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smmy77
Starting Member
United Kingdom
7 Posts |
 Posted - 08 April 2009 : 14:28:43
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I have been to court and am now bankrupt, Im not proud but am glad that is over and done with now I am worrying aabout my property which is worth £188000 or there abouts my mortgage is for £180,000 therefore there is some equity in the property but not enought to cover my huge debt. I work full time and have a young baby my fear is that they will take the house away from me. can anyone advise me please?
My interview is by phone next week and not sure what too do?
Sammy. |
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ClearHead
Starting Member
16 Posts |
Posted - 08 April 2009 : 14:30:26
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Can't give advice Sammy but my thoughts are with you as it must be stressfull with a young baby - GOOD LUCK X
1 IPA payment down 35 to go! |
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paulsc
Junior Member
289 Posts |
Posted - 08 April 2009 : 14:56:07
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If they take house you wont have rope round your neck the mortage
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 08 April 2009 : 14:59:55
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Some people don't see a mortgage as rope around their neck, it's their way of keeping their home.
Sammy, if you can afford to keep paying the mortgage a third party can buy the beneficial interest in your home from the OR. It would be worth getting your house valued by an estate agent as you may find it's actually worth less than you think.
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/
22 IPA payments made, 14 to go - on the home straight! |
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John
New Member
United Kingdom
73 Posts |
Posted - 08 April 2009 : 15:41:47
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Hi
I would agree with skippy.
You need to have a good understanding of the property value in the current market.
Try an estate agent, or even better two or three.
Explain that you have a job offer within your company which will, if you take it, include relocation. You would need to move fast so you need a "quick sale" valuation and you need it in writing as your employer is offering to pay all associated costs of your move.
Once you have the written appraisals you will, of course, decide the job offer is not economically viable as far as the agents are concerned.
Please be aware this is far from a new strategy and many agents are catching on and refusing to put their quick sale valuation in writing unless you pay a fee.
However, your position is much more stable if you can demonstrate to the OR that your property is in negative equity. Any redemption penalty that may apply to your current mortgage would be helpful in reducing the potential equity figure too.
John White
England Jackman & Spacey |
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smmy77
Starting Member
United Kingdom
7 Posts |
Posted - 27 April 2013 : 11:39:55
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| update: It now 1 year and 47 weeks until the bankruptcy is removed from my credit file, i kept my house thank goodness and have got through it at last. My advice is stick with it in the end it feels so good. thank you to all of you who gave me advice and lifted me when times were bad. Sammy xxx |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 27 April 2013 : 12:37:01
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Well done on coming through this.
Good luck for the future.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 27 April 2013 : 13:14:48
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That's great news Sammy, good luck for the future from me.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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smmy77
Starting Member
United Kingdom
7 Posts |
Posted - 04 May 2014 : 13:56:22
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| a quick update now i have 47 weeks to go and it is getting better... i so cant wait for this to end.... |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 04 May 2014 : 14:00:17
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Great news smmy77. Let us know when you have finished.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 07 May 2014 : 21:55:16
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You're nearly there smmy77, well done for coming through it.
View my blog at http://skippy13.blogs.iva.co.uk/
The more I have to do with humans the more I think that the world would be a better place if it was run by animals.
Last IPA payment made on 28th June 2010. I'm proof that you can go BR and come out the other side. |
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andyb53
Starting Member
United Kingdom
28 Posts |
Posted - 08 May 2014 : 11:00:25
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Hi Smmy77
I strongly suggest you start cleaning your credit files now. Check with all 3 that your old creditors are not still updating your credit file otherwise you will find that although the BR GOES AFTER 6 YEARS, THE DEFAULTS DO NOT!!. All debt incurred prior to you BR are included in it so they should not be updating it. In my case 4 of my old creditors were still doing it. When I discovered it they just said "sorry" and removed the information. DO NOT LET THEM GET AWAY WITH IT!
Andyb |
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Viki.W
forum expert
United Kingdom
2211 Posts |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 08 May 2014 : 13:17:18
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I personally would leave it until the BR has disappeared - that's what I am doing at the moment. I'm waiting for a pin from Experian and then will get in touch with the odd one or two which are still defaulting me.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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andyb53
Starting Member
United Kingdom
28 Posts |
Posted - 08 May 2014 : 16:20:37
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The problem with waiting is that each and every enquiry you have with any of the Credit Reference Agencies allows them 28days to reply. That reply can, in some cases, just be an acknowledgment and they still drag their heels (they are quick enough to give you bad reports but not so quick to clean up their own mistakes)
The other issue that really makes me cross is that even when you apply for and receive your Statutory Credit Report for £2. If it is wrong you must pay again every time you request another.
If the first one is wrong then the following ones should be free until they get it right!
It has taken me many months to clean my files so far. I started last July and am still waiting for Experian and Call Credit to send me a correctly clear Report. They should be very ashamed!
Take my advice, start the cleaning up process as soon as you can. The Bankruptcy will automatically fall off you reports. The Defaults etc will not!
Andyb |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 08 May 2014 : 16:30:33
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I shall still wait with mine as I have no intention of taking out any credit again.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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I have been to court and am now bankrupt,
