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nathan_a
Junior Member
United Kingdom
173 Posts |
 Posted - 01 September 2008 : 18:28:07
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Hi all
Can we consider this scenario?
Girlfriend going bankrupt lives with boyfriend who has equity of £60k and is the sole owner of the property with ongoing mortgage taken before they met. They have been together for 6 years; her debts are £25k. Is the equity safe or will the OR pursue some sort of avenue from her boyfriend. Where does he stand in relation to his equity?
All answers greatly received
Nathan
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 01 September 2008 : 19:00:51
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Hi Nathan,
I cant help you but i know some men who can, maybe Julian or John will come along and answer that for you. I dont even want to hazard a guess as im not 100% sure, there might even be another member on here who has been in the same scenario. Hang on in there wont be too long. :)
Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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John
New Member
United Kingdom
73 Posts |
Posted - 01 September 2008 : 23:34:12
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Hi nathan
another one of those grey areas really.
In theory, not being on the mortgage or the deeds should mean the house is safe.
However, depending on what contributions to the household each party has made during the 6 years of living in the property the girlfriend could have a proprietary interest in it.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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maizie
Average Member
United Kingdom
566 Posts |
Posted - 02 September 2008 : 09:13:59
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My situation is kind of similar but not if that makes sense. I moved in with my boyfriend on the 4th July, went bankrupt on the 15th August. I pay half the mortgage and bills. What would happen here? Would they see in 3 years time that I have paid some money into the mortgage?
Maizie |
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John
New Member
United Kingdom
73 Posts |
Posted - 02 September 2008 : 09:23:18
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Hi
if the property has already been dealt with by the OR, by the the purchase of beneficial interest etc, then nothing will change in the 3 years.
If the OR has not dealt with it, he has up to 3 years to do so, this could be an issue but I very much doubt it.
The OR likes to get case files closed asap.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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maizie
Average Member
United Kingdom
566 Posts |
Posted - 02 September 2008 : 09:36:48
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Sorry, bit thick this morning!! What do you mean the purchase of beneficial interest?
Put it this way, if thats the case then I will have to move out and rent somewhere on my own for three years... then the creditors won't get anything because my expenditure will certainly go up!
Maizie |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 02 September 2008 : 10:03:53
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Hi Maizie
We were asked when we had our interview if we had anyone who wanted to buy our BI that we have in our property, the equity that is and its about 10k-15k, we said NO and now we are waiting for them to give the case for the house over to another dept to deal with that.
Hope that helps and .......
Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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maizie
Average Member
United Kingdom
566 Posts |
Posted - 02 September 2008 : 10:08:16
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But I don't own the house, never have done. Everything is in his name and have only lived there since 4th July this year. Only been with him a year and now maybe at risk of him having to pay out. I may as well just move!
Maizie |
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Ian Richards
Junior Member
United Kingdom
296 Posts |
Posted - 02 September 2008 : 10:39:24
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Hi guys
First of all, dont worry about the house Maizie as you wont be affected as its nothing to do with you.
Secondly, i have never ever known the OR go for the BI for someone who's name isn't on the mortgage, that would stir up quite a legal battle and cost the OR money. In theory yes they could argue a claim but i really don't really think that will happen.
I hope this helps
Ian
If you are in need of any further help or assistance, please contact me regarding my services via email. |
Edited by - Ian Richards on 02 September 2008 10:41:07 |
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maizie
Average Member
United Kingdom
566 Posts |
Posted - 02 September 2008 : 10:47:50
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Thank you. Having one of those days I think, one minute I am coping saying to myself I can get through this, its out of my hands and what will be will be and staying positive and other days I feel like screaming!
I start getting all these worrying thoughts in my head, Im worried that I can't honestly remember what my debts went on! I bought a house 4 years ago with my partner, split with him two months later and I left. I then received £7,500, he bought me out but bought the house for £100,000 and had it valued at £105,00. I paid solicitors fees, storage fees for my stuff and I THINK I paid off an existing loan with Alliance and Leicester. I can't remember if I had my two credit cards or HSBC loan then or not. I then had car crash and used credit for another car, can't remember whether this was credit card or HSBC loan.
My mind seems to have gone blank, its as if I have removed all this information from my head, I was burying my head in the sand for such a long time.
But on the other hand I keep telling myself if I get a BRO then I get one, its not the end of the world... in 3 years I will be free. So why aren't I seeing straight today!
Im such a worrier at the best of times, god I need a drink!!!
Maizie |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 02 September 2008 : 10:49:28
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Hi Maizie,
You will get there. I know it may not seem like it at present but over time you will wonder what all the worry was about.
Good luck and .....
Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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Ian Richards
Junior Member
United Kingdom
296 Posts |
Posted - 02 September 2008 : 10:55:28
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Maizie
One of the biggest problems for someone going BR is remembering where the money went. It is difficult because there are probably lots of different creds and you never log down where you spend the money do you! Don't worry and just put down what you can remember. I know its really tough for you at the moment but when its all done and over you will wonder what all the fuss was about!
Ian
If you are in need of any further help or assistance, please contact me regarding my services via email. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 02 September 2008 : 10:57:55
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Here here Ian,
I totally agree:)
Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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maizie
Average Member
United Kingdom
566 Posts |
Posted - 02 September 2008 : 11:25:03
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I know Im being silly but sometimes emotions take over and you don't see straight! I just can't believe my mind has gone blank, I will just have to be honest with the OR. I was going through a very difficult time then suffering severe depression so hopefully they will be sympathetic!
Maizie |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 02 September 2008 : 11:35:44
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Hi Maizie,
You are not alone. I would suggest over 90% of the people the OR deal with are in a similar position emotionally. Just remember they are human beings too and generally very sympathetic!
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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is partners equity
