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Debbie.dc
Starting Member
2 Posts |
 Posted - 22 June 2012 : 19:41:22
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| I am considering bankruptcy as I have huge debts and house in negative equity. I have cottage in grounds of my house (same title) and receive rental income which makes the mortgage affordable. Would OR take this as income or allow it against mortgage? |
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year 2029
Average Member
590 Posts |
Posted - 22 June 2012 : 20:14:21
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Hi Debbie and welcome.
I would say it will be classed as income, however, you will end up filling out a financial statement with income and expenditure.
Your mortgage is a normal 'allowable' expenditure.
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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. |
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Debbie.dc
Starting Member
2 Posts |
Posted - 23 June 2012 : 08:27:01
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Thanks for your reply, but I am concerned that my mortgage would be see as excessive - mortgage is £2300,
2nd charge loan of £550 (currently on reduced payment of £300)
less £800 rent
Actual cost of accommodation is £2050 - quite a large house in negative equity. I can afford this, but I could rent a family home in this area for £1200 - £1400 per month. It is my family home, and has been for 10 years. Would I be forced to sell home? there are 3 more charges on property - none of them would get any proceeds if forced sale.
Any knowledge in this area would be really helpful.
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 23 June 2012 : 09:17:11
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Hi Debbie,
How many dependants do you have?
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 |
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year 2029
Average Member
590 Posts |
Posted - 23 June 2012 : 10:37:26
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Debbie, there was a thread recently which I cant find right now, that involved someone else with quite a high mortgage.
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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. |
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I am considering bankruptcy as I have huge debts and house in negative equity
