| Author |
 Topic  |
|
|
tracyluv1905
Starting Member
7 Posts |
 Posted - 22 January 2009 : 18:28:04
|
I've decided to got bankrupt but am getting diffrent advice form so many professoinal's. Today i phoned up my car finance people (welcome) and told them i was filing for bankruptcy and was told to volentry terminate my contract with them, they then told me that i could not put the car on the SOA and being bankrupt would not affect me keeping the car, but if i temermated the contract i would still be liable.
In a earlier post i also asked about my husbands property that i have interest in. I spoke to a solicitor and was told that because i been paying the mortgage for 3 1/2 yrs, (equity is £300,000 with only £4000 left to pay),that the trustee would most definently try to find out what interest i have in it, i was also told that they proberley would not take the house, but my husband could buy my interest but he fell out of the loft 4 yrs ago and can not work so that would not be possible, but the trustee could put a charge on the house. If the advise is right, What does a charge mean ?
I am getting very confused and scared as i think they might take the house ? Or not make me bankrupct then i would still be in the same postion.
Please help !
|
|
|
Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 22 January 2009 : 19:10:42
|
Hi
you don't need to be scared, you are in good place for some help and guidance.
Unfortunately Welcome are great at finance but not quite as knowledgeable with insolvency.
Regarding the house there is certainly a position where if you were to go Br then because of the equity in your husbands property you could find that a trustee is appointed and a claim made against this - by virtue of your contributions over time.
There are other solutions that may involve a lower cost than your husband buying the beneficial interest from a trustee, and this probably wouldn't mean you went bankrupt.
What is your level of debt?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
 |
|
|
tracyluv1905
Starting Member
7 Posts |
Posted - 22 January 2009 : 19:33:53
|
I am £21000 in debt. My husband could not buy my beneficial interest
the home from the trustee as he can not work due to disabilty, if they made a claim what would this involve ? |
|
|
|
tracyluv1905
Starting Member
7 Posts |
Posted - 22 January 2009 : 19:47:29
|
Sorry am still confused. How do they work out how much my interest i have in the home ?
You say if you were to go Br then because of the equity in your husbands property you could find that a trustee is appointed and a claim made against this. What exactly does this mean ?
Is't the trustee the same as the official Receiver ?
|
|
|
|
Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 22 January 2009 : 20:17:10
|
Hi
potentially the trustee could claim 50% of the equity in the property and because of the size of the equity it would probably be passed to an external trustee who would also add significant fees.
In reality if you were to petition for Br your 21k debt would probably cost youboth around 50k.
I would recommend you seek professional advice URGENTLY , I suspect Br is not the right solution for you.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
|
|
|
tracyluv1905
Starting Member
7 Posts |
Posted - 22 January 2009 : 20:25:27
|
I am not on the deeds for the property, i can not afford to pay out any money as my outgoings are more than my incomings, but there is nothing stopping my creditior from making me bankrupct, so i will then be in the same postion but owing more as interest will be added.
|
|
|
|
Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 22 January 2009 : 20:48:38
|
You need to make a phonecall and have a decent conversation with an expert.
Use either the helpline above or call one of the site experts for a free chat
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
|
|
|
JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 23 January 2009 : 12:59:45
|
Hi Tracyluv1905,
You are actually in a far stronger position than you realise. I would suggest speaking to one of my colleagues on the helpline (see post entitled "HELPLINE") for some free advice as to the best way to proceed!
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
|
|
| |
Topic |
|
Confused and Scared Please Help !
