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Needafriend
Junior Member
United Kingdom
344 Posts |
 Posted - 29 July 2008 : 13:16:04
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Hi we have about 11k equity in our home. We have 3 children and I wondered if someone could clarify what they think may happen.
You see whilst i know the OR will want the equity for our creditors i dont know what the OR will do with regards to then turfing us out and then leaving us homeless.
Do they try to help you find a place what i mean is they will give you time to find alternative accodation before you have to go, will they make allowances that you will need to find the extra money for the cost of deposits for rental etc etc.
Can someone advise me cos im sat here thinking i know they will want to sell but where will we go and will they give us time in order to do so. Maybe put house on the market and live here until its sold. Then inform local housing or private that we need a rental place.
The deposits will be more once BK has been agreed and so will the OR make allowances for that for us.
Thanks again
Jo
"Lifes too short, Grab it while you can, Make each day count and live life to the full. Dont Worry- Be Happy!"
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 29 July 2008 : 13:36:17
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Hi
If there is suffcient equity in the property the OR will appoint a Trustee to deal with it. They will allow you stay in the house for 12 months before they start any proceedings.
If you fail to pay your mortgage, however, after 3 months the lender will start proceedings and do not have to wait 12 months.
If the OR remains as Trustee when there is not sufficient equity they will often wait until the 3 years are up before reviewing the equity situation to decide if an outside Trustee will be appointed.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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zoe
Junior Member
329 Posts |
Posted - 29 July 2008 : 13:40:41
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And just to add they do not find any alternative arrangments for you - you would need to do this yourselves.
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rollercoaster
Junior Member
United Kingdom
327 Posts |
Posted - 29 July 2008 : 15:11:02
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| Hi Jo. Admin still not swapped our emails, but i continue to get free advice when you ask questions with our situations being so similar. lol. Just finished filling out my forms, got to trawl through my husbands next but i am taking a break. Hoping that my husbands IVA firm will send a letter of IVA failure so that we can petition on the 4 Aug instead of 4 Sept coz my creditors getting very heated. Spoke to company yesterday who informed me that there is a note on the account that legal action is pending, just trying to beat them to it. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 29 July 2008 : 15:20:08
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Hi Zoe
I know they dont find us any where to live what i meant was will they make allowances for the fact we will need extra money for the deposit etc.
I have also included on my SoA that I will have to pay back my arrears per month depending on what the OR say as I will need to find that extra money, or will the OR add in the unpaid amounts to the shortfall and we continue from the 3rd month.
I dont know if this make sense
and Hi rollercoaster
Good luck with the forms
We may be out of here by Christmas now:(
Depends on what OR say about I&E and the mortgage arrears payments
JO
"Lifes too short, Grab it while you can, Make each day count and live life to the full. Dont Worry- Be Happy!"
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rollercoaster
Junior Member
United Kingdom
327 Posts |
Posted - 29 July 2008 : 15:29:02
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| Chin up Jo. I am hoping that whatever the OR decides that they are human and understand the complications of moving with disabled children. Hopefully we can do it quick or we can stay. as long as it is sorted for xmas and we are settled back into the world of the 'known' rather that the 'unknown'. Good Luck. |
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rollercoaster
Junior Member
United Kingdom
327 Posts |
Posted - 29 July 2008 : 17:34:21
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Same here Jo.
Hubby not got a clue, hard to try to explain everything to him, get him to make a decision, then stick with it. This is our only choice now after he lost his job and got a new one with reduced income, He wants to stay in the house so we are taking a risk. I am going to try and shop for kids new school stuff later this week, but i am scared to as they grow so quick. Must do it though. Our court is 'just turn up' and i wanted to do it 4 aug, get it sorted in the summer holidays while i am off work, but if Husbands IVA failure certificate doesnt arrive in time we are going to have to wait until 4 sept. I am sure that my creditors will have whacked me with some legal action by then and i will be back in hospital with stress. Just want this to be over and start paying our IPA. Speak soon. RC x |
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Equity and House, What will OR do?
