well not sure if there is any equity in it....house is probably nt going to go for more than £180K, and outstanding mortgage is £172k. However we do have penalty fees of about £9k if we sold before november 2010
if the situation is complicated with beneficial interest, signing house over to hubby, etc etc etc you will need to work out a few things before you even go near Br.
1. What is important to you
2. what needs to be done before br ( bank accounts, valuations, etc etc etc )
3. looking after the family & home
4. preparing for eventualities
and most important of all getting your "ducks in a row" and doing everything in the right order without rushing while keeping it all legal!
I sounds like you probably could do with a long conversation with an assisted bankruptcy specialist so that you can ask as many questions as you like and get a plan together for the way forward.
take care
Paul Johns
Reviva UK
Assisted Bankruptcy Specialists www.revivauk.com
Its all so hard i really feel like im meeting myself coming backwards. Who do i get to value the property? and how many valuations do i need? have been told about the co-op bank account, so will open an account with them. I do need a chat with someone, but seem to get upset at the thought of it....is it possible for my hubby to buy the bi?
you have lots & lots of questions whizzing round and I can see that you are getting into a state.
This is absolutley normal because you are having to take just so much in and make really important decisions without knowing all the facts and consequenses.
Valuation - first step is to check the internet for local estate agents then ask 2 to come round and let you know what you would expect to get for selling within 90 - 120 days.
this will give a realistic idea of the value of the house - even though a chartered surveyor would probably value it less that the estate agent. In truth nobody is quite sure about values at the moment.
once we can establish the true equity position then we can see what your BI might be and you can review how likely it is for hubby to aquire it. Negotiations are possible.
Don't include an early redemption figure at this point because the OR excludes these from calculations.
I will go back to my previous post. You need to get a solid plan for moving forward and then get everything organised and set a date ( but don't rush! far too many people rush )
Paul Johns
Reviva UK
Assisted Bankruptcy Specialists www.revivauk.com
i thought they would take it into consideration to be honest, as they would not be able to sell house and come out with anything anyway.
I have searched (very quickly) sold prices around my area in the past year, and the same type ofproperties have gone for £170k, i didnt think it was this low and am very shocked.
Thanks so much for your advice, and i will not rush and appreciate all the advice i can get, and i do want to be prepared fully.
Also bear in mind that house prices are still falling and houses are only worth what someone is willing to pay, assiming that they can get a mortgage!!
The Official Receiver's guidelines don't allow for redemption penalties because clearly after the redemption period has expired you are clearly ahead.
however should an external trustee be appointed they are often more commercially minded and given the state of the housing situation today often the first deal is the best deal.
IVA's & Bankruptcies are so different in terms of timing.
With an IVA you need to choose the provider quickly and get on with it as it can take several weeks / months to get the IVA accepted while all the work is going on in the background. IVA providers such as Melanie's team are hard to beat. big enough to have industry clout and small enough to still know your name!.
With br almost the reverse is true. Rushing has catastrophic results. One must carefully examine every aspect of the fallout and ongoing consequences, and plan to position yourself in the best posible place whilst remaining fully legal and transparent to the OR and the ensuing investigation.
take care and have a good weekend with the family.
Paul Johns
Reviva UK
Assisted Bankruptcy Specialists www.revivauk.com
In that case at the moment it certainly looks like negative equity
Do i choose the external agency or would the court appoint their own?
cant do an iva because its a joint one or not at all, and my husband is really not comfortable with one then BR is the only way to go down. I will certainly be having that long conversation before deciding on anything, i just dont see any other way forward.
So far i have been making those all important 'token payments' that my creditors have been telling me so much about, is this the right thing to do? or should i stop all payments altogether?
That's entirely up to you, making token payments might make the creditors ease off a little, but it depends what you can afford. When I was setting up my IVA, I stopped paying them completely because I couldn't afford to pay anything.
Oh i completely respect it cant be advertised on here. Think that is a really good idea, i didnt realise that i would be able to speak to anyone over the weekend.
please dont feel ashamed about your debts, i was just the same as you but honestly hold your head up and be proud you are facing up to them and taking steps to get things sorted!
no one will judge you on here, make that call to a professional and you will feel so much better, there really will be a way forward for you!
keep on posting we are all here for you!
you seem so scared but honestly things will work out like melanie said your husband and children are worth far more than money uou owe tocreditors - sending you a big hug!
