BI question

neverindebtagain

I am waiting to hear if OR agrees with negative equity, if he does I assume he will ask if someone wants to buy my BI.

The problem I have is now we have addressed the finances we realise that my husbands wages at the moment are too low to cover is debts (£40k). He is a self employed brickie. Therefore if I sell it to him and then a few months after he declares himself br what then happens with the BI. Does he then get asked to sell it or should we sell it to our 18 year old son if I get offered the chance to sell mine. Also when when I am discharged can I buy it back again, and if so how would I do that.

neverindebtagain

Also just come home to letters from EVERSHEDS, saying they are acting on behalf of some of my creditors and they will be contacting my trustee from now on, the letter is just for my info. Has anyone else had any contact from these people.

peachyprice

yes, i got the Eversheds letter, I think it's standard.

As for the BI, if your OH buys yours, he'll then have 100% of it, once he goes BI your son can buy that. If your OH doesn't buy yours your son will have to buy yours and OH's, either way I think there will be 2 fees involved because you haven't both gone BR at the same time.

You can buy it back from your son after discharge, but you have to organise this yourself through your own solicitor.

neverindebtagain

Thanks Peachy

I really don't want to involve our son but we feel we may have to. If after my discharge which will be in 11 months there is any equity, highly unlikely, do I have to pay our son the equity or can I just pay a £1 again.

Just a note if anyone considering br is reading this. When I started my br route in October 2008, it was overwhelming. The calls were consistent and the letters. When I went br it was a bit of an anti climax at first, thought I would instantly feel joy,but it has dawned on me slowly. Now 5 weeks on I can leave the phone plugged in and file any paperwork that may still be trickling through. I have my OR interview on 14th, but unsuprisingly I am not scared. I never in my wildest dreams ever thought I would declare myself br, but after years of not being able to buy a proper food shop on a regular basis, I have today just returned from the supermarket. Everyone who is struggling, I urge you to take advice and if you, like me get offered a DMP for 26 years, post on here and get advice. I was contacted by CCCS through this forum who gave me the br helpline number. It may seem that your nightmare will never end, but take it from me it does get easier. I am nowhere near the end but I definitely feel that I am getting my life back. I dont reply very often because I do not feel experienced enough yet to give advise, but I do advise anyone struggling to carry on posting on this forum your worries. These guys are brilliant.

peachyprice

As the BI would be a matter between you and your son I don't think you actually have to buy it back, it should just be a matter of getting a solicitor to transfer everything back into your name. I think!

Thank you for sharing your lovely words of encouragement for others, I'm glad your life is finally coming together.