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whitelock
Junior Member
173 Posts |
 Posted - 20 March 2008 : 18:21:43
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hullo wondering if you can help my sister her husband is being made bankrupt as of the 09-04-2008 by the inland revenue for the sum of £12000.00 he also owes various credit cards companies total £60000.00 and other creditors a total of £20000 aprox. Also owes in laws roughly £20000. They own there property which is mortgaged total £320000 the equity in this is roughly £60000 with a redemption fig of £20000 which is due to expire oct 2009. Can you advise the best way forward he has already tried the IVA route which has since been rejected no payments to date are being made to any of the credit card companies however have not missed any payments to there mortgage. Can you please advise the best way forward for them your advise would be most appreciated.
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 20 March 2008 : 19:21:09
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Hi Whitelock,
Welcome to the forum,
Can I just clarify a few points property value £320,000 with a mortgage of £260,000 with an early repayment penalty of £20,000 set to expire 2009.
How were the debts incurred by your brother-in-law?
were they in a relation to a business?
The other £20,000 owed to other creditors are these trade creditors?
Once I have this further information I can get a better picture of his predicament, however I would advise your brother in-law to seek advice from a bankruptcy specialist soon, As there are stepts he can take and alternative options, but little time.
In the meantime if you can give me further details I will do my best to advise a best course of action.
Kind Regards,
Brett England
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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AlanO
Junior Member
United Kingdom
259 Posts |
Posted - 20 March 2008 : 20:48:34
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Hi Whitelock,
It is best for your sister and her husband to talk with one of the experts so that they can get the full facts and see what best options are for them. Whilst an IVA was rejected there may be other routes and possibly the hearing could be adjourned to enable these to be explored, as there is a reasonable equity.
It is surprising that sometimes people struggle to keep things a float and then a creditor petitions for bankruptcy and after the initial shock a clear plan can be worked out which relieves all the previous pressures.
All the best Alan
www.debtdr.co.uk
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whitelock
Junior Member
173 Posts |
Posted - 20 March 2008 : 20:48:45
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Hi Brett,
I appreciate your quick responce on speaking with my relation the house is valued at £380000 mtg outstanding £320000 early redemption total £20k.
His business is not a LTD company but a trading as. And the £60k is made up of both business and personal expenditure the cards are all in his personal name. In addition he loaned £20k from his in-laws again for bus spending he also owes several business invoices for stock total approx £20k.
I hope this helps.
Regards TERESA |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 20 March 2008 : 21:29:33
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Hi Teresa,
The redemption ends in 2009 so this will not be calculated within the BR as the OR has three years in which to deal with the property.
This gives your Brother-in-Law £30,000 equity in the property a sum that the OR will want to realize for the benefit of his creditors!
Can I ask if and when the last time they re-mortgaged this property?
and if they did what happened with these proceeds?
Kind Regards,
Brett England
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 20 March 2008 : 22:01:39
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Hi Teresa,
Your Brother-in-Law is in a difficult situation with many variables, As Brett suggested I think he needs to seek advice quickly where in the country are they based?
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 20 March 2008 : 22:40:09
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Hi
Think Julian & Brett are right. There are experts around the country near you so if you let us know where you are we would be able to recommend who to speak to .
take care
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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melanie_giles
Senior Member
1191 Posts |
Posted - 21 March 2008 : 09:24:34
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| And do not rule out the possibility of a post-bankruptcy IVA based upon the realisation of equity. I have done several of these recently as they return more money to creditors than would be available in bankruptcy. |
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whitelock
Junior Member
173 Posts |
Posted - 26 March 2008 : 23:07:46
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| HI GUYS THANKS FOR THIS INFORMATION MY RELATIVE IS BASED IN sANDHURST AND i BELIEVE THE LAST REMORTGAGE WAS TO REPAY PREVIOUS CREDIT CARDS |
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whitelock
Junior Member
173 Posts |
Posted - 26 March 2008 : 23:09:58
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| WHO SHOULD HE BE SPEAKING TO SORRY TO ASK SO MANY QUESTIONS... |
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AlanO
Junior Member
United Kingdom
259 Posts |
Posted - 26 March 2008 : 23:46:42
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From my knowledge of Paul & Brett they both are very capable and able to assist
Sandhurst is interesting as even though it has a GU postcode it falls within the durisdiction for bankruptcy of Reading County Court and Reading OR office.
In December I managed to obtain an adjournement of a creditors bankruptcy petition at reading CC on the basis that there could be better options for the creditors - similar to Melanie's suggestion so again she could be a good port of call
all the best alan
www.debtdr.co.uk |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 27 March 2008 : 00:30:41
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Hi Whitelock
just a quick note to say that the experts here cannot advertise or TOUT for work.
However whilst Alan represents a different company from mine he looks after his clients extremely well and I would have no issue in recommending him to you - especially as he lives VERY near to reading so is on your doorstep.
You can reach him via his companies web page but if you need his mobile number faster fill in the contact us section on my web page & I will email / text it to you immediately.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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AlanO
Junior Member
United Kingdom
259 Posts |
Posted - 27 March 2008 : 06:40:44
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Hi Paul,
Thankyou for the kind comments
all the best alan
www.debtdr.co.uk |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 27 March 2008 : 20:24:23
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Hi,
I can vouch for both Paul and Alan, having worked with them both in the past they are both experienced in the relevant areas to your sister and brother in laws problems
Kind Regards,
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my story at:
http://www.bankruptcyhelp.org.uk/forum/topic.asp?TOPIC_ID=594
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Can you please advise the best way forward
