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natasha.e
Starting Member
4 Posts |
 Posted - 06 March 2009 : 08:09:44
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| Can the OR tell you to move to a cheaper house? husband being made bankrupt, House worth 270,000, mortgage 250,000 plus secured loans so hardly no equity, both pay the mortgage. Can they decide our payments are too high even though I pay half? |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 06 March 2009 : 08:21:58
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If both of you were bankrupt and you had a high mortgage cost compared to rentals in your area and say for example you were in a 4 bed detached and just 2 of you, the question may be raised. But if you are not bankrupt the scenario would not arise. You must make sure though that if you were to continue with the house that you can afford the mortgage plus and secured loan payments on it, otherwise it may be a question you should be asking yourselves re affordability.
Hope this helps
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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natasha.e
Starting Member
4 Posts |
Posted - 06 March 2009 : 10:53:21
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Only husband making himself bankrupt, he was sole trader well over a year ago, business failed and he went into IVA which also failed as too high payments. He is employed now. I have 3 young children and have office at house, not massive detached house. I am worrying myself sick about losing home. In the process of filling in forms now.
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natasha.e
Starting Member
4 Posts |
Posted - 06 March 2009 : 10:56:32
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Also we have no mortgage arrears and are getting by, it's just this old debt from old business.
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Can the OR tell you to move to a cheaper house?
