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givemestrength
Junior Member
United Kingdom
141 Posts |
 Posted - 10 January 2009 : 21:11:55
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| Hi, we have remortgaged twice in the last 5 years,for home improvements mainly, will the OR question this? thanks v much. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 10 January 2009 : 21:40:14
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Hi GMS
So did we and the OR never asked about it, we even used some to pay off some debts.
can you if asked i pinpoint any of the improvements, but i would not worry to much though.
LOL
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
23 Weeks down
29 to go
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 10 January 2009 : 22:17:26
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On reflection you may also find that each time you remortgaged you had an early redemption fee, a mortgage broker fee, valuation costs, a mortgage company arrangement fee etc etc etc.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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givemestrength
Junior Member
United Kingdom
141 Posts |
Posted - 11 January 2009 : 08:18:08
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| hi thankyou jo + paul, yes all those fees mentioned, we did pay some smaller debts off as well as new bathroom, kitchen,conservatory, and a couple of cheap package holidays, then built up credit cards and loans again using credit to pay credit and living costs, hence the position we are now in, saying that, weve had debt for about ten years but now we've hit a brick wall and need it sorted once and for all! thanks v much. |
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pix1
Average Member
689 Posts |
Posted - 11 January 2009 : 08:30:50
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You only have to put down the mortgage balance on the forms, not anything else. The examiner probably will not delve into exactly how you arrived at the mortgage balance.
We were stupid enough to move out of our affordable flat (650 a month) into a house (1420 a month interest only!). We then ended up bankrupt and repossessed. and then there were the other £70,000 of debts... |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 11 January 2009 : 08:43:50
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Hi GMS
We did exactly the same thing. Everytime we remortgaged we added something to the house and then paid off some old credit only to use the credit again and it all spiralled. When we had our interview the OR asked me how much we bought the house for i said 43k, she said so how is your mortgage now at 153k, i explained that we added a loft conversion 20k, new conservatory & windows 18k, central heating system & radiators 3.5k, extended the drive 1k, did the bathroom 1.5k, paid off old credit which i then had my credit file to hand showing me the dates that i paid them off which tallied up with the dates of the remortgages.
I explained to her that we could not afford a bigger house so made the most of the one we had. We never once in the time we have been here and done all of this thought we would go bankrupt, that thought had never crossed our minds.
I would not worry though, i only told them as i was asked and i had that info to hand as i am a muppet really i keep all documents, receipts etc for ages.
LOL
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
23 Weeks down
29 to go
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Edited by - Needafriend on 11 January 2009 08:45:22 |
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givemestrength
Junior Member
United Kingdom
141 Posts |
Posted - 11 January 2009 : 10:59:48
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| hi thanks all, you sound like a mirror image jo, we were going to move somewhere bigger but house prices had rocketed and the estate agent advised us to stay put and make the most of the house we were in. I can see things we bought with the remortgages, but when i look around i cant really see anything bought with credit cards, loans and catalogues to be honest i cant even remember what payed for what!!! we now owe about 75,000. 35,000 of that from 8-10 years ago that we've been paying reduced sums for years but its not going down, one a ccj of my o/h and one a loan we took out for 15,000 now balance at 30,000 and 40,000 ive racked up alone on the cards loans and catalogues my hubby didnt know how much i owed until last week when i told him and said i think we need to go bankrupt, hes a massive worrier and has always just let me get on with paying the bills and everything(which i havent made a very good job of) he doesnt even have a cash machine card after the last lot of debt. someone suggested the ccj and the old loan may now be secured what will happen there? thanks to everyone for your help and great advice. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 11 January 2009 : 11:45:55
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GMS
Have you had anything to say that the companies that applied the CCJ and the old loan have applied to the court to make them a secured debt. You would have had notice of this.
If you have been paying then chances are they have not done that yet and if they have not then once BR they cant:-)
You are so like me, i look around my home and apart from some bigger obvious things i cant see where 60k went, it is all sorts of things, like christmas gifts, clothing, household items, a car, a family holiday or 2 to butlins or haven never abroad, general household spending, we last used a credit card in Nov 2006 that was when things got really bad we would pay £200 off the balance and then use any available credit for food about £90 then the next month do it all again. Sad i know but thats how we lived towards the end and i am telling you now NO WAY do i REGRET going BANKRUPT it was the hardest decsion to make but i know it was the best as now i have life, my kids have a happy home and myself and my husband dont argue over, yes, you guessed it MONEY.
It has made me think so differently about things and because we have lived with out credit for so long it has done me a favour and taught me a very valuable lesson.
LOL
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
23 Weeks down
29 to go
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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givemestrength
Junior Member
United Kingdom
141 Posts |
Posted - 11 January 2009 : 12:05:19
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| hi, when hubby got the ccj judge said something about a charge on the house but didnt hear anything else, the loan we have never had anything regarding the house from them.also when we remortgaged the mortgage companys didnt mention anyone with charges on the property.... i ll admit ive been abroad on holiday but it cost me more for 2 wet weeks in cornwall last year lol, and ive spent on xmas, kids, but i think mostly been used to pay bills debts, food and whatever cause our income just isnt enough to cover everything. thanks v much |
Edited by - givemestrength on 11 January 2009 14:24:35 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 11 January 2009 : 12:58:53
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Hi GMS
That is so much like the rest of us on here we have all been where you are and its so hard when asked "What did you spend it on?" its not like we actually write it down item by item thinking that one day we will be asked. I know its a general question but its a hard one, if you know what i mean. You need to tell the truth but most of the time its general household spenditure as the money we bring in just does not cover the rest.
Take care and good luck
As always your needafriend~
:-)
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
23 Weeks down
29 to go
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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givemestrength
Junior Member
United Kingdom
141 Posts |
Posted - 11 January 2009 : 16:19:18
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| hi, thanks jo you make me feel so much better and thanks to every one else for your great advice. |
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Hi, we have remortgaged twice in the last 5 years
