|
|
 |
 |
FORUM |
|
> Browse and post on our forum |
|
|
|
 |
|
 |
| Author |
 Topic  |
|
|
Crockett
New Member
68 Posts |
 Posted - 18 December 2008 : 17:45:00
|
Hi,
I've just posted the following on the IVA forum but was wondering if someone here could help.
Hi,
Thanks for everyone's replies, I have a couple of other questions if that would be ok.
1) A nominee could take over my property in bankruptcy as there is no equity, but who could this be? My parents are both 59 so would they have to take over my mortgage whilst I carried on paying as it would be highly unlikely they could get a mortgage at their age.
2)Could Northern Rock just turn around and say sorry we're not providing you with a mortgage anymore. I'm in a fixed rate deal till 2012 which then reverts to SVR (which is now less than I'm actually paying!). If all payments remain up to date as they currently are could they just end my mortgage?
3) My IVA proposal provides £400 for my creditors over the six years however the proposal shows that if I go for a bankruptcy the IPA would be £200 per month. Is this correct only I assumed it would be the same as the IVA payments if not more.
4) The circumstances leading to my £68k indebtedness were a very bad relationship where all debts were put in my name, having to partially support my alcoholic father and then taking out loans and credit cards to re-finance and pay other debts and living expenses. Do you think in these circustances a discharge would be possible after 12 months?
Grateful for any advice anyone can give. I just don't know what to do for the best at the moment. Whilst I would like to repay as much as possible to my creditors I have has some extremely dark and desperate times over the past 8 years which have led to this situation, I'm now in a much better place and really want to be in a position to draw a line under this awful time in my life as soon as possible. I never want a credit card or loans again in my life but do want to retain my home and mortgage and maybe move in the future and my ability to do these things is my main worry with bankruptcy.
Cheers, Crockett |
|
|
John
New Member
United Kingdom
73 Posts |
Posted - 18 December 2008 : 20:55:55
|
Hi
1) Your parent(s) could buy your beneficial interest for £1 + fees as the property is in negative equity. They would not need a mortgage as you would continue to be liable for the mortgage repayments as secured debt is not written off in bankruptcy. Once you are discharged from bankruptcy (usually after 12 months) you could buy that beneficial interest back.
2)Northern Rock cannot, nor would they wish, to take any action due to your bankrupt status as long as you maintain the repayments.
3)If you have £400 per month disposable income per month your IPA payment in bankruptcy would be £280 (70%). However, expenditure allowances in bankruptcy are usually slightly more generous than in IVA so your IPA payment could be even less.
The IPA will last for a maximum 36 months.
4) As long as you have not taken on credit immediately prior to bankruptcy with no intention, or means, to repay then you should be fine.
Discharge will almost always be after 12 months even if the Official Receiver feels you are in some way guilty of misconduct.
However if you are deemed guilty you could receive a BRU but they are not too common.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
 |
|
| |
Topic |
|
|
|
| bankruptcyhelp.org.uk Forum |
© bankruptcyhelp |
|
|
|
|
|
 |
|
|
|
|
|
Help please.
