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    • brightonbelle
    • By brightonbelle 9th Aug 17, 8:53 AM
    • 61Posts
    • 12Thanks
    brightonbelle
    Just one thing...
    • #1
    • 9th Aug 17, 8:53 AM
    Just one thing... 9th Aug 17 at 8:53 AM
    I posted a month or so ago but my situation, husband declared bankrupt 2015 now letter from trustee about selling out home or me buying the BI. I've had advice from as many places as I can find and it seems that even though this is financial abuse - I wasn't told the bankruptcy until days before the petition from HRMC and was lied throughout - there isn't anything I can do other than try to raise £83k!!

    One question I have though is if this equity doesn't actually cover his debts what's the point in making two children homeless, it makes no sense. The rent here is one thousand pounds a month more than my mortgage, my equity will be gone in a few years, and I will have to rely on benefits - we are now separated - will my ex have to pay towards the outstanding debts, this will seriously effect his ability to pay maintenance is that considered?
Page 3
    • TakeAwayKing
    • By TakeAwayKing 12th Sep 17, 2:08 PM
    • 102 Posts
    • 51 Thanks
    TakeAwayKing
    Ok, when you said he had chosen this, I thought you meant that he had petitioned for his own bankruptcy without discussing it with you.
    • silvercar
    • By silvercar 12th Sep 17, 3:04 PM
    • 35,874 Posts
    • 151,073 Thanks
    silvercar
    I have done an affordability test with the mortgage company who have said that I can keep it on my own as it is, I just have to work out if I can raise the equity now by remortgaging I have already increased my hours to full time at work and they will take into account the tax credits so am keeping everything crossed we don't loose our home, his children's home, all because of his reckless selfish behaviour...tell you something I really am going to fight for it, why should we suffer anymore than we have...I am full briefed have received legal advice, what I don't understand is how bankruptcy is perceived as a clean slate yet in reality it's far from it unless you have nothing in the first place, he will loose everything I will possibly loose my home, wiping the slate clean I don't bloody think so..it's a living nightmare
    Originally posted by brightonbelle
    Has the lender agreed that you can remortgage to include the equity you need to raise to buy back the Beneficial interest from the OR? Or has the lender said they are happy for you to take the existing mortgage on your own?
    • brightonbelle
    • By brightonbelle 12th Sep 17, 5:57 PM
    • 61 Posts
    • 12 Thanks
    brightonbelle
    They've said that I could take the mortgage on but with regards the equity can not give a definitive answer until I've cleared his arrears which I've almost done. They have been really supportive and understanding. It's based on affordability they say and with my extra pay and tax credits I will double my income, I've also cleared my own debts so it's manageable. Just got to keep everything crossed, I will rent my bedroom out if I have to to keep it!
    • brightonbelle
    • By brightonbelle 13th Sep 17, 10:10 AM
    • 61 Posts
    • 12 Thanks
    brightonbelle
    When I say chose I should explain that he mismanaged his business, !!!!ed money up the wall, spent it on porn, and goodness knows what else, his business was profitable and was making money, he can not to this day explain what he spent it on or own up to why he did it..he didn't pay tax ffs, that's why I am so angry, as I say there is more to it than money...got to arrange a surveyor to do a valuation over the next week or two and take it from there
    • TakeAwayKing
    • By TakeAwayKing 13th Sep 17, 1:02 PM
    • 102 Posts
    • 51 Thanks
    TakeAwayKing
    Is it possible that he was just struggling to service the lifestyle, rather than there being something extra devious going on? It takes a lot to support a family.

    Good luck with the surveyor.
    • brightonbelle
    • By brightonbelle 14th Sep 17, 6:13 PM
    • 61 Posts
    • 12 Thanks
    brightonbelle
    No not at all, I scrimped and saved, cleared by debts by going without whilst he was going out, enjoying his hobbies, drinking...he lied to me and betrayed me. But I guess that's made me stronger to fight this, I'm anxious though as the house next door sold for 440!!
    • brightonbelle
    • By brightonbelle 18th Sep 17, 12:03 PM
    • 61 Posts
    • 12 Thanks
    brightonbelle
    Also I assume that in the worst case scenario if I am forced to sell then he will no longer have to pay the Income Payment Order? To rent in our area is in excess of £1500 a month so if he has to pay this then he would struggle to pay the trustee anything - even though he will still owe in excess of 100k once they've taken his equity - is this amount wiped off or does he still have to pay? I understood that the payment order has to run for three years - is this from when he was declared bankrupt or from when the order was set up? Not sure either where he would find the six months rent upfront needed when you are a bankrupt trying to rent, just trying to work out what to do
    • FlowerGirl27
    • By FlowerGirl27 18th Sep 17, 12:45 PM
    • 67 Posts
    • 42 Thanks
    FlowerGirl27
    Has he actually got an Income Payment Order?

    Did the Official Receiver go to Court and get a Court Order saying that he needs to pay £x for however long, being his surplus income?

    An actual sealed Court Order setting that out?
    • brightonbelle
    • By brightonbelle 18th Sep 17, 1:40 PM
    • 61 Posts
    • 12 Thanks
    brightonbelle
    yes he has, he had to go to court to change the date as he wanted it to go out when he got paid, he is subsequently in arrears with it so I am not sure if he has to pay it for three years from when it was set up, three years for when he was bankrupt or it goes when he looses the family home? Also he will have to pay all the rent so his disposable income will be reduced by about 800 quid a month as he only pays 720 for the mortgage, I assume that the payment order will reflect this change? I hope so otherwise it will be pretty hard going with very little income left for any of us xx
    • FlowerGirl27
    • By FlowerGirl27 18th Sep 17, 1:54 PM
    • 67 Posts
    • 42 Thanks
    FlowerGirl27
    The reasonable costs of what he has to pay for the family would have been taken into account when the IPO was made, so if his rent is about to increase by £800 he will be able to apply for the IPO to be reduced by £800 per month.

    Is he discharged from Bky yet?
    • FlowerGirl27
    • By FlowerGirl27 18th Sep 17, 2:22 PM
    • 67 Posts
    • 42 Thanks
    FlowerGirl27
    Oh and it's three years from when the Order is made.
    • brightonbelle
    • By brightonbelle 18th Sep 17, 4:49 PM
    • 61 Posts
    • 12 Thanks
    brightonbelle
    yes he was discharged after a year, but was really difficult about the order, the trustee had to chase him, the altered his earnings, he changed the date - he ended up having to go to court, changing the court date three times - incurring huge legal costs so in the end the cost of the bankruptcy will be double the amount he owes. he really didn't help himself at all, its sad really but he did bury his head in the sand and thought he was invincible! He even said that the law didn't apply and he had ways to get around things - he didn't obviously!
    • silvercar
    • By silvercar 18th Sep 17, 5:21 PM
    • 35,874 Posts
    • 151,073 Thanks
    silvercar
    Are you living together?

    If so then the OR will look at his share of the rent, rather than expect him to pay for all the increase in rent (over what the mortgage was).

    You say that you are clearing arrears on the mortgage etc, if you are going to have to sell up, then you won't see the benefit of all the payments you are making. When you repay some of the mortgage, you increase the equity. On sale the OR will take your partner's share of the equity; so some of your repayment will go to the OR.
    • FlowerGirl27
    • By FlowerGirl27 18th Sep 17, 5:33 PM
    • 67 Posts
    • 42 Thanks
    FlowerGirl27
    Right.
    I'm sorry you're in the position you're in.
    • brightonbelle
    • By brightonbelle 18th Sep 17, 8:24 PM
    • 61 Posts
    • 12 Thanks
    brightonbelle
    I'm clearing the arrears so I have a change to remortgage....I've got to try that for the sake of £780 haven't I xx

    We are apart at the moment, but I'm not sure what the future holds..but now I feel betrayed.have to see what happens I guess...my income is included then? That's a worry too so it seems that whatever I do he has ruined me financially, doesn't seem right
    • TakeAwayKing
    • By TakeAwayKing 18th Sep 17, 9:03 PM
    • 102 Posts
    • 51 Thanks
    TakeAwayKing
    If you can take some advice from someone who has seen the process first hand, get the house on the market now. Show the trustee that you aren't going to be obstructive and keep a little control over any viewings and then the sale. The last thing you want is for the trustee to get to the point that they just want a quick sale and to be done with the case as they will accept a much lower price than you would want them to which will affect any equity lump to you.
    • brightonbelle
    • By brightonbelle 18th Sep 17, 9:26 PM
    • 61 Posts
    • 12 Thanks
    brightonbelle
    I appreciate that, but if I don't try and raise the money I will never own a property again, I will be stuck in rented accommodation with no security and nothing for the children's future. Wasting everything I've worked for paying someone else's mortgage.... I won't obstruct the trustee and have been emailing the solicitor with updates. I'm being proactive and doing what I can, I have to try in the first instance and if I can't then I will have to look at my options then - a quick sale isn't an option either as I will need to get as much as possible so I'm aware I will have to be honest and work with them. As much as it pains me, and however wrong it seems.
    • brightonbelle
    • By brightonbelle 18th Sep 17, 9:41 PM
    • 61 Posts
    • 12 Thanks
    brightonbelle
    Having people 'view' my home would be too painful ��
    • silvercar
    • By silvercar 18th Sep 17, 10:11 PM
    • 35,874 Posts
    • 151,073 Thanks
    silvercar
    I'm clearing the arrears so I have a change to remortgage....I've got to try that for the sake of £780 haven't I xx

    We are apart at the moment, but I'm not sure what the future holds..but now I feel betrayed.have to see what happens I guess...my income is included then? That's a worry too so it seems that whatever I do he has ruined me financially, doesn't seem right
    Originally posted by brightonbelle

    You are definitely the one caught in the middle.

    If you do repay the mortgage arrears you stand a chance of remortgaging. If you don't then you could be saving as much as you can in preparation for a move. Bottom line is that if you are forced to sell any payments you have made will be split 50/50 (or whatever split is agreed) with the OR. So if your arrears and mortgage repayments adds up to £10k, the OR could end up with £5k of it. Start squirreling away now and all the £10k is yours.

    We are apart at the moment, but I'm not sure what the future holds..but now I feel betrayed.have to see what happens I guess...my income is included then? That's a worry too so it seems that whatever I do he has ruined me financially, doesn't seem right
    His SoA, from which his IPA is calculated is based on his share of the bills for where he is living. If he is living with you then your income also goes towards joint bills. If he lives elsewhere then he has his own living costs that he pays 100% of plus any maintenance due to you for the children.

    Given that you will have some equity from the home, if it sold, that may be enough for you to buy a home of your own in due course.

    It may be worth seeing a mortgage broker to see if you can get a mortgage in your name but based on both your incomes.
    • brightonbelle
    • By brightonbelle 19th Sep 17, 2:15 AM
    • 61 Posts
    • 12 Thanks
    brightonbelle
    It's that 2am anxiety wake up....just mulling things over. The plan stays in the hope that I can remortgage - it will still be cheaper than renting. If I do the latter any money I did get from the sale would be lost in a few years, I couldn't buy anywhere else around here, indeed within a five mile radius. I'd have nothing, it seems even if we get back together I'd be bailing him out as I'd be paying the rent from my money so he could pay the trustee how is that even lawful, he lied to my face again tonight, so I doubt that's going to happen!
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