Hi I was wondering if anyone could give me some answers to a couple of questions.
Do Northern Rock (my mortgage company) have any more control over me if i go BR with the fact that i have a personnal loan with them running alongside my mortgage which is not tied to my property but is paid together as one payment each month or would they have to go down the route of attaching the loan to my property via a charging order like any other company. Also as i am planning to go personally bankrupt would my LTD company accounts need to be viewed by the OR ?as i am currently a Director of the company even though there is only myself and a secretary employed. Thank you in advance regards kevin
The Northern Rock unsecured loan is treated like any other loan - HOWEVER - if they start proceedings to gain a charging order be aware that even if you go bankrupt they have standing instructions with their solicitors to pursue the charging order.
I am in the process of having 3 of these final charging orders overturned. Even though they were advised of the Br, and the solicitors - WALLERS - they still pursued the final charging order.
With respect to the ltd company - if there is no debt in the company then it can be struck off before getting to the OR stage, however the OR will still want to see the accounts to ensure that there are no assets or transactions at under value that they should be aware of
Paul Johns Assisted Bankruptcy Specialists Reviva UK
Hi Paul Thank you for swift reply to my questions. At present Northern Rock have not even made a suggestion of a charging order ,as i am just staying on the right side of them but i am thinking ahead . One more question if i may , How would the OR set a monthly payment after i declare myself BR when my income varies so much month to month due to the nature of my job(building)and being self employed regards kevin
Remember that if you intend to petition for Br then you shouldn't prefer one creditor over another. i.e. if you are have stopped paying the credit cards then you should really stop paying the unsecured loan with NR as well.
As regards IOA it is likely that the OR - or their agent - will want to see details / bank accounts each quarter to see what you should be paying and average this out over a 13 week period.
Paul Johns Assisted Bankruptcy Specialists Reviva UK
Hi Thank you once again for replying I am making token pazments to all my creditors but didnt want the mortgage company to take action upon the house as i have a 2 year old son hence why i have tried to maintain a near to full payment to them. Im guessing a charging order on my property would be the best option for them to secure their money that was lent to me(28k) if i defaulted on payments How long would the process of such action take ? I guess like most people in my situation ,a roof over myself and my family is the most important thing regards kevin
Hi Paul I was thinking of going BR next month,the only thing stopping me or im cautious of is my concern with the house , Would an offer of a token payment to NR slow there process down slightly? i now understand that i should have brought them in with all the other creditors nearly a year ago when i offered to pay everyone nominal payments. Im sure im on the right side of the equity (negative) so not to lose the house but i guess its taking the bull by the horns so to speak. I just wanted a normal ish christmas before facing the inevitable. I must say ,and i know i speak for many ,i really do appreciate the help yourself and others give through this site . regards kevin
if you are going br next month then there is no need to pay the NR unsecured loan.
MAKE SURE that when you do make your mortgage payments in future that you clearly identify that it is for the secured portion and not for the unsecured together loan. otherwise they are likely to pro rata your payment
Paul Johns Assisted Bankruptcy Specialists Reviva UK
wondering if anyone could give me some answers
Posted - 29 December 2008 : 17:16:21
