Can a house sale be forced?

HEADACHE

Hi Rog 2,thats brilliant,you've really given me a boost today! Out of interest,what kind of percentage reduction did you negotiate? Also,does it have to be a 3rd party who buys the equity? or am I ok to do it myself?
Did your trustee want it paid in one lump sum or can it be staged over several months?

rog2

HEADACHE wrote: »

Hi Rog 2,thats brilliant,you've really given me a boost today! Out of interest,what kind of percentage reduction did you negotiate? Also,does it have to be a 3rd party who buys the equity? or am I ok to do it myself?
Did your trustee want it paid in one lump sum or can it be staged over several months?

We negociated about a 20% reduction, but my BI was considerably higher than yours, at over 80k.
You CAN, certainly, buy the BI yourself, although it's going to be tough finding the money as a bankrupt. That said, there are mortgage lenders who will consider bankrupts, but be careful as it really IS a minefield out there and there are so many 'vultures' who are out to 'profit' from your misery. I would try your existing mortgage lender, otherwise a 'whole of market' broker. In fact, Martin Lewis has wrtten a guide to re-mortgaging which can be viewed and downloaded at the following link:

http://www.moneysavingexpert.com/mortgages/remortgage-guide

If you feel that you can, possibly, purchase your BI without the need to re-mortgage, then, of course, it is possible that your trustee may accept payment spread over a period, but, as others have said, he may also want you to account for the money. My trustee did say that he would accept staed payments over a twelve month period, but we needed to get some of the money through a mortgage, so we waited until our mortgage was approved before making any payments.

fiveyearplan

Martin is also on television tonight at 8:00 discussing remortgaging.

SouthCoast

Where I live the value of the average property is dropping by £500 a week, and I would be in no hurry to get the independent valuations done.

rog2

SouthCoast wrote: »

Where I live the value of the average property is dropping by £500 a week, and I would be in no hurry to get the independent valuations done.

Other than the fact that the OP's Trustee was basing his figure on a valuation which reflects house prices of last November.

rog2

HEADACHE wrote: »

If I won £13k on the lottery for instance,can I buy this equity myself?

One small, or maybe not so small point, Headache. If you win £13k on the lottery before you are discharged, then the Trustee would, almost certainly, try to 'claim' that money, or a major part of it, from you. If, on the other hand, you were to win £13k on the Lottery, after you have been discharged, then the Trustee will have no interest in that money, unless you are on an IPA.

HEADACHE

Many thanks for all the replies.Im pretty sure I'll be in an IPA after the property is sorted,that'll be 3 years but I'm at stage in my life where I need to crack on starting making proper money which I can do.This whole BR think is a nightmare,unwanted and restrictive destraction.Im self employed,have a reasonable income but was messed up by an aged tax debt(which is ironic since HMRC have'nt had their own accounts signed off and approved for about 5 years now).
I like the idea of getting a further valuation on the property and making a staged payment plan for the equity.Rog2,your equity was massive! wow,80k,that must have been frightening! Ive got a solicitor,but he is expensive and so far has'nt given me much help(even though they specialise in insolvency).
Im keeping a close eye on property prices,they're certainly falling,I spoke to someone who has dropped their price and still havent had any buyers.People can't get mortgages and estate agents are going bust.Ideally I'd like to ride this all out until the equity is flattened out but no one can tell when that will be but Ive noticed prices are dropping approx 1% per month.

fiveyearplan

If I win the lottery it will be with my husband's ticket!

rog2

HEADACHE wrote: »

This whole BR thing is a nightmare,unwanted and restrictive destraction.Im self employed,have a reasonable income but was messed up by an aged tax debt(which is ironic since HMRC have'nt had their own accounts signed off and approved for about 5 years now).

Where HMRC is involved, I have to agree with you, Headache, it can certainly be a nightmare. I am an HRMC bankruptcy statistic, myself, and it certainly has not been an 'easy ride'.
But it will get better for you.
Good luck.

HEADACHE

HMRC forced me deeper into debt.I asked them and wrote to them 2 and 1/2 years ago requesting if I could pay the debt over 3 years but they kept refusing.I started making small payments then they just went for the jugular and made a 'full payment on demand now' or BR.Then I got involved with IVAs and legal expense and it became one downward spiral,with my health suffered too.When I hear people say 'money isnt important',I dont agree with them as its usually said by someone who has money and no pressure.Ive just decided to dedicate my life now to making money,this has all been such a harsh lesson.