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Christina85
Junior Member
United Kingdom
208 Posts |
 Posted - 05 August 2008 : 10:17:24
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hi everyone!
My husband and I are both due to go BR on 26th Aug. We will be moving out of our mortgaged property into private rented the week after
-will us not handing the keys back until after we are BR affect the shortfall being captured in BR?
-silly question but do we just write a letter to the mort co. and post the keys back??
-I have just put the mort as secured and unsecured on the forms and written shortfall-is this correct?
currently both changing jobs so not sure of new income and outgoings, have put down the figures the best I can- it is coming out at about £100 dispossable income per month BETWEEN us
- Would we get an IPA of £50 each (therefore leaving no dispossable income)? or should I reduce the partners contribution by £50 on each of our forms to show that we only have the equivilent of £50 spare income each?
Hope this all makes sense- any advice is as always much appreciated!
Christina
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chris.g
Junior Member
United Kingdom
211 Posts |
Posted - 05 August 2008 : 10:38:53
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Hiya Christina, you're right in writing shortfall on the petition, we never and I'm worried about it now as the house sell for £25K less than we estimated. Better to cover your back on this one rather than try and sort it after.
Handing your keys back after br shouldn't effect it being captured. What I would say is contact the mortgage provider and inform them that you are filing br and ask what their procedure is. We had to complete forms when we handed our keys back.
As for your disposable income, you can discuss this with the OR when you have your interview, you need to complete the forms with your current pay. The OR will calculate your disposable income, if you have any.
Hope this helps and good luck for 26th, |
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John
New Member
United Kingdom
73 Posts |
Posted - 05 August 2008 : 14:13:54
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Hi Christina
as you are both filing for BR then on your forms, the contribution to the household for your partner should read as per his net income.
On his forms, vice versa.
Therefore you won't be able to reduce his contribution by £50 as it will be evident from his own SoA. If only one party is going BR then the partners contribution figure becomes more flexible as the partners sole commitments do not have to be divulged to the OR.
If you have a total disposable income of £100 between you then you're not likely, either of you, to get an IPA but this will depend on whether the OR accepts both sets of expenditure or not.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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chris.g
Junior Member
United Kingdom
211 Posts |
Posted - 05 August 2008 : 15:33:34
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Both me and hubby went br and the OR included both of our income to raise enough disposable income. Not sure she should have done this as she kept stating that we were seperate br's but it suited her to accumulate our seperate incomes to substantiate and IPA........
Cut a long story short though, I lost my job and the IPA wasn't feasible so was shelved..... |
Edited by - chris.g on 05 August 2008 15:34:26 |
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Christina85
Junior Member
United Kingdom
208 Posts |
Posted - 05 August 2008 : 15:35:08
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Thank you both for your help
I will call the mort co. to see what their procedure is. I will also put down both of our full income details on both forms-thanks for the advice
Chris.G good luck with the outcome of the house sale, hopefully the shortfall should be included- have you made the OR aware that there will be a shortfall?
Thanks again, in a way I am looking forward to the 26th but am still worried about what could happen and as with anything whether we are doing the right thing! We have researched so much so am quite sure that this is our best option but its such a big step! |
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chris.g
Junior Member
United Kingdom
211 Posts |
Posted - 05 August 2008 : 15:46:43
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Christina, I've just got off the phone to the RTLU who's now dealing with our br's and she says it's fine. Any shortfall will be absorbed and we're not liable even though we didn't write it on the petitions...Phew!! lol
Once again, good luck, it really isn't as bad as you imagine and it's such a relief when it sinks in that you're debt free, xx |
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Christina85
Junior Member
United Kingdom
208 Posts |
Posted - 05 August 2008 : 16:00:46
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| I'm glad to hear that! I hope that is a weight off your mind |
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going BR on 26th Aug- couple of Q's !
