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Blade
Junior Member
United Kingdom
170 Posts |
 Posted - 13 November 2007 : 21:47:56
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Hi, My Partner and I have negative equity against our home (House is worth £135k but mortgage is £110k and First Plus secured loan is £59k) and we also have around £30k of unsecured debt. We cut up our credit cards 6 months ago and got the advise of an IP as we feared that we were getting in above our heads. The IP took details of our income and expenditure and has been working on this since May. We're now told that due to changes in the amount that can be given for various contingencies, our IVA would cost us a fortune and we would not have anything for back-up (i.e. Christmas, boiler breaking, car repairs, daughters birthday etc) The IP has infact advised us to file for bankruptcy. Our main concern is the house, but we've been told that we should be able to keep it (as it's got negative equity) as long as the OR can see that we can manage our monthly mortgage and 2nd charge payments. We have not missed any of these payments. But we're both petrified about the repercussions that this will have on our future. We're 27 and 30 respectively and although we've been ridiculously stupid and irresponsible with spending, we're good people that work hard in full time jobs and we're stuck in a rut with our whole lives ahead of us. We really need some questions answering, such as the following;
1) If my partner and I are both declared bankrupt, can we both the house if it's got negative equity?
2) I have Life Insurance cover and my partner has a pension through work, will both of these need to be surrendered?
3) Are any of our household belongings repossessed? There's nothing of any significant value, just the norm like TVs, DVD players etc
4) Both my partner and I have a car each, which we both use to get to and from our workplaces. Can they take these?
5) If our bank account is frozen, how will our employers pay us and how will we continue to pay DDs including the Mortgage and 2nd charge repayments?
6) My 7-year-old daughter has a savings account with the same bank that we're with. The account's in her name, but it's in my care until she's 16, can they take this?
7) We are locked into a fixed rate mortgage for another 4 and half years with our current provider. We've always kept up repayments but can they make any changes once we're declared bankrupt? (i.e. put the interest up or take the mortgage away from us?)
8) How long will the bankruptcy notice go in the local paper for?
Is there anyone that can help us with these questions and anyone that has been in the same situation with their house? Your help really would be appreciated at this very difficult time. Thanks |
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Johnny Debt
Junior Member
United Kingdom
265 Posts |
Posted - 14 November 2007 : 06:24:10
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1. Please re-write the question.
2. I have known life insurance to be stopped, but in general it should be OK. Pensions are usually safe if they are IR approved.
3. Household items are usually safe too, I have never known these to come into the equation. Mind you if you have stuff of real value, such as antiques or works of art, then these could be taken into account.
4. What is the value of the cars - about £1500 or less is safe.
5. You may need to open another account, but most cases that I know of the account has been left open, providing there is no financial problems with that account (arrears).
6. Mmmm not sure I will have to look into this.
7. I would look at your mortgage agreement - in general though they are not interested, providing that you are making the payments.
8. In the paper it is just the once, but on-line it is there for the duration if not longer of the BR. |
Edited by - Johnny Debt on 14 November 2007 06:26:09 |
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