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bobtodd
Starting Member
United Kingdom
2 Posts |
 Posted - 24 October 2009 : 19:42:17
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| We have two very young children, one is only 8 months old. If we were to go bankrupt and the OR forces us to sell our property and doesn't give us the opportunity to buy the BI then do we literally get thrown out on the steets. If we do not have 6 months rent to put down then what happens, is it literally a case of being put into a B&B by the local council or a hostel. What would happen to all our our furniture (that are not classed as assets) would we be able to put them into storage? |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 24 October 2009 : 20:11:43
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Bob
slow down take a breath
you have posted two valuable questions and I am sure that you have many others.
If your partner is anything like mine, we worked each other up into a frenzy with all the what if's, we felt the world was about to end, each time the phone went or the post arrived we has another barney.
we watched this forum from a distance but never brave enough to post... The best thing that we did was arrange for a meeting with proffessionals working in the business.
We used Paul and Ken (reviva) but you will see other recomendations in this forum. contact any of them
good luck and keep posting |
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debtinfo
forum expert
2826 Posts |
Posted - 24 October 2009 : 20:40:30
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| Hi Bob first question, is their any equity in your property, if there is not you will be given the oppertunity to buy the equity for a pound |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 24 October 2009 : 22:18:51
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Hell Bobtodd - Oh are you related to the great late Bob Todd?? ( a joke - or very nearly!)
A couple of questions:
Are you up to date with your mortgage?
Is there any equity in your property?
Are you planning for ine to go BR and the other not?
There are a number of options - please do NOT despair Bob.
If you post back, I am sure I (or someone else if not me) can try to talk you through.
You will NOT need 6 months rent to pay up front
The non BR one of the partnership may be able to buy the BI
You may be able to transfer the mortgage to an interest only
The local council are likely to be able to assist you as, from what you have said (young children) you will, almost certainly fall into one of the 5 "priority needs" priorities
Please take a pause and come back so that you can step through your (many) options
Best regards, Richard
"There are no problems - only solutions..." |
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