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CMJ
New Member
96 Posts |
 Posted - 28 April 2009 : 11:10:35
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Hi
Myself and my husband were both declared bankrupt Nov 08, today my husband has recieved early discharge froms, I had been under the impression that we would both be eligible for this ?? Does anyone know whether sometimes one partner is discharged early, or will my form follow??[ Im do hope so because I will feel so upset if I do not get ED]
Also we sent back information required re BI 2 months ago and have heard nothing more, so I'm now concerned that we could be discharged early and still not have the BI in the house sorted.
I know the OR's are reallly busy but I am a born worrier and would appreciate anyones comments on the above.
Thankyou Michelle  |
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poopedmass
Junior Member
United Kingdom
229 Posts |
Posted - 28 April 2009 : 16:49:17
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Hi, we were in the same situation. We went BR in September 08, were told we would have early discharge in February. It was only yesterday we received the letter to say we were discharged on 30th March and our BI still is not resolved. In fact we are in dispute over it. Four weeks ago we rang the OR office and was told that due to the valuation on our property we need to send a cheque for solicitors fees and £1 to buy the BI. We sent this and it was cashed then last week they rang to say that the redemption figure on our mortgage doesn't count and they now want £6,000! Well as far as we are concerned the cheque was cashed and we heard nothing so the deal is done! Has anyone else had this problem and what advice can anyone give us on our next step??
Lou x |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 28 April 2009 : 16:49:46
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Sometimes one partner gets ED and the other doesn't. I don't know why this is, but I wouldn't let it upset you. When I went BR I decided in my mind that I was going to do the full 12 months, and if I got ED it would be a bonus.
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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CMJ
New Member
96 Posts |
Posted - 28 April 2009 : 16:58:11
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Thankyou for your comments.
The other problem I have is I was given an NT coding but was under the impression that as we went BR in Nov 08, my tax code would return to normal in April 09 and I would begin paying tax again, however I have just recieved my payslip for this month and am still on a nt CODING???
As the amount of tax I pay is so small the OR said it wasnt worth collecting, anyway so havvnt had to pay it, I am now concerned we are in another tax year and my coding is incorrect.
Any suggestions, I have tried calling the OR but never get a call back.
Michelle |
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CMJ
New Member
96 Posts |
Posted - 28 April 2009 : 17:24:03
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Hi poopedmass
Gosh that must be an awful situation to be in, what exactly do they mean by redemption figure??
We are we think in negative equity but you do worry that the longer they take to come back to you the more chance of the house going up.!!
hope things work out ok for you.
Michelle |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 28 April 2009 : 17:37:02
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For the NT code issue:
You should speak to HMRC and advise them that your NT code should now be changed to a 'normal' code. Someone else mentioned the same issue and after a quick call to HMRC it was resolved and HMRC were going to update the tax code with the person's HR dept.
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poopedmass
Junior Member
United Kingdom
229 Posts |
Posted - 28 April 2009 : 18:23:35
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we are tied in to our mortgage until 2012 and because of this if we were to sell our house our redemption fee would be £6,000. So the OR has decided they want that, even though they cashed our cheque 4 weeks ago!!
Lou |
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CMJ
New Member
96 Posts |
Posted - 28 April 2009 : 19:04:47
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O dear, poor you!
Surely you can get out of it can't it be added to your SOA??
Michelle
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John
New Member
United Kingdom
73 Posts |
Posted - 28 April 2009 : 19:39:17
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Hi poopedmass
The OR is pushing things here.
He/she may technically be correct that redemption is not a debt but a penalty and if you are therefore not selling you will not incur the penalty and therefore there is equity.
However, if you do not buy, or cannot buy, the OR or trustee has 2 options. Sit on the property and hope that the market improves or force a sale.
They may take the first option but it would have to improve beyond the penalty as they only have 3 years and your penalty still has 3 years to run.
To force a sale to realise even £2000 is technically the right thing to do but in practise, in the current market there are no buyers at market value anywhere. So by forcing a sale they would acheive nothing and in any case they are not allowed to place a secured lender in such a position so as to make a loss, especially if you are happy to continue with mortgage payments.
So technically not a bluff but I'd have your hand rather than his right now. Depends now on your strength of mind whether to see out the threat or pay up and have peace of mind.
John White
England Jackman & Spacey |
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poopedmass
Junior Member
United Kingdom
229 Posts |
Posted - 28 April 2009 : 19:45:34
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Thank you for your advice, am really not happy with the fact that they told us to pay the pound then cashed the cheque weeks ago and did not say anything then, can they go back on that?
lou |
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Topic |
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early discharge and BI
