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jayne1970
New Member
70 Posts |
 Posted - 27 February 2009 : 19:30:49
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Can anyone help, I have a Northern Rock mortgage, approx 121k o/s 92k secured, 29k unsecured. Can we include the unsecured part in our bankruptcy, and on forms do we declare the out standing ammonut as 121k or 92k?
Hope this makes sense, it will also affect wether or not we are in negative equity |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 27 February 2009 : 19:48:53
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Hi there
The unsecured element of your NR mortgage is no different to any other unsecured debt ie credit card, overdraft etc and as such must be included on your list of unsecured debt. As soon as you have declared for bankruptcy you only pay the actual secured payment as your 'mortgage payment' at the moment when you pay your mortgage you pay the mortgage element and unsecured loan element in one amout have a look on the back of your last mortgage statement for the actual mortgage payment and make sure you only pay that. Therefore on your secured page you list the mortgagte element only.
With regard to the equity make sure you add any 'Early repayment penalty' if there is one, you'll find details, again on your mortgage
statement, tot he outstanding mortgage balance.
Hope this helps you
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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jayne1970
New Member
70 Posts |
Posted - 27 February 2009 : 19:53:52
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Many thanks, that helps a lot, it is as I thought, but had been confused as had vairied advice.
We are due to BR 27/03/09, but next payment due 02/03/09, should we make this payment as usual?
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 27 February 2009 : 20:47:09
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yes, full payment at beginning of March, as you will not be 'bankrupt' but make sure you only make the lower payment from beginning of April
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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Can anyone help, I have a Northern Rock mortgage,
