to realise any equity growth over the three year period, or in your case, as Melanie says, the OR will sell your beneficial interest to a third party (who you can nominate) for £1 + costs (circa £250). I w3ould suggest in your case the latter is most likely.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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would our house have to be sold if we went BR?
