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jasper
Starting Member
2 Posts |
 Posted - 29 January 2009 : 13:52:59
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My question relates to Mortgage payment protection ( sickness unemployment etc and life insurance policies. I have neither at the moment and would like to know if i should get these before BR or are they disallowed anyway?
Can you tell me as well on the forms do i put whole household expenditure ie haircuts for both of us dry cleaning for both of us or split that 50/50.
And finally my wife just got a 1k bonus and as we're going BR next week can she take this money out of account now along with other money for living expenses. we've already got money for BR fees.
My story for anyone interested is. Jointly my wife and i will be going bankrupt after much deliberation. We have not payed enough attention to our finances ( marriage issues mainly i thought she wanted the latest things all the time but it turns out that is was because i never talked that she had an affair ) I seem to suffer from OCD and always have to have things just so and cant stand mess and dirt, still weve worked things out over the last 3 years, but however nice it is to have the latest things and nice house in the end it costs you in more ways than one.
After robbing peter to pay paul for sometime the 0% interest rates came to an end and our house hadnt sold which we tried in order to reduce the debt and downsize. Now we are in negative equity by 20k so at least a friend of mine will by the BI from us so we can stay where we are.
If just one credit card company would have been more flexible then it wouldnt have cone to this. Our wages are quite reasonable but just outside of an IVA solution, so we're expecting to have an IPO or IPA imposed after the 1 year discharge. In a way i dont mind as i feel some kind of moral issue which i cant explain to want to pay most of what i can back, im just being forced down the BR route.
actually should i use that as a reason on the form?
Thanks for any replies |
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John
New Member
United Kingdom
73 Posts |
Posted - 29 January 2009 : 20:17:13
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Hi jasper
please find response to your questions below:-
My question relates to Mortgage payment protection ( sickness unemployment etc and life insurance policies. I have neither at the moment and would like to know if i should get these before BR or are they disallowed anyway?
JOHN
Life insurance policies would normally be claimed by the OR and would cost you £50 each to buy back.
I am not entirely sure but I don't think you would be allowed an expenditure claim against mortgage protection insurance.
Can you tell me as well on the forms do i put whole household expenditure ie haircuts for both of us dry cleaning for both of us or split that 50/50.
JOHN
You list each expenditure as a household cost, not individually so no need to calculate the 50/50 split.
And finally my wife just got a 1k bonus and as we're going BR next week can she take this money out of account now along with other money for living expenses. we've already got money for BR fees
JOHN
You could take it out and state that the money was used for court fees. Or you could be truthful and hand the money to the OR. The choice is yours.
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 29 January 2009 : 20:25:32
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I would be truthful and declare the money - if the OR finds out you'll have some explaining to do.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
18 IPA payments to go! |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 30 January 2009 : 09:33:53
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I agree with Skip, better to declare all and then you know that you are safe. I know things can be tempting but its not worth the risk at all.
Take care and do keep posting
Jo x
26 weeks down 
Im Sooooo Happy 6 months gone
26 to go
Im Soooo Sad still 6 months to go |
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jasper
Starting Member
2 Posts |
Posted - 31 January 2009 : 17:15:16
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HI thanks for replies. I think we can use the bonus to pay for the BI in the house and the solicitor fees. Shame the money has to be used like this but hey ho.
1 other question and i've been looking through the other parts of the forum with no real luck.
Section 4 creditors.
the 5th box across. What of yours is claimed and what is its present value?
do we write our address and current valuation?
for instance
200k mortgage
235k valuation
next box down
our 2nd charge 54k
its just the a-b part doesnt seem to add up on both boxes
any help would be great.
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John
New Member
United Kingdom
73 Posts |
Posted - 31 January 2009 : 17:26:34
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Hi Jasper
re the bonus, if you declare the existence of the money or leave it in an account or withdraw it before BR and do not state that you have used it for BR fees then it will be claimed by the OR well before you have the opportunity to buy the BI back.
Re the forms - you have already entered in that line the mortgage you have. In the box you mention you should enter your address and the value of the property.
In the next line the value that you enter should be the A-B figure from the line above (£35K), having already deducted the 1st charge mortgage amount from the full property value. |
Edited by - John on 31 January 2009 17:48:05 |
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can i have? and can you answer
