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wayne.gy
Starting Member
7 Posts |
 Posted - 14 November 2009 : 01:07:26
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Hi
I am going bankrupt on monday 16th nov.I have a secured loan on a mortgage.I have been told by the company who is dealing with my bankruptcy not to pay the secured loan company as it will become unsecured in the eventual house sale after repossession (handed keys back today) is this correct because the secured lending company have contacted me saying I will still be liable for monthly payment in between now and sale..Will these payments be included in my bankruptcy? Also can I include any water bils in bankruptcy?
Unfortunatelty having to go bankrupt as partner has left country
Thank you for any assisstance |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 14 November 2009 : 01:43:17
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the secured loan will become unsecured once the house is sold and there is a shortfall in the equity raised
unsecured debts are included in BR
in theory you are meant to pay this loan until this happens but in reality i would recommend not save the money towards BR fees and future rent deposits etc
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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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 15 November 2009 : 15:19:16
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Hi Wayne
welcome to the site
totally agree with Chester
good luck on monday
regards Richard |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 15 November 2009 : 16:01:23
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good luck tomorrow Wayne - let us know how it goes - it is useful sometimes to share your experiences.
regards, Richard
"There are no problems - only solutions..." |
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In 2 Deep
Junior Member
United Kingdom
161 Posts |
Posted - 15 November 2009 : 19:43:07
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Wayne,
As others ahve stated keep the money for BR fees, and rent deposit. Please make sure you post back sometime tomorrow on your experience as this will help others in a similar position to you.
Gd luck.
quote:
Originally posted by wayne.gy
Hi
I am going bankrupt on monday 16th nov.I have a secured loan on a mortgage.I have been told by the company who is dealing with my bankruptcy not to pay the secured loan company as it will become unsecured in the eventual house sale after repossession (handed keys back today) is this correct because the secured lending company have contacted me saying I will still be liable for monthly payment in between now and sale..Will these payments be included in my bankruptcy? Also can I include any water bils in bankruptcy?
Unfortunatelty having to go bankrupt as partner has left country
Thank you for any assisstance
Treat EVERY Penny as a prisoner. |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 16 November 2009 : 08:24:02
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Good luck today Wayne, hope it all goes well, you know where we are if you have any queries
Melanie
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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wayne.gy
Starting Member
7 Posts |
Posted - 16 November 2009 : 12:37:09
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Thanks for the kind words
The experiance today was not half as bad as I expected,the clerk was very nice and pleasant.The whole process took less than half an hour.
It feels like a huge relief,just the OR now.
This forum has been a great help
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charlie44
Junior Member
231 Posts |
Posted - 16 November 2009 : 12:53:15
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Hi Wayne, glad it all went smoothly for you, please let us know how you get on with the OR.
Life`s Tragedy is that we get old too soon
and WISE too late! |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 16 November 2009 : 14:48:26
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Hi Wayne,
Glad it went well - do not stress about the OR - post back and there will be someone to "talk" to you on this forum, Regards, Richard
"There are no problems - only solutions..." |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 17 November 2009 : 00:55:09
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Welcome to your Debt Free Life!!
its got a nice feeling when it sinks in!!!
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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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 17 November 2009 : 10:39:51
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FREEDOM
well done Wayne
you can now occasionally answer the phone without it being someone chasing you
good luck Richard |
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wayne.gy
Starting Member
7 Posts |
Posted - 08 December 2009 : 22:48:23
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Hi
Just wanted to say the OR interview is nowhere near as bad as I thought it would be,so to anyone who is soon to have there interview DONT PANIC just be honest and you will be fine.
There is one thing if anyone can help:
I have a secured loan and a mortgage but I am waiting for the house to get repossessed,the secured loan company kep ringing for payment as they say they can do this until house is sold,I have paid one payment to get them off my back but they say if I dont pay they will go for some sort of payment through my company straight from my wages,is this correct?
The OR says not to pay them as this would be seen to be honouring one creditor over the other,what is the solution please help.The company is benificial finance if anyone has any dealings with them before?
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 09 December 2009 : 10:29:33
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Hi Wayne
They will try all sorts of mind tricks to make you pay
They cannot do a thing, the OR has total control of your estate, if you breach the bankruptcy order and pay a creditor the OR will come down heavily on you, if they encourage you to breach they commit an offence.
contact your OR and inform them of the actions of this company, the OR will then send a snotty letter
regards Richard |
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Hi I am going bankrupt on monday 16th nov
