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BISHBOSH
Junior Member
United Kingdom
179 Posts |
 Posted - 16 September 2008 : 18:37:57
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| Hi Im new to this forum , currently in an iva and considering BR.Can an anybody advise how Beneficial Interest works? |
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BankruptC
Senior Member
1030 Posts |
Posted - 16 September 2008 : 19:00:05
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Hi Bishbosh and welcome! If it's just a general question as to how BI works, have a quick search for 'BI' or 'Beneficial interest' and you'll find lots of threads that will help you (that's how I learnt about it myself!).
If you have a more specific question about your own circumstances, if you let us have some more info (equity etc), someone will defiitely be able to help you.
Take care and keep posting! :-)
C. x |
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BISHBOSH
Junior Member
United Kingdom
179 Posts |
Posted - 16 September 2008 : 19:57:56
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| Thanks for the welcome Bankruptc, I'm currently in an iva but i can see it failing because of certain conditions, which cannot now be met, and i think my next step may be BR, currently have a £110000 mortgage, with approx. £15000 equity as it stands now,heaven knows what it may be in 6 months time the way house prices are going, would I be better waiting 6 months or so and hope my my equity becomes almost zero? any advice would be appreciated. thanks |
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BankruptC
Senior Member
1030 Posts |
Posted - 16 September 2008 : 20:10:49
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Hi again Bishbosh,
I can't comment on whether you should go BR, as I've only just gone BR myself. I'd recommend you speak to an expert. Maybe call the helpline and they should be able to help you.
With regards to the house though, I think I'm right in saying that with this level of equity, we can safely assume the OR would have no interest in the house and you should therefore be able to buy back the BI for £1 plus £211 fees.
I think I'm right there, but someone will put me right if I'm not!
Take care and keep asking the questions!
C. x |
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harbourmaster
Junior Member
346 Posts |
Posted - 16 September 2008 : 20:47:56
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Hi and welcome to the forum from me 2 Bishbosh.
I am no expert on these things yet, however were were declared BR last Wed and had our interview with the OR yesterday.
I downvalued our houses by 10% compared to the valuation last year. There are pleanty of web sites out there where you can get to know the sold price of houses in your street.
I explained where I got the figures from to the OR and she seemed happy with the explanation. IF (and I stress IF) you go down this route my advice would be to show your house with little or no equity in it on the forms.
Hope this helps. |
Edited by - harbourmaster on 16 September 2008 20:48:14 |
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BENEFICIAL INTEREST
