BR Looming, is the house safe?

richash

If anyone can advise please

I am te sole director of a building company and got forced to sign my overdraft to a loan by HSBC 2 years ago for 41K, been paying £555pm since but cannot afford this any longer in the current building market. I have missed 2 payments and hsbc are now demanding the full amount of 35k plus 5k overdraft. I signed a pers guarantee.
My joint mortgage is 70K, house worth about £130.
Can hsbc or the courtsm ake us sell it.
Please advise as my wife is scared to death.

robsimps53

when you go bankrupt the OR would normaly offer to sell there benefical interest to you firstly as they dont want to make you homeless, for example you have 60k in equity there for the OR would offer it at 50% which would be 30k plus £211 soliciter fees. If you cant afford this then im guessing they would sell it. they have three years in which to try and sell it and if they dont it will be yours again

hope this helps

fc123

richash wrote: »

If anyone can advise please

I am te sole director of a building company and got forced to sign my overdraft to a loan by HSBC 2 years ago for 41K, been paying £555pm since but cannot afford this any longer in the current building market. I have missed 2 payments and hsbc are now demanding the full amount of 35k plus 5k overdraft. I signed a pers guarantee.
My joint mortgage is 70K, house worth about £130.
Can hsbc or the courtsm ake us sell it.
Please advise as my wife is scared to death.

Hi I have spent all last week researching Beneficial Interest.
My OH thought you automatically lost your home.
That, from what I read, is NOT the case.

The Official receiver needs to turn your assests into cash for your creditors.

He doesn't want to take your house, he wants the equity (difference between mortage and value).

My stress was how do they calculate it.
I have been told by an IP that it is valued at a quick sale price...not an estate Agent price. I still have further research to do, so this is ONLY what I have learnt so far.
As it's Sunday and late, not so many people on here but they can confirm tomorrow.
I will find the link from Govt website on it and post it after.

You will need to have a family member or friend who can raise the Beneficial Interest for you to give to him (as you, obviously can't borrow anything yourself).
So, you would need to be sure that you can raise the cash to give to OR.

Hope that helps..I'm off to find the link for you.

fc123

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

This is the govt guide.

richash

thanks for your advise, I will have a read through it. thanks again

nervousmother

richash wrote: »

If anyone can advise please

I am te sole director of a building company and got forced to sign my overdraft to a loan by HSBC 2 years ago for 41K, been paying £555pm since but cannot afford this any longer in the current building market. I have missed 2 payments and hsbc are now demanding the full amount of 35k plus 5k overdraft. I signed a pers guarantee.
My joint mortgage is 70K, house worth about £130.
Can hsbc or the courtsm ake us sell it.
Please advise as my wife is scared to death.

Dont forget they cant take your wifes share of the equity, they would also offer a reduction in the amount wanted due to fees and costs assosiated in selling the house, take propper advice, is your wife working? would she be able to get a loan to buy your interest in it?

richash

nervousmother wrote: »

Dont forget they cant take your wifes share of the equity, they would also offer a reduction in the amount wanted due to fees and costs assosiated in selling the house, take propper advice, is your wife working? would she be able to get a loan to buy your interest in it?

No, she does not work so prob cant get a loan, she does have some inheritance due prob about £30k in th next couple of years, would this be taken into consideration to buy the BI?

fc123

richash wrote: »

No, she does not work so prob cant get a loan, she does have some inheritance due prob about £30k in th next couple of years, would this be taken into consideration to buy the BI?

Read through the Govt guide. I believe you are offerred to buy the BI after 3 months, then have an agreed ammount of time to raise the reqd ammount.

You can stay in your house for up to 1 year if you can't raise the funds to pay the BI but then you have to leave.

Any chance of further negotiation with the bank? Is the loan the only debt (apart from mortgage)?

Depending on how much the business is bringing in, you could do a really tight budget, try to get reduced payments but over a longer term. It's worth asking.
Citizens Advice would be a good place to start if you need more face to face advice.

MercMan

There is a Tomlin Order in place which gives my ex control over the sale of the property. She is not going BR only me. She holds 55% of the equity in the property by Deed. The Tomlin Order restricts me to £12k when the property is sold. Can the OR or Trustee over ride this?