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andyg
Junior Member
172 Posts |
 Posted - 30 June 2008 : 19:30:16
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| after the 3 years are up can you be forced to sell your property even if you have no where else to go and have a child of 3 years and 17 years. I am in scotland and i am being told i have to sell my house but i have nowhere else to go will i be thrown out on the streets? thank you for any help |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 30 June 2008 : 19:37:49
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Hi andyg - welcome to the forum.
I need one of the BR assist experts to answer this for you - one will be online at some point this evening. Please hold on for one to advise you.
Kind Regards
Vicki x |
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andyg
Junior Member
172 Posts |
Posted - 30 June 2008 : 19:42:08
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Thanx vicki  |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 30 June 2008 : 19:48:06
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You're welcome - not that I helped much!
Is there any equity uin your property? Have you gone BR already or just thinking about it?
Vicki x |
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andyg
Junior Member
172 Posts |
Posted - 30 June 2008 : 20:02:12
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| Its actually my partner thats bankrupt. It will be 3 years on the 14th july this year. There is equity in house, Ive been looking on the net and the words along the lines of (the trustee will re-invest after the 3 years are up) keeps coming up but i dont understand it. Does she have any rights or just have to face the fact that we have lost the house. |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 30 June 2008 : 20:10:33
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Andy - I thought after three years if the OR/trustee hadn't done anything to "claim" the equity then they can't.
A BR assist expert will hopefully confirm that this evening for you. Hmmm....I hope I'm right!
Vicki x |
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melanie_giles
Senior Member
1191 Posts |
Posted - 30 June 2008 : 21:03:52
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The Trustee must have taken steps to deal with his/her interest in the property by the three year point. It is unlikely that this will be forgotten about, and I would expect possession proceedings to ensure regrettably.
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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m and v
Average Member
United Kingdom
760 Posts |
Posted - 30 June 2008 : 21:10:06
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What are Andy's option now Melanie? Can he do anything to prevent repossession at this stage?
Is his next step to look for rented....privately, housing associations, etc..?
Vicki x |
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melanie_giles
Senior Member
1191 Posts |
Posted - 30 June 2008 : 21:15:21
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He needs to take legal advice with regard to his position, and ask the Trustee what their intentions are with regard to his home. Once this is known, he can then plan for his family's relocation if this becomes necessary.
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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julie08
Junior Member
United Kingdom
178 Posts |
Posted - 13 August 2008 : 15:10:21
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quote:
Originally posted by andyg
Its actually my partner thats bankrupt. It will be 3 years on the 14th july this year. There is equity in house, Ive been looking on the net and the words along the lines of (the trustee will re-invest after the 3 years are up) keeps coming up but i dont understand it. Does she have any rights or just have to face the fact that we have lost the house.
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julie08
Junior Member
United Kingdom
178 Posts |
Posted - 13 August 2008 : 15:15:25
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quote:
Originally posted by andyg
after the 3 years are up can you be forced to sell your property even if you have no where else to go and have a child of 3 years and 17 years. I am in scotland and i am being told i have to sell my house but i have nowhere else to go will i be thrown out on the streets? thank you for any help
h
hi andy . hope my reply helps i was in the same situation 3 months ago , my trustee had put a charging order on our house, we had equity in the house so decided rather than lose our home for the sake of 15k (this is what the trustee wanted as it was me who was bankrupt so 15k was my half of the equity)my husband took an 8k loan out the trustee was happy with this we also came to an agreement to pay 200 per month for 35 month , i know it sounds alot but it was that or have our beautiful home reposessed and believe me they will do it  |
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will i be thrown out on the streets?
