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Your experience please........

keepmyhouse
Posts: 134 Forumite
I kinda new it was coming, CCCS have recomended Bankruptcy, because of all the unsecured debt that I cannot pay back, (because my partner as left and I am paying a big mortgage by myself.)
unsecured debt 22k, 8k of which also joint with him.
The house is in negative equity, because of the drastic fall in prices, it is home to me and three children, I have maintained the payments since he left 18 months ago. Any one been in this situation? What will the receiver do with my house?????????????
I know every case is different but I need to know what to expect?
Are they nasty these OR's???????????
Help Scared x
unsecured debt 22k, 8k of which also joint with him.
The house is in negative equity, because of the drastic fall in prices, it is home to me and three children, I have maintained the payments since he left 18 months ago. Any one been in this situation? What will the receiver do with my house?????????????
I know every case is different but I need to know what to expect?
Are they nasty these OR's???????????
Help Scared x
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Comments
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Is the house jointly in your and his name? If it is, the debt falls to him if you go BR. However, if it's just in your name, you can ask a relative/friend to buy the Beneficial Interest (something like £220 + £1) and you won't lose your house. This only really happens in the case of negative equity though.Get free advice before embarking on bankruptcy: CCCS 0800 138 1111 National Debtline 0808 808 4000
Business Debt Line 0800 197 6026 CAB Insolvency Service- 0845 602 9848"He who laughs last didn't get it!" :rotfl:BSC 134
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Im not sure the debt falls to just them when it concerns a mortgage? I have read different information on debt link website, I know unsecured debt does, but I think you are still expected to keep paying your mortgage untill the house is sold?0
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If you want to stay there, keep paying the mortgage. But you do need to find out what happens if his name is still on the paperwork because it will default to him in terms of the mortgage being his responsibility. If however his name is not on there, as I said you can ask a friend to buy the BI.Get free advice before embarking on bankruptcy: CCCS 0800 138 1111 National Debtline 0808 808 4000
Business Debt Line 0800 197 6026 CAB Insolvency Service- 0845 602 9848"He who laughs last didn't get it!" :rotfl:BSC 134
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If it's in negative equity you should still be able to remain in the house and carry on paying the mortgage as normal, BR doesn't have any effect on who is responsible for the mortgage or who owns the house, it will still stay in both names. It would only fall to your ex if the house were to be repossessed with a shortfall.
As long as your house is not excessive for your needs and the mortgage isn't astronomical compared to renting something similar in your area the OR will let you stay.
To protect yourself from the OR you can ask a family member to buy your share of the BI. If you chose not to the OR has a maximum of 3 years to take the house, after that it will revert to you.Accept your past without regret, handle your present with confidence and face your future without fear0 -
Sorry for any wrong infoGet free advice before embarking on bankruptcy: CCCS 0800 138 1111 National Debtline 0808 808 4000
Business Debt Line 0800 197 6026 CAB Insolvency Service- 0845 602 9848"He who laughs last didn't get it!" :rotfl:BSC 134
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Not need to apologise Merry, houses are a minefield
Who is Anita Blake?Accept your past without regret, handle your present with confidence and face your future without fear0 -
Yes, no need to appologise, I spoke to my solicitor and friend this morning who is a conveyencing expert, and he didn't have a clue, it is defo a mine field, however I have been on Insolvency.gov website and mortgages appear to be exempt from bankruptcy along with court fines and a few others.0
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peachyprice wrote: »Not need to apologise Merry, houses are a minefield
Who is Anita Blake?
Anita Blake is a Vampire Executioner in a series of books by Laurell K Hamilton, who also writes a series of books about a Faerie Princess called Meredith GentryGet free advice before embarking on bankruptcy: CCCS 0800 138 1111 National Debtline 0808 808 4000
Business Debt Line 0800 197 6026 CAB Insolvency Service- 0845 602 9848"He who laughs last didn't get it!" :rotfl:BSC 134
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peachyprice wrote: »As long as your house is not excessive for your needs and the mortgage isn't astronomical compared to renting something similar in your area the OR will let you stay.
Surely that's not always the case? Surely it must depend also on whether you have sufficient income to afford the mortgage repayments? I would assume the OP has this but I'm just stating the obvious....Indecision is the key to flexibility0 -
Yes, it does. But OP has kept up payments on the house to date.Get free advice before embarking on bankruptcy: CCCS 0800 138 1111 National Debtline 0808 808 4000
Business Debt Line 0800 197 6026 CAB Insolvency Service- 0845 602 9848"He who laughs last didn't get it!" :rotfl:BSC 134
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