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dougy
Junior Member
180 Posts |
 Posted - 29 March 2008 : 02:47:06
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hi partner owes £17,000 was in a D.M.P 2005 till 2007 still owes £1700 ballance never came down ..couldnt aford dmp any more we are on virouse state benfits joint morgage of £48000 and owe £46000 on it...
if she go bankrupt can i buy her share of O.R can i buy her share back for £1 yes or no ...sure its negative equilty in the house benfits are disabilty allowance ,incapacty, child tax,family allowance ,cares allowance our income left over is zero on income and out goings we are minuss £180 |
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melanie_giles
Senior Member
1191 Posts |
Posted - 29 March 2008 : 08:12:04
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Hi dougy and welcome to the forum
It will be very likely that you will be able to acquire the eventual Trustee's interest in the property for a nominal sum (usually £1), but you will be required to pay for the legal costs of the transfer which are in the region of £220.
The OR will get the property formally valued, so I would suggest that you also get a valuation now so that you have something with which to base your own offer.
Which DMP compny was your partner with as a matter of interest? |
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dougy
Junior Member
180 Posts |
Posted - 30 March 2008 : 22:42:04
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| byrom and keeley |
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dougy
Junior Member
180 Posts |
Posted - 30 March 2008 : 22:44:29
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| monthly statements shows debts comeing down ....but when she asked crediters for new ballance the debts had gone up |
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melanie_giles
Senior Member
1191 Posts |
Posted - 30 March 2008 : 23:16:08
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| That's the danger of Debt Management I am afraid! |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 31 March 2008 : 08:46:20
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Hi Dougy
It is unfortunate for you to be paying into this type of plan and feel you are contributing towards your debt only to find it increase, but as Melanie points out this is the danger of debt management plans.
It sounds like Bankruptcy is the ideal to sort out these debts and with your income and expenditure as it is you will be unlikely to end up paying anything towards your Bankruptcy.
If you are in receipt of income and support you will be in a position to get a discount for the Bankruptcy fee of £485, in cases where you are receiving certain benefits the court will waive their proportion of the fee, but you will still have to pay the Official receivers fee.
All the best
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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melanie_giles
Senior Member
1191 Posts |
Posted - 31 March 2008 : 09:46:10
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| Just to remind everyone that the bankruptcy application fee increases to £495 with effect from 1 April 2008. |
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pix1
Average Member
689 Posts |
Posted - 31 March 2008 : 14:30:27
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| That fee rise could be enough to bankrupt someone! |
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dougy
Junior Member
180 Posts |
Posted - 06 April 2008 : 01:57:07
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| hi could she sign her share of house over to me and then she go bankrupt |
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melanie_giles
Senior Member
1191 Posts |
Posted - 06 April 2008 : 02:17:49
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If she did that for less than the real value of the property, the Official Receiver woudl be able to revert the transaction so no real point to bd frank - and this would probably leave her with a bankruptcy restriction agreement or order as well.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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dougy
Junior Member
180 Posts |
Posted - 03 May 2008 : 22:16:03
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| negative equalty bought house for £30,000 council valued £46000 mortgage £48000 house values are dropping a true value would not be much more than the council did debts wifes hers are about £17,000 |
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dougy
Junior Member
180 Posts |
Posted - 19 May 2008 : 23:03:06
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| hi partners names on deeds ...but i pay mortgage if she went bankrupt...would it still afect the house im paying for |
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melanie_giles
Senior Member
1191 Posts |
Posted - 19 May 2008 : 23:50:38
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Probably not - especially as it is currently in negative equity.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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dougy
Junior Member
180 Posts |
Posted - 25 May 2008 : 01:47:16
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| could she apply for a D.R.O |
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melanie_giles
Senior Member
1191 Posts |
Posted - 25 May 2008 : 10:12:22
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I am afraid that this type of procedure is yeat to be introduced Dougy - but we are hoping it may be over the next six months. And they will only be available for people with debts less than £15,000, so your wife will not qualify in any case.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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dougy
Junior Member
180 Posts |
Posted - 15 June 2008 : 23:23:26
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| advice needed... credit card capital 1 passed acount to fredrickson internationl ltd to collect debt was paying debt since oct 2005 ballance still the same £1096 as 2005 fredrickson took over in sep 2007 they was getting token payments as both companys are putting pressure on me to pay more than i can aford .... i have sent both companys income&expedture and stated on state benfits but that dont bother them .i sent fredrickson a C.C.A request they have gone over the 12 days so they comit a crimnal offence ..only reply i got was of there solicter carter &co state there puting me in court in 7 days they have breach OFT GUILD LINES ON COLLECTING DEBT AND ALL PAYMENTS I HAVE SENT THEM IS NOT COMEING OF THE DEBT AT ALL |
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Topic |
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thinking of bankrupcy on state benfits
