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jane.m
Junior Member
230 Posts |
 Posted - 23 December 2008 : 10:09:56
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Hi
My husband is condsidering going br to avoid a charge being put on our house. We have a joint loan which at present is being serviced through a dmp and will remain so as I do not intend to go bankrupt. What kind of action could this loan company take against myself could they instruct ballifs etc. We are in negative equity at the moment.
thankyou |
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Jane.l
Average Member
511 Posts |
Posted - 23 December 2008 : 10:11:05
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They could put a charge on the house in your name for your part of the equity too
I meant to say, they can still put the charge on the house even if you are in negative equity, this is what happened to me |
Edited by - Jane.l on 23 December 2008 10:13:34 |
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jane.m
Junior Member
230 Posts |
Posted - 23 December 2008 : 10:39:55
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Hi Jane
Thanks for your quick reply. I am assuming then that you kept hold of your house and just had too keep paying the agreed payments for the charge. Providing you keep up with your payments I presume that they can not force an order of sale which I have heard are very rare especially when negative equity and children are involved.
Thanks again |
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Jane.l
Average Member
511 Posts |
Posted - 23 December 2008 : 11:33:25
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no, we did not keep the house, we left our house to be repossessed, and then went bankrupt
We had a mortgage and secured loan and it was in about £35,000 negative equity at that point, never mind the extra charging order! We decided that the monthly payments were just far too high to sustain for the next 25 years, so we moved into rented at less than half of what we were paying monthly, for a far better house! We now have a council house and its even cheaper! I think we definitely did the right thing in leaving the house behind  |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 23 December 2008 : 14:55:48
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Hi Jane
Is there any debts in your name ?
If so, would it be worthwhile you also considering Bankruptcy, or is there any reason that you dont want to declare br also? (dont answer if you feel its private)
If you are in negative equity, then a nominated by you 3rd party could buy the BI for £1 Plus costs of £211
Jenny
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
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joint liabilty
