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carla1612
Starting Member
United Kingdom
5 Posts |
 Posted - 07 November 2009 : 14:46:31
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| Hi, my partner and I are considering br, I really don't know much about it only bits and pieces I've read. I have 3 small children, so I am worried about my home, I do think we are in negative equity, So what will happen to my house and mortgage as i cannot lose my home |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 07 November 2009 : 16:34:24
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if you are in neg equity then you should be able to buy back the Beneficial Interest BI back from the Official Receiver OR for £1 plus costs of £211.
then as long as you keep paying the mortgage there should be no problem
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
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debtinfo
forum expert
2826 Posts |
Posted - 07 November 2009 : 17:26:46
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| Hi carla, just to agree with dave and to say feel free to ask any questions, were here to help |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 07 November 2009 : 17:29:54
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Carla,
See my earlier post to yours - come back to the forum if you need some detailed assistance as there are some very good experts that give pro bono advice and many of us that are BR have experiences from our professional lives or simply sharring experiences.
You are NOT alone - Richard
"There are no problems - only solutions..." |
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carla1612
Starting Member
United Kingdom
5 Posts |
Posted - 07 November 2009 : 18:08:56
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Thanks to everyone who has replied to me, it's such a scary place to be in at the moment, but I know we're not alone.
Am also worried as I took out a huge loan for 25k in Jan from Lloyds who virtually threw the money at me just because we had a premier account with them. We had every intention of paying it back and as with all debts have not failed to pay for anything. However our household bills have gone up so much since then we are having to rely on credit cards for day to day things at times. Our credit cards are just mounting up. I just don't want the OR to look at this and think I deliberatly took this loan out not to pay it back. The loan was to pay for a timeshare that we have, and that we got railroaded into buying. Obviously this will be surrended to the OR. |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 07 November 2009 : 21:04:28
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if assets were purchased with money borrowed and your income at the time shows that you could realistically afford the debt and the assets are retrievable by the OR it is unlikely to pose a problem, having the paperwork and explanations ready for the questions is half the battle
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
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carla1612
Starting Member
United Kingdom
5 Posts |
Posted - 07 November 2009 : 21:17:05
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Another worry is and I have asked my partner if he minds putting this on here and he doesn't is
My partner very foolishly stole money from his employer, he was caught and was arrested, I had no idea and it was a very traumatic time for all of us, of which I know he is very sorry and deeply regrets. Anyway he went to court and was given a suspended sentence and was ordered to pay back the money or go to prison, so of course we had to get a remortgage to pay it back. Ironacally he stole the money because we were struggling so much at the time.
Does this in anyway affect a br?
It was the most traumatic time in my life and this is coming a close 2nd, just want to get rid of this chain from around my neck. |
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In 2 Deep
Junior Member
United Kingdom
161 Posts |
Posted - 07 November 2009 : 21:30:07
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Hi Carla,
Can I suggest you speak or email one of the forum experts at your earliest opportunity next week.
There details are:
pauljohns@revivauk.com
melanienicholas@jonesgiles.co.uk
There is a number of issues within your post, which really require the advice of an expert.
Gd luck and be sure to post back.
Treat EVERY Penny as a prisoner. |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 07 November 2009 : 21:37:43
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Carla i would also suggest you give someone like Paul Johns at www.Revivauk.co.uk a call or e-mail, consultaions are free until correct advise can be ascertained.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 07 November 2009 : 22:05:57
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Carla,
I understand the trauma - I agree, you need expert assistance here - most BR cases can be dealt with as the forms and the process is geared to lay people.
It sounds that you require assistance and I wish you and your family every good fortune
If there are any "housing" issues and I can make any suggestions to assist, I will do so.
Good luck Richard
"There are no problems - only solutions..." |
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carla1612
Starting Member
United Kingdom
5 Posts |
Posted - 07 November 2009 : 22:28:15
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Thanks everyone I have emailed Paul Johns, so fingers crossed.
Thanks Richard just hoping my house has not got much or no equity in it. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 07 November 2009 : 23:15:15
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Got the email on my trusted blackberry and have emailed you back
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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Topic |
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Hi, my partner and I are considering br,
