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Donna.wr
Starting Member
6 Posts |
 Posted - 18 August 2013 : 23:25:12
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| My husband bankrupt just before our divorce so all debts are now my responsibility. We have two debts which I have been making minimum payments too. If I pay £1 also to the OR does that mean that after the 2 year 3 month period that the beneficial interest (if there will be any as negative now) will not be passed back to my soon to be ex husband. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 19 August 2013 : 07:17:04
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Hi Donna,
The £1 buy back no longer exists.
If you are living in the family, jointly owned home and it's in negative equity, then you can make an offer to buy back the beneficial interest for £1000 plus fees.
If there is any equity, then you would need to offer an amount equal to your share.
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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Donna.wr
Starting Member
6 Posts |
Posted - 19 August 2013 : 09:48:25
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It say on the OR letter that if there is no change after 2 years and 3 months then the OR will return the beneficial interest to my husband. If I make a monthly payment to the OR, indefinately, will this constitute a change therefore they will not return the beneficial interest to my husband after this period.
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 19 August 2013 : 10:27:45
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The OR has 3 years to deal with the family home, they will revalue it in 2 years and 3 months. If it's still in negative equity, then, yes it will return back.
You don't have to do anything in the meantime if you think that the equity will not increase.
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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Donna.wr
Starting Member
6 Posts |
Posted - 19 August 2013 : 10:39:22
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Can anything be done within my divorce regarding the house as i am in the family home, paying the mortgage etc. My husband now longer works and doesnt contribute in any way to self of mortgage and now is bankrupt. Our, now my debts total £40,000 and I feel I have nowhere to turn.
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 19 August 2013 : 10:43:58
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As you're already divorced, I can't see you being able to do anything, but you could always speak to your solicitor.
Is there an equity in the property?
If there is and you dispute that your husband's share is 50%, then get all your evidence together and send it to the OR.
Have you taken debt advice yourself?
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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Donna.wr
Starting Member
6 Posts |
Posted - 19 August 2013 : 12:39:07
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I am not quite divorced, have just signed the decree nisi and the first hearing is in September. Husband went bankrupt in June and the joint property is within the bankruptcy along with a joing debt totalling £40,00. The OR say there is £6,000 worth of equity per an online valuation but I have an estate agents valuation which valued at £85,000 realising £75 - £80,000 sale.
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 19 August 2013 : 12:59:07
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Hi Donna,
Is that £6000 equity altogether or your ex's share is £6000?
The OR will want to know how long you have had the property, how much you both paid for deposit, renovations, mortgage payments etc to assess if your ex has less than 50% share of equity.
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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Donna.wr
Starting Member
6 Posts |
Posted - 19 August 2013 : 14:01:34
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They just said all they are interested in is the £6,000 equity so am not sure.
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 19 August 2013 : 17:26:09
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Hi Donna,
You mention that you think the house is in negative equity. I suggest you get a few more valuations from local, reputable estate agents and submit them to the OR.
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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Topic |
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My husband bankrupt just before our divorce so all debts are now my responsibility.
