BANKRUPT

[Darren]

Finally, been a while since i was here last...2 months i think but hi to everyone who remembers me, i received confirmation from my solicitors 2 days ago informing me that my home is now mine 2 months after bankruptcy all i lost financaily was money i owed with no monthly payments due either apart from the NT code on my wages which means instead of paying TAX it goes to my creditors (lol wasnt mine anyway) ...and after my experience feel i could help many people out there because of my experience and i think theres gonna be a Tidal Wave of people in the same situation as i was and the more help i can give the better i will feel i feel good already i would be great but lost 2 special people my Dad and Mother in Law lovely Lady and Gent in 2 months, there puts life in perspective doesnt it... but hey....thats why ive been gone 2 months but im back and here to help so i will be watching and posting, once again hi to all and lets help them people who think things are bad when really they can be dealt with finally with no further a due....thanks Darren![:D]

B word not as bad as you`d think ? (im gonna find out soon)

[Skippy]

Hi Darren, I remember you! I'm glad the BR went well and that you have got your house sorted out.

I'm so sorry to hear about your dad and mum in law - I lost an uncle who I was very close to and it really makes you realise that money isn't important in the great scheme of things.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[guiness]

Hi there. I'm in an IVA that I cannot afford and I'm considering BK. Do they still ask for bank and credit card statements if you go BK whilst on an IVA?

[catullus]

yes they do guiness

[Skippy]

I went BR when my IVA failed and I didn't have all of my statements. I gave what I had to the OR and they will be able to get the rest of them from the banks and credit card companies.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[guiness]

Thanks. How far back do they want them? Is it 12 months?

[Skippy]

I was asked for 12 months, but I think they can ask for 2 or 3 years in some circumstances.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[chez]

Hi Darren
Sorry to hear of your loss

Im in IVA and have thought about br. What did you mean when you said that now your home is yours? did you own your home and manage to keep it somehow?

[BrassicLintus]

Hi Darren, sorry to hear about your dad and mum in law, but glad to hear that things are finally sorted for you. Regarding credit card statements, I was only able to send the OR the latest statements i received because I shredded the rest!! But usually the OR will request 12 months credit card and bank statements. Chez I think what Darren did was to buy the beneficial interest in his property. A process that I'm going through now. Basically if you have a home and go BR, if you have negative equity the OR will allow you to "buy" it back for a quid (plus solcitors fees). If you have equity, then as long as you can come up with the money (ie borrow from a friend or relative) then the OR will sell your house back to you. Anyone know how much the solicitors fees are at present?

[scaredkez]

they are £211 at present.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[BrassicLintus]

Thanks Kerri.

[chez]

not sure I understand those terms ! beneficial interest and negative equity.

[Adam Davies]

Hi
Beneficial interest is your share of the equity in the property,so if it is joint owned and the house was valued at 150k and the outstanding mortgage and any secured loans were 130k then the equity would be 20k.As the house is jointly owned your share of the equity would be 10k[50%] and this is your beneficial interest that is passed onto the official receiver.
If your outstanding mortgage and secured loans was 160k on a property worth 150k,then you would have 10k of negative equity.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp