HOME  FORUM  MEDIA  EVENTS  ARTICLES  TV  BLOGS
•Home
Bankruptcy:
•Bankruptcy Information Center
•What is Bankruptcy?
•Is Bankruptcy right for me?

•How to declare Bankruptcy?
•What happens to my assets?
•Bankruptcy and credit rating

Forum:
•forum
•register
•search
•faq
•experts

Blogs:
•Bankruptcy News
•More...

Media Room:
•Press releases
•Media Coverage

Other:
•About BankruptcyHelp
•Links
•Contact us
•Debt Glossary
•Insolvency jobs


FORUM
  > Browse and post on our forum
Home   |   Profile   |   Register   |   Active Topics   |   Members   |   Search   |   FAQ

Welcome to our Forum, please register if you want to post
Ask a debt question
See the last 250 posts
Watch video on how to use forum
Username:
Password:

Save Password
Forgot your Password?

 All Forums
 archive
 Forum Questions
 We want to finish renovating our house without the risk of losing it later on
 New Topic  Reply to Topic
 Printer Friendly
Previous Page
Author Previous Topic Topic Next Topic
Page: of 2

year 2029
Average Member

590 Posts

Posted - 05 June 2012 :  04:57:28  Show Profile  Reply with Quote
Viki
As the Op has stated, they can afford their secured loan payments, and wish to keep their house.
£1800 mortgage against £1500 rent isn't drastically different.
Unfortunately, they wont know exactly how the OR will deal with their until their statement of affairs is dealt with.

All the best Trabon, I hope you get to keep your home.

--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought.
Go to Top of Page

Viki.W
forum expert



United Kingdom
2211 Posts

Posted - 05 June 2012 :  07:41:45  Show Profile  Reply with Quote
Unfortunately, the OP also has a secured loan which makes the secured payments £2278. If they can rent for £1500, then they could pay back about £28k in an IPA (Debtinfo mentioned this)

It's not about whether they can afford it, it's about freeing up money for an IPA. I'm only posting from my experiences with clients and you are right, they won't know until the OR deals with it.

But, again, I advise speaking to an expert to chat through all of this and options.



Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Go to Top of Page

year 2029
Average Member

590 Posts

Posted - 06 June 2012 :  12:16:23  Show Profile  Reply with Quote
I agree that they need professional advice.
I also had a secured loan attached to one of my properties on top of the mortgage.
I was expected to also pay this, on top of the mortgage as a priority debt.

--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought.
Go to Top of Page

kirstykirsty
Starting Member

2 Posts

Posted - 06 June 2012 :  17:12:15  Show Profile  Reply with Quote
Hi, can anyone tell me if the situation regarding my house would be different if only my BR went BR.
Go to Top of Page

kirstykirsty
Starting Member

2 Posts

Posted - 06 June 2012 :  17:13:23  Show Profile  Reply with Quote
Sorry meant to say.. if only my husband went BR and not us both. Thanks.
Go to Top of Page

Niobe
Administrator



United Kingdom
4590 Posts

Posted - 06 June 2012 :  17:40:08  Show Profile  Reply with Quote
I would speak to an expert about this, they will be able to help.

Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe




Go to Top of Page

Viki.W
forum expert



United Kingdom
2211 Posts

Posted - 06 June 2012 :  18:08:44  Show Profile  Reply with Quote
The OR would still knock the payments down, but if it was just your hubby that declared bankruptcy, then you could top up the payments yourself if you could afford to do that (bear in mind that you would need to repay your debts and any joint debts too so financially you may struggle)

As I've said before, I really think you need to chat all of this through with an expert and also see if bankruptcy is your best option or not.




Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Go to Top of Page

year 2029
Average Member

590 Posts

Posted - 07 June 2012 :  13:10:23  Show Profile  Reply with Quote
You definitely need professional advice as everyones case is different.

As I said, I had mortgages higher than yours, and until I gave some up, I was expected to pay them.

--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought.
Go to Top of Page
Page: of 2 Previous Topic Topic Next Topic  
Previous Page

 New Topic  Reply to Topic
 Printer Friendly
Jump To:
bankruptcyhelp.org.uk Forum © bankruptcyhelp Go To Top Of Page
Powered By: Snitz Forums 2000 Version 3.4.06