Just a few questions

sparky25

Hi guyes,

Still struggling with the idea of going BR.

Also still toying with the idea of probably giving myself more stress and maintaining mortgage and secured loans on house to try and keep it.

If I were to go BR and maintain secured payments, if OR were to offer the beneficial interest (none at the moment), how does this work. Could my partner simply hand over say, for instance, £5000 if that represented by interest. Does he have an interest in my house then or what.

I have spoken to an estate agent about the problems renting as a BR. She said it shouldn't be a problem. Landlord may ask for a guarantor. My problem there is its so expensive to rent where I live. I'm possibly looking at approx £1000. Feels like I'll still be struggling even after I go BR.

Also, following BR, I doubt very much I would have any money available to pay towards creditors. If I were discharged within the year, and then changed my job or started earning more money, can the OR come back and give me an IPO/IPA.

Answers much appreciated. Had decided yesterday to go through with the BR but woke up this morning thinking am I giving up without a fight. Just dont want to kick myself 6 months down the line and think why didnt I try that.

The thought of still struggling financially after BR due to large rent is really depressing.

CJOR

sparky25 wrote: »

Hi guyes,

Still struggling with the idea of going BR. (me to but I feel a bit better now I have actually rang and asked for the forms!)

Also still toying with the idea of probably giving myself more stress and maintaining mortgage and secured loans on house to try and keep it.

If I were to go BR and maintain secured payments, if OR were to offer the beneficial interest (none at the moment), how does this work. Could my partner simply hand over say, for instance, £5000 if that represented by interest. Does he have an interest in my house then or what.

I have spoken to an estate agent about the problems renting as a BR. She said it shouldn't be a problem. Landlord may ask for a guarantor. My problem there is its so expensive to rent where I live. I'm possibly looking at approx £1000. Feels like I'll still be struggling even after I go BR.

Also, following BR, I doubt very much I would have any money available to pay towards creditors. If I were discharged within the year, and then changed my job or started earning more money, can the OR come back and give me an IPO/IPA.

Answers much appreciated. Had decided yesterday to go through with the BR but woke up this morning thinking am I giving up without a fight. Just dont want to kick myself 6 months down the line and think why didnt I try that. (I thought this in Dec and have worried constantly now I am actually doing something is making things a bit easier!)

The thought of still struggling financially after BR due to large rent is really depressing.

I know there are others with alot more knowledge than me but just wanted to reply to a few bits xx hang in there xx

peachyprice

sparky25 wrote: »

Hi guyes,

Still struggling with the idea of going BR.

Also still toying with the idea of probably giving myself more stress and maintaining mortgage and secured loans on house to try and keep it.

If I were to go BR and maintain secured payments, if OR were to offer the beneficial interest (none at the moment), how does this work. Could my partner simply hand over say, for instance, £5000 if that represented by interest. Does he have an interest in my house then or what. The Beneficial interest is the amount of equity in the house. If your partner were to buy the BI, they would be buying your share of the equity, if there is no equity they would be buying the right to any future equity. if there is equity the OR is usually open to negotiation as to a price, if there is no equity it costs £1 + £211 fees.

I have spoken to an estate agent about the problems renting as a BR. She said it shouldn't be a problem. Landlord may ask for a guarantor. My problem there is its so expensive to rent where I live. I'm possibly looking at approx £1000. Feels like I'll still be struggling even after I go BR.

Also, following BR, I doubt very much I would have any money available to pay towards creditors. If I were discharged within the year, and then changed my job or started earning more money, can the OR come back and give me an IPO/IPA. Not once you are discharged.

Answers much appreciated. Had decided yesterday to go through with the BR but woke up this morning thinking am I giving up without a fight. Just dont want to kick myself 6 months down the line and think why didnt I try that.

The thought of still struggling financially after BR due to large rent is really depressing.

Hope that helps some.

mlightbu

Hi

Regarding the rent situation, could you rent privately through a landlord rather than go through an estate agent. Sometimes you can get a better deal this way and they won't ask for a guarantor. Failing that you could go to the council or CAB and ask them for some advise. Try to get something sorted before you go bankrupt if you can, as this is often easier.

As for the payment order, once you are discharged they cannot ask you for anything, and you don't need to inform them if you come into money or get a better job etc. They will tell you during your interview or shortly afterwards if they are going to give you a payment order, or impose any restrictions on your bankruptcy order. Its only during the bankruptcy that you need to inform them of any changes to your circumstances.

I hope this is of some help. It is a very stressful and worrying time but it really isn't as bad as you think it will be. I realise everyones circumstances are different and people react in different ways, but once you are bankrupt there really is light at the end of the tunnel. Good luck with it all.

sparky25

Thanks for the replies.

Can you ask the OR to deal with the beneficial interest sooner rather than later. Sorry if I offend, but I dont want to see my house increase in value at the moment.

Not so much so that I can buy the beneficial interest for £1 but if I go ahead with BR but maintain mortgage etc, dont want to find 2 years down the line, the beneficial interest is thousands.

So can you ask OR to deal with it sooner. On the basis that my partner buys the beneficial interest, and once I have my discharge, does that mean its all done and dusted?

JCS1

OR has three years to deal with a property, and can do nothing for the first year.

sparky25

So, regardless of whether there is negative equity or some equity in the house after the 12 months, will the OR ask me first about the beneficial interest.

Can he also hold out for the 3 years in case the market starts turning and house prices increase?

sparky25

p.s. sorry another question.

As there is no equity in my property at the moment, would this mean that my discharge could be delayed past a year as there is a property involved?

I've heard of some people getting their discharges early, would this not apply to me because of my property?

JCS1

You would still be discharged after one year. Below is link regarding property, hope this helps:

http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/home.pdf