Does the or have alimit to the percentage allowed on secured borrowings when going bankrupt if your property is negative equity. Is it the same as an Iva or would they accept something in the region of 48%.
Me and hubby are in IVA's and we have more than 50% of our outgoings going out on secured loans on our property.
If your property is in negative equity then I would think that the OR would be quite happy for this to continue as long as you keep up your secured borrowings payments.
You will have to buy the beneficial interest in the property though, which will cost you £1 plus £211 costs.
One of the experts will be along to advise further.
secured borrowings in bankrupcy
Posted - 25 June 2009 : 17:21:36
