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Niobe
Administrator
United Kingdom
4590 Posts |
 Posted - 14 January 2010 : 14:40:20
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Hi worried wife, hope it has all gone ok, as I am sure it will have done.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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worriedwife
Starting Member
United Kingdom
43 Posts |
Posted - 16 January 2010 : 17:17:15
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i Jan , thanks for thinking about us on thurs ! I can believe how nicely we were dealt with , they checked the forms signed and swore , the clerk was really nice and said " no im not a monster with 2 head im just a normal person " everything was well explained we sat in an office while he went to find a judge to get it signed 10 mins later he was back ! then said the phone will ring in the office it will be the OR and once we speak with them we were free to go ! the OR called checked my hubby was who he said he was asked a few Q then said i will contact you in the next 2 weeks either by phone or you can have an appointment to see us , that was IT !!! since then my hubby has been asleep i think all the stress has taken over his system and he is slowly coming down , so hope fully things will start to level a bit and i may get my husband back !!!! there are some things with the OR that im not sure about, not sure who to talk to on here . thanks for your time Jayne
jayne |
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debtinfo
forum expert
2826 Posts |
Posted - 16 January 2010 : 17:33:31
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| Hi Jayne, any questions about the OR, just post them um and we will see if we can answer them |
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worriedwife
Starting Member
United Kingdom
43 Posts |
Posted - 17 January 2010 : 21:25:18
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Hi Richard , just coming down to earth a bit! it was nowhere as hair raising as we thought ! infact they were really nice at put us at ease the judge signedv it off within about 10 mins of the clerk taking it to be signed , the OR called the office phone that we were sat waiting in asked a few Q then said they would call for interview or make an appointment if necesssary at our convinence! so waiting for the next stage ; bit scared but wrote everything down and put supporting evidence and statements with it all . Its quiet complicated. My husband was a director of a Ltd company that vol liquidated in Feb 09 , all sorted till 2mths after this , he became liable for debts for 3 machines that had been in his previous company which were supposedly transfered to a new partnership company that he formed in March 06 in his previous company he was a sole trader and they have come back on him because his Ltd company is finished !!! the total debts came to £88k for the machine, my hubbys personal debt was around £15k which was not a problem but with £88k to find he had no choice but to go BK . I bought his share of the eqity in our property at the advice of an IVA company as initially his was going to do an IVA , then the IVA never happened but the equity is banked in my name , I feel very loathed to give this to the OR as in march 1997 i gave my husband £30k out of the equity to put in his buisness this is recorded so i feel that he has had his far share of the equity we owned the house jointly ! any advice if you have on it, should I fight my corner do you think the OR will take this into consideration .Thanks jayne
jayne |
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debtinfo
forum expert
2826 Posts |
Posted - 17 January 2010 : 21:30:32
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| Yes, it is called equity exhoneration, you will need to prove that your husband has had his fair share and his share of the equity is now zero or greatly reduced |
Edited by - debtinfo on 17 January 2010 21:37:53 |
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debtinfo
forum expert
2826 Posts |
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debtinfo
forum expert
2826 Posts |
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worriedwife
Starting Member
United Kingdom
43 Posts |
Posted - 17 January 2010 : 21:51:29
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hi, hope you dont think im thick , so if we take a record of remortgage for the £30 and we get a record of accounts of monet introduced into the company will that be enough supporting evdence £15k was introduced to his company and £15k was paid to the Inland Revenue thanks Jayne
jayne |
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debtinfo
forum expert
2826 Posts |
Posted - 17 January 2010 : 21:56:19
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| I cant prejudge what the OR will do, but that sounds like good evidence to me. Obviously this was all some time ago 1997. how much equity is there now ie has any of the equity come about since then that he would have a share of |
Edited by - debtinfo on 17 January 2010 23:52:56 |
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worriedwife
Starting Member
United Kingdom
43 Posts |
Posted - 17 January 2010 : 22:15:10
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Hi Richard sorry the equity release was in 2007 for £30k , there was still about £50k shared equity left which i have bought him out so its about £24k minus expenses for BR and cost for solicitors ect which was advice on IVA or BR then cost from solictor for transfer of house ect which was £750 approx .thanks Jayne
jayne |
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worriedwife
Starting Member
United Kingdom
43 Posts |
Posted - 17 January 2010 : 22:20:01
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Also i contribute £1200 amonth to the house & living expenses, Hubby £1600, so i have always made a good contribution to our living expenses .
jayne |
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debtinfo
forum expert
2826 Posts |
Posted - 17 January 2010 : 22:24:13
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The fact that it was in 2007 strengthens your case as it is more obvious that he has had is share.
When you say you have bought him out what exactly do you mean, did you do a remortgage and who did you pay the money to or do you still have it |
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worriedwife
Starting Member
United Kingdom
43 Posts |
Posted - 17 January 2010 : 22:50:15
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I own the house solely myself got a new mortgage, there was £50k equity on the joint mortgage , £25 K was my hubbys half or would legally be his, so this has been in a seperate account ready for what the OR says he has to pay it is in my name because i dont believe its fair he has had all that money 2yrs ago so i would say his equity is not £25k !! hope you understand what im saying
jayne |
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debtinfo
forum expert
2826 Posts |
Posted - 17 January 2010 : 23:10:34
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So the present situation is that the property has been remortgaged into your sole name. After the remortgage there is still £25K equity left in the property. And you currently have the £25K that was taken out in your bank account.
Hope that is right
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worriedwife
Starting Member
United Kingdom
43 Posts |
Posted - 17 January 2010 : 23:19:03
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Yes thats right,
jayne |
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Topic |
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Hi, I am applying for bankruptcy on the 22/01/10.
