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desperateone
Junior Member
United Kingdom
173 Posts |
 Posted - 14 May 2008 : 19:09:15
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We are a married couple now suffering real difficulties, afraid to answer the phone and open the post. We have a mortgage, as secured loan and two HP agreements, we are making them priority payment and everything else is now being offered token payments.
If one of us was to go bankrupt, before we the depression worsens, does the other one have to? As the house is in joint names would we lose the house if one went bankrupt? Would we lose the cars - HP in his name on both cars. If we lose the cars we lose our jobs and are in a worse situation.
Please help |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 14 May 2008 : 20:27:12
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Hi Desperateone,
Welcome to the forum,
I will need some further info first of all.
1. What is the level of debt for each of you?
2. What is the value of the house?
3. What is the value of the Mortgage and secured loans?
4. What are the value of the cars and finance secured on each.
With the answer to these questions I will be in a better position to advice.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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desperateone
Junior Member
United Kingdom
173 Posts |
Posted - 15 May 2008 : 08:25:46
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quote:
Originally posted by Helpful Advice
Hi Desperateone,
Welcome to the forum,
I will need some further info first of all.
1. What is the level of debt for each of you?
2. What is the value of the house?
3. What is the value of the Mortgage and secured loans?
4. What are the value of the cars and finance secured on each.
With the answer to these questions I will be in a better position to advice.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/
He has debts of around £40,000 including the cars. Both cars are worth around £7,000 each but the finance on them is still more than the car is worth due to interest. Originally the finance on one was £10,000 two years ago, the other £10,000 a year ago.
My debts are around £25,000 but I am just about managing to pay them and so far have no arrears on my creditors. My husband has arrears with all.
The mortgage is for £88,000 and an unsecured loan with the mortgage company is about to be capitalised as we missed one payment on that. That is £6000. We will be getting a CCJ for missing this but they will be adding it to the mortgage, We have two months arrears on the mortgage of around £1200.00 which we are going to offer to pay more each month to clear, we dont want to lose the house.
The secured loan is £40,000 there are no arrears on this.
The house is probably worth now about £110,000 due to the reducing market.
Any advice would be gratefuly received |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 15 May 2008 : 09:04:12
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With your property in considerable negative equity it is unlikely you would loose this as part of your Bankruptcy.
With it being in negative equity the Beneficial interest within the property could be sold to a third party for the nominal sum of a £1 plus legal costs.
Although the cars have secured finance over them, most finance contracts state that they cancel on the making of a Bankruptcy order, so you may well loose these.
You are allowed a vehicle to the value of £2500 in Bankruptcy.
May I suggest you seek advice from one of the experts regarding your situation, they will be able to talk through all your options with you.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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desperateone
Junior Member
United Kingdom
173 Posts |
Posted - 15 May 2008 : 09:29:06
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| Thank you, I will seek help and advice, but thank you for your assistance |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
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do we both have to go bankrupt?
