thank you for your response to my email. i would like to ask a couple more questions please if that is ok. my wife and i received a letter from the insolvency service about our house. to get a valuation on it. the letter says that the property now belongs to them. it says it may be possible to transfer the beneficial interest back to us or a relative. we would have to pay £211. for the transaction. does this mean if we accept this we would have to pay the equity of the property to them. either way should we still be paying the morgage and secured loan on the property. there is a art on the letter for us to confim wether we are or are not interested in the beneficial interestto be transferred. could you please explain what this means. also we have a life insurance that they have took interest in and are asking for 50.00 off each of us to buy the interest back it as no cash in value and ends when i am sixty, but will pay out if myself or my wife dies would it be in our interest to have this thank you john
On the making of a bankruptcy order your interest in the property passes tot he OR - If it show following enquires that there is not equity available in the property the OR will offer you to purchase the 'beneficial interest' - in effect this means the OR will remove his name from your property for £211 plus £1 each. This removes your property from the bankruptcy, it will mean that you have to maintain any mortgage or charge on the property, but that you will be able to remain in the property, which will be out of the reach of your creditors. You will have to get a third party to fund the £211 but it is in your best interests to purchase the beneficial interest.
With regard to your insurance policy it is up to you whether or not you wish to purchase it back, all depends on how long you have had it and whether it is worth your while to continue with it. Some people love the secutiry having insurance policies others don't - purely a personal choice
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
thank you for your response to my email.
Posted - 29 October 2009 : 15:41:43
