Me and my husband are thinking of declaring ourselves bankrupt we owe £765000 and are currently on a dmp that is going to take about 10 years or more. Our house was valued at £124,950 our mortgage is £121400 with a redemption figure of £7648 until January of next year after that it is based on 1% of the outstanding morgage balance. What do you think would be the likely outcome of being able to keep our home as the market is still falling or could the or take the view that if h waits 3 years there maybe enough equity too make a reasonable contribution to the creditors after he has taken out his costs which I understand would be somewhere in the region of £6-7,000 pounds.
Sorry for the long message any help and advice would be much appreciated.
house advice
Posted - 11 August 2008 : 17:31:44
