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indy2005
Junior Member
458 Posts |
 Posted - 28 July 2009 : 22:03:50
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Hi,
My wifes contributions is listed as £500. We need to reduce this as my wife has given up one of her jobs, and has had to replace her car last year.
We havent heard back on any beneficial interest yet on the house, which we transferred into my wifes name after I took out 65K to pay my debts...but was discharged earlier this year (equity of exoneration!).
We have in our mind that my wifes contribution of £500 is over half the mortgage, and until the house is sorted, we feel better knowing that my wife is paying more than half the mortgage.
This could be all in our mind though and completely unecessary, as the house is in her name, equity of exoneration (etc.) and I am discharged now, so cant see how I am accumulating capital interest in an asset post discharge.
Could an expert please advise on this. Is the OR waiting to pounce saying "ah ha...you pay more than half the mortgage, so the house is really yours and we want to take it...", or is this just a load of nonsense we have made up in our own heads.
We need to reduce my wifes payment by at least here HP payment on the car she had to buy.
Regards
i |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 28 July 2009 : 23:00:13
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The OR is starting to challenge some of these trust agreements
Recently I have seen them undue a trust based on the origional mortgage offer and equity percentages in the offer.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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indy2005
Junior Member
458 Posts |
Posted - 28 July 2009 : 23:16:24
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quote:
Originally posted by indy2005
quote:
Originally posted by Reviva UK
The OR is starting to challenge some of these trust agreements
Recently I have seen them undue a trust based on the origional mortgage offer and equity percentages in the offer.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions
Hi,
Now I am worried. Are you saying that my case for equity of exoneration could be reversed and they will want half of my wifes equity, even though I took out 65K and have documentary evidence that I paid my debts off with it?
Could you explain what you mean by your last comment, and let me know how worried I should be.
Regards
i
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indy2005
Junior Member
458 Posts |
Posted - 29 July 2009 : 00:12:15
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| I think I have spoken to you in the past about this and you seem to suggest we had a rock solid case of equity of exoneration....any advice appreciated. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 29 July 2009 : 09:02:39
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hi
what i am saying is that you need to go through ALL your documentation with a fine toothcomb to ensure that everything is in order.
the case that i am aware of that is being challended was prepared by a solicitor who didn't check EVERYTHING.
bear in mind that if they can prove otherwise there is a large contribution available and also ansignificant fee for a trustee.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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indy2005
Junior Member
458 Posts |
Posted - 29 July 2009 : 18:17:58
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Hi,
If you put the trust to one side, and the house transfer to one side...it was my understanding that even without any of these, equity of exoneration still stands.
I took out 65K, gave the OR the bank statement showing the mortgage payment coming in and going out to my creditors...
So even without a trust or house transfer, isnt this the case?
And my original question, I was wondering if me paying more than half the mortgage alters any positition on this. Note I havent been assigned an IP (yet), I went to RTLU and back to the OR office post discharge.
Regards
i |
Edited by - indy2005 on 30 July 2009 01:03:31 |
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Topic |
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Wifes Contribution to IPA....part 2
