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  • FIRST POST
    • joa1210
    • By joa1210 14th Mar 17, 10:50 AM
    • 9Posts
    • 2Thanks
    joa1210
    BR forms complete, couple of questions
    • #1
    • 14th Mar 17, 10:50 AM
    BR forms complete, couple of questions 14th Mar 17 at 10:50 AM
    HI All, yesterday i completed my BR forms, just waiting for pay (bonus) day to pay the fee but i have a couple of questions
    i currently own my home but have no equity in in and a secured loan, i have an application in on a property to rent so i can give everything up, what will the OR think to this? is it acceptable to move before you are pushed?
    also what happens with HP on cars? our car is in my husbands name, but i transfer from my wage into our joint account to pay for it.
    also phone contracts and gym memberships? where do they sit as my outgoings is more than my income with these on.
    lastly i am pregnant and will be on mat leave from october, how will this affect BR?
    i am currently the only regular wage earner as my husband is SE

    TIA
Page 1
    • joa1210
    • By joa1210 14th Mar 17, 6:02 PM
    • 9 Posts
    • 2 Thanks
    joa1210
    • #2
    • 14th Mar 17, 6:02 PM
    • #2
    • 14th Mar 17, 6:02 PM
    Anyone even an answer to any of the questions if not all?
    • GazHatesBanks
    • By GazHatesBanks 14th Mar 17, 7:53 PM
    • 136 Posts
    • 138 Thanks
    GazHatesBanks
    • #3
    • 14th Mar 17, 7:53 PM
    • #3
    • 14th Mar 17, 7:53 PM
    HI All, yesterday i completed my BR forms, just waiting for pay (bonus) day to pay the fee but i have a couple of questions
    i currently own my home but have no equity in in and a secured loan, i have an application in on a property to rent so i can give everything up, what will the OR think to this? is it acceptable to move before you are pushed? Absolutely fine - that is exactly what I did. It's important to sort out your living arrangements first.

    It might be worth contacting the mortgage provider to let them know that you are not able to make any further payments once you have moved and have been declared bankrupt so that they can start the reposession process (there is no need to make any payments in the meantime if you are going bankrupt shortly).

    WARNING: Do NOT sign any deed of acknowledgement after bankruptcy - just let the bank/building society issue the legal paperwork.

    You might also want to wait until April to declare bankruptcy so that the 2017/18 council tax is included as you are responsible for that until the house is repossessed by the mortgage company.

    also what happens with HP on cars? our car is in my husbands name, but i transfer from my wage into our joint account to pay for it. Are you both going bankrupt or just you? If the finance is in your husband's name and he isn't going bankrupt then he will remain liable for the payments.

    also phone contracts and gym memberships? where do they sit as my outgoings is more than my income with these on. The gym is not normally an allowable expense in bankruptcy (unless there is a medical reason for it) but any liability will fall into the bankruptcy. Some mobile companies will allow you to keep the phone/contract throughout bankruptcy - if you don't want to keep the contract then any debts will also fall into the bankruptcy. This assumes that all the contracts are in your name.

    lastly i am pregnant and will be on mat leave from october, how will this affect BR? It won't affect the bankruptcy, but will mean that if you have an IPA it will likely be suspended as you won't be earning enough to contribute (if you don't have one then if you are on mat leave on discharge you won't get an IPA).
    i am currently the only regular wage earner as my husband is SE

    TIA
    Originally posted by joa1210
    Hope this helps.
    • joa1210
    • By joa1210 14th Mar 17, 9:27 PM
    • 9 Posts
    • 2 Thanks
    joa1210
    • #4
    • 14th Mar 17, 9:27 PM
    • #4
    • 14th Mar 17, 9:27 PM
    Thank you thank you! Been nattering all day. So do I just stop paying the mortgage as soon as I move? I can pay for both at the end of this month but only because of bonus. Also same for secured loan, do I cancel DD and let it fall into the bankruptcy?
    I never thought about council tax for this property so thank you for that advice.
    It's just me going bankrupt but I wondered if the fact I pay for it will have any effect on an ipa or not.
    And gym membership is up in June I think but I could cancel DD and force it into the bankruptcy.
    • GazHatesBanks
    • By GazHatesBanks 14th Mar 17, 10:06 PM
    • 136 Posts
    • 138 Thanks
    GazHatesBanks
    • #5
    • 14th Mar 17, 10:06 PM
    • #5
    • 14th Mar 17, 10:06 PM
    Just had a thought - are you the only person named on the mortgage or is it joint with your husband?
    • Mollie_Guinness15
    • By Mollie_Guinness15 15th Mar 17, 6:27 AM
    • 142 Posts
    • 67 Thanks
    Mollie_Guinness15
    • #6
    • 15th Mar 17, 6:27 AM
    • #6
    • 15th Mar 17, 6:27 AM
    I gave up my property, 4 weeks after BR and informed the OR that this is what I intended to do. He was fine with that. It was a joint mortgage and it took another 18 months to finally come to a close.
    • luvchocolate
    • By luvchocolate 15th Mar 17, 6:40 AM
    • 1,279 Posts
    • 1,110 Thanks
    luvchocolate
    • #7
    • 15th Mar 17, 6:40 AM
    • #7
    • 15th Mar 17, 6:40 AM
    I think the council tax liability will fall on your husband if its in both your names.
    • joa1210
    • By joa1210 15th Mar 17, 9:20 AM
    • 9 Posts
    • 2 Thanks
    joa1210
    • #8
    • 15th Mar 17, 9:20 AM
    • #8
    • 15th Mar 17, 9:20 AM
    Thanks, yes the council tax is in both our names, the mortgage is in mine only.
    • Johnsmith2016
    • By Johnsmith2016 16th Mar 17, 4:38 AM
    • 385 Posts
    • 206 Thanks
    Johnsmith2016
    • #9
    • 16th Mar 17, 4:38 AM
    • #9
    • 16th Mar 17, 4:38 AM
    I would stop paying anything that will be included in your bankcruptcy and use the money to pay for your bankcruptcy or new rental home. If your on mat leave you would likely avoid the 3yr IPA, but the timing of doing the bankcruptcy would be key to this.
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