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meash
Junior Member
175 Posts |
 Posted - 12 August 2008 : 08:16:56
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The story so far...... yesterday had my IVA rejected by NR,my main creditor at 55K. My other creditors all accepted.I don't believe that a DMP would work for me so my only other option is BR.
I have some really basic questions to ask:-
The debt is all mine, I am now married and have 22 month old twins and have a mortgage of 105K with probably about 10K equity. I have no mortgate arrears but this is also with NR. I am in arrears with all other creditors.
Will I lose my home, if so how long do I have?
How will it affect my husband?
We have no assets of worth, either of us. I have a company car, my husband needs his to work.
Do NR make me BR or do I have to do it? How do I deal with things (creditors) in the mean time.
Any help would be great as I am currently 'going off my head' with worry for my family. |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 12 August 2008 : 08:32:24
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Hi and welcom to the forum
If you jointly own your home your husband would be given the opportunity to purchase the beneficial interest of around £5K. However, you should get some valuations done as the housing market has taken a bit of a tumble of late. If you have no or negative equity he would have the option of buying the beneficial interest for £1 plus conveyancing.
If you intend to go bankrupt it is probably better to do so sooner rather than later as NR have a habit of securing their unsecured lending when they get a whiff of bankruptcy.
You would need to petition yourself as it is unlikely that any of your creditors would do so.
Your bankruptcy is unlikely to affect your husband unless you have joint borrowing and then he would become solely liable.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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meash
Junior Member
175 Posts |
Posted - 12 August 2008 : 08:34:52
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| Thanks Suzanne. The property is in my name only. How does this affect the situation? Sorry to be so dim but if NR secure their borrowing, what does that mean exactly? They are the biggest creditor and my mortgage holder. |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 12 August 2008 : 08:38:44
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As you property is in your sole name, your husband as a third party could still buy the beneficial interest.
If NR secure their currently unsecured lending the debt would not be written off by the bankruptcy, but would sit as a charge on your property until paid off in full, or you sell the house.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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meash
Junior Member
175 Posts |
Posted - 12 August 2008 : 08:41:17
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| So when we sell the house they would simply take all the equity? I don't envisage a time when it would ever have that much available. Does that mean that I will always owe NR this money then? as I really have no chance of paying it back entirely. Unless i win the lottery. |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 12 August 2008 : 08:43:43
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If you can make yourself bankrupt before they secure the loan then the unsecured lending will be captured in the bankruptcy.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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First Post here
