Hi I was made bankrupt in June 2006 & discharged 9 months later. Now I have had a letter from the insolvency service saying they want half the equity from my house which they estimate is a little over £13K. My wife has tried to get a remortgage or loan to that amount but has been turned down & we are getting desperate now as they say they will force the sale of the house if we dont pay up. Any advice would be very gratefully received. I have been to the CAB but they didnt have a clue.
When you went BR did you buy the beneficial interest in the house. If not then that is why they are looking to firstly ask if you can buy the BI now or secondly they would have informed you by letter at the time that they have a date in which they would have to dispose of the assets. Being your home. On the letter sent out after BR it would say a max of 3 years and that is why they are asking now. Have a look through your old paperwork to see what the date would have been in order to deal with the house and if you cant buy the BI then im sorry then you would have to bide by the original contract/letter and they can and will force the sale. Sorry that it may not be want you want to hear but that is what happens when their is equity in your house when you go BR and no one buys the BI for it to stay in your control.
Take Care
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
forcing sale of the house if we dont pay up.
Posted - 17 October 2008 : 20:07:23
