| Author |
 Topic  |
|
year 2029
Average Member
590 Posts |
 Posted - 05 June 2012 : 04:57:28
|
Viki
As the Op has stated, they can afford their secured loan payments, and wish to keep their house.
£1800 mortgage against £1500 rent isn't drastically different.
Unfortunately, they wont know exactly how the OR will deal with their until their statement of affairs is dealt with.
All the best Trabon, I hope you get to keep your home.
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
 |
|
|
Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 05 June 2012 : 07:41:45
|
Unfortunately, the OP also has a secured loan which makes the secured payments £2278. If they can rent for £1500, then they could pay back about £28k in an IPA (Debtinfo mentioned this)
It's not about whether they can afford it, it's about freeing up money for an IPA. I'm only posting from my experiences with clients and you are right, they won't know until the OR deals with it.
But, again, I advise speaking to an expert to chat through all of this and options.
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 |
|
|
|
year 2029
Average Member
590 Posts |
Posted - 06 June 2012 : 12:16:23
|
I agree that they need professional advice.
I also had a secured loan attached to one of my properties on top of the mortgage.
I was expected to also pay this, on top of the mortgage as a priority debt.
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
|
|
|
kirstykirsty
Starting Member
2 Posts |
Posted - 06 June 2012 : 17:12:15
|
| Hi, can anyone tell me if the situation regarding my house would be different if only my BR went BR. |
|
|
|
kirstykirsty
Starting Member
2 Posts |
Posted - 06 June 2012 : 17:13:23
|
| Sorry meant to say.. if only my husband went BR and not us both. Thanks. |
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 06 June 2012 : 17:40:08
|
I would speak to an expert about this, they will be able to help.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
|
|
|
|
Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 06 June 2012 : 18:08:44
|
The OR would still knock the payments down, but if it was just your hubby that declared bankruptcy, then you could top up the payments yourself if you could afford to do that (bear in mind that you would need to repay your debts and any joint debts too so financially you may struggle)
As I've said before, I really think you need to chat all of this through with an expert and also see if bankruptcy is your best option or not.
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 |
|
|
|
year 2029
Average Member
590 Posts |
Posted - 07 June 2012 : 13:10:23
|
You definitely need professional advice as everyones case is different.
As I said, I had mortgages higher than yours, and until I gave some up, I was expected to pay them.
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
|
|
|
Topic |
|
We want to finish renovating our house without the risk of losing it later on
