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frosie90
Junior Member
285 Posts |
 Posted - 28 February 2009 : 12:24:43
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Can I just ask the veterans of BR? How long does it usually take between filing for BR and signing up to and paying the IPA. I have hopefully found new place to rent, subject to Credit check etc, but did not cancel my mortgage payment in time so will be struggling to pay back money now for my upfront rent and deposit which I was hoping to pay some of with my "would have been mortgage payment". I anticipate handing back my house once the contract for rented place signed etc. and including it in my BR file early April.
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 28 February 2009 : 15:22:03
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It can take up to 3 months, nothing will be done in the first 6 weeks IPO wise. It is important that you now cease your mortgage payments though you are expected to be 3 months+ in arrears before 'handing back' keys.
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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frosie90
Junior Member
285 Posts |
Posted - 28 February 2009 : 16:28:59
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Thanks Melanie for your response. I was gutted about not being able to cancel my mortgage payment as I did not realise I had to give three days notice. I am hoping to get the keys, if all goes through, on the rented house in about three weeks. I was hoping to transfer my utility providers over to the new accommodation so no arrears. So I cannot hand my house back. Could I just vacate it? or would utilies still be applied to it?
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frosie90
Junior Member
285 Posts |
Posted - 28 February 2009 : 16:31:45
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| Sorry meant to add, if I move into rented, vacate my house can it be included in BR still if I have not voluntarily surrendered it due to being up to date on mortgage payments? |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 28 February 2009 : 16:37:50
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There will be no problem including the shortfall in the bankruptcy, list the mortgage on the secured creditor page and also list it for £1 on the unsecured page, then the shortfall will bi in the bankruptcy regardless of the amount. Once you have secured the rented accomodation andmoved in contact the mortgage company inform them of your intention ie bankruptcy and ask their proceedures to formally hand it back - sometimes there is a special formto complete, other wise you can always wait until bankruptcy and let the OR notify them to hand it back for you
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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frosie90
Junior Member
285 Posts |
Posted - 28 February 2009 : 16:51:52
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| Thank you. Yes I think I will do the former. Ring them and tell them once I am definitely in the new property. I was worried about vacating this house in the next few weeks and being subject to demands from utility providers for standing charges and also Council tax after I am no longer staying here. Providers that I am hoping to transport to my new accommodation so dont want to end up paying two lots of bills. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 28 February 2009 : 16:53:24
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Mine took 3 months, and I think it might have been longer if I hadn't chased for a starting date.
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/
20 IPA payments made, 16 to go - on the home straight! |
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frosie90
Junior Member
285 Posts |
Posted - 28 February 2009 : 17:06:33
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Thanks Skippy. Even a couple of months grace will help me recoup what I would have saved from not paying my mortgage.
Your blog is like a breath of fresh air, a real inspiration and proves that there alway light at the end of the tunnel. Cheers.
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 28 February 2009 : 17:57:47
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Thanks for your kind words.
I only chased as I wanted to get it sorted as quickly as possible as I didn't want it dragging on!
Good luck with your BR x
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/
20 IPA payments made, 16 to go - on the home straight! |
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frosie90
Junior Member
285 Posts |
Posted - 01 March 2009 : 08:18:30
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Hi Melanie, just thought. My mortgage is made up of approx £117K secured and £7K unsecured as one of the together mortgages with NR and house now would be struggling to be worth £100K. Would the real £7K constitute putting a £1 on the unsecured page to ensure the shortfall is included? I am sure I will have more questions before I actually finally finish the form!! I should save them up and ask all at the same time but things keep popping up in my head?? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 01 March 2009 : 10:18:21
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Hi
in the light of the value of the house I would suggest you put the £7000 for the unsecured part ( in the unsecured section)
and a further £x for the mortgage shortfall. You can either put down £1 or tage a reasonable guess - say £20 k - as if the house is sold at £100k there will be costs etc.
In reality in this market you shouldn't be suprised if the house sells for £80k.
However if you have put down the potential shortfall in the unsecured section you will be fine
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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frosie90
Junior Member
285 Posts |
Posted - 01 March 2009 : 11:03:59
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| Thanks Paul. Am just going through my form now on line. Keep coming to a dead end as I am still, obviously, still in my mortgaged home and therefore detailing bills, mortgage payments with this address. I am presuming therefore that I should wait until I actually move to rented and fill in form then with my new address as current? even though I will still officially be responsible for this one and potentially bills in a small property will be less? And, if I put mortgage payments plus my rent, if I wait until I move to file, that could then mis-lead as I will actually not be paying my mortgage payments? |
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jurgenpie
Starting Member
United Kingdom
30 Posts |
Posted - 01 March 2009 : 11:27:43
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I went bankrupt on 5th March 2008 and didn't pay my first IPA until 27th September. I then got a letter in January 2009 saying they hadn't received any IPS payments, when I rang with the standing order details they apologised, they were asking me to increase my IPA to make up for lack of payments, so I suggest you check when you set up that they have received the first payment as I took it for granted everything was ok, I did get an apology but could have done without the hassle and my standing order was set up correctly.
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Edited by - jurgenpie on 01 March 2009 11:28:32 |
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Time between BR and IPA
