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Average Member

689 Posts

Posted - 10 September 2008 :  11:24:14  Show Profile  Reply with Quote
I don't know if you might be able to convince the OR that the caravan is an essential item if it becomes your home. It may depend on the value of the caravan. I would guess that if the OR would, in principle, allow a BR to live in a caravan (can't gypsies go bankrupt?!) it might, as in the case of a motor vehicle, depend on the value of the caravan.

As to handing in the keys and renting before going BR I would advise not moving out of your property until you are dragged out. Remember, if you hand in the keys you will still get a Repossession register reference against the address. However, if you hand in your keys you would not get a CCJ. But would it matter if you got a CCJ? If you go BR the BR reference at the credit ref agency will outrank a ccj and will run for the same 6 years. Yes, it might be a bit easier to get a rental without a BR but all sorts of defaults (don't know if you already have these) or previous ccj's would count against you, anyway. As a rule of thumb I would stay in your property as long as possible. I did.
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Junior Member

289 Posts

Posted - 10 September 2008 :  14:23:43  Show Profile  Reply with Quote
If we were to move into a caravan would we still be able to go BR?

As we would be saving around 900/mnth by loosing house & £330/mnth by not paying unsecured debt and only paying max £500/mnth to live in caravan (no council tax etc) this would frre up maybe enough money to live on in th OR's eyes... wouldn't it?

Whereas if we rent we will still be living v.close to our means and would therefore be ok for BR??

I know wierd questions but hopefully they make sense to someone who may be able to advise!

Thanks again...
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Junior Member

289 Posts

Posted - 11 September 2008 :  08:58:55  Show Profile  Reply with Quote
Does anyone have any ideas on the above questions?

Sorry to be a pain!!
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Junior Member

United Kingdom
297 Posts

Posted - 11 September 2008 :  11:22:07  Show Profile  Reply with Quote
Well i'm no expert, but if I were you I reckon I would go BR while still in the house, then wait to speak to the OR and tell him of your intentions to move into the caravan. You could point out to him that it will free up Disposable income which he will then claim in the form of an IPA which lasts 3 years. If you moved into the caravan prior to BR, then techinically you may be able to afford your payments to creditors and therefore aren't insolvent. Thats just my views, you may feel differently.

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New Member

United Kingdom
73 Posts

Posted - 11 September 2008 :  11:40:11  Show Profile  Reply with Quote
sorry to put a dampener on things but, as per Paul's earlier post on this thread, the caravan is almost certain to be claimed by the OR as an asset with equity, albeit only £1500 the OR will still want to realise the value from it.

It is always best to move into a rental PRIOR to bankruptcy as the very fact that your credit file will show the bankruptcy would seriously affect your ability to rent once BR.

Again, as Paul said, you will have a maximum of 5 months from the first month you stop paying the mortgage before being repossessed and evicted so you have a good 3 month window during which you should stop pating ALL creditors to fund your BR fees, rental deposit and first months rent in advance.

I know some have moved into rental after BR so it's not impossible, just more difficult.

0800 078 9367
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Junior Member

United Kingdom
297 Posts

Posted - 11 September 2008 :  12:49:34  Show Profile  Reply with Quote
would the OR still want to claim £1500 if he may be able to claim much more via an IPA if he is living in the caravan?
Doesn't make much sense to me, it's worth more money to the BR estate if he has much lower outgoings.
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