Bankruptcy - what to do about creditors u have paid?

sieve

Shiku wrote: »

Good luck with the 8th Sieve, only around the corner now, did u have to do the full 12 months? How has it been?

Thanks Shiku - I go BR on the 8th rather than get discharged. But hopefully that won't follow on many months after the 8th if I am lucky enough to get an early discharge

Shiku_2

having trouble posting replies

Shiku_2

and what are the chances that one should go thru!! lol!! basically the lender is unaware that the property is being rented out, i know this is wrng but was the only way I could survive, i did mention this to the lender quite some time ago but the guy on the phone said 'u don't really need to be telling me this!' Is the OR likely to mention the fact that the property is partially rented out? Wo'nt the lender want to know why they were not included in BR or how I hope to maintain payments....? So sori if im doin ur heads!

peachyprice

skylight wrote: »

If you are in negative equity with the property then the OR will not ask you to pay up or sell the place to realise an asset - there isn't one. BUT you need to be living in it. If you are not, then he will regard it as a business asset and will force a sale.

Shiku, this is what I advised you of yesterday, you must be living in the house to be able to keep it.

One other thing I didn't realise yesterday it that you have tenants, the OR can collect the rent from them direct if he wants. it's unlikely, but can happen.

The OR will be fine of you move back in and your tenants are merely lodgers, having lodgers wouldn't be against the rules of your mortgage in the same way as tenants are.

Merry_Gentry

Do your tenants know you intend move back into the property? You may need to give them 2months notice if they have sole tenancy and you plan to change them to being lodgers. Will you be able to keep up the mortgage payments if they decide they want to move out?

Lost2

Shiku wrote: »

Thanks for the response Lost2.... are u currently br? how long ago did u go br? How's it goin for you? With the court date set in stone I feel like i'm in limbo.....

Yes I am on the 18th March 2009 :j

Shiku_2

Thank god I have you guys..... yes tenants are aware that i am going to move back I have agreed to reduce the rent to around 600 as they will still have use of all rooms apart from one bedroom which was never used by them anyway!! I will be using this room, therefore, I will be paying only 250 ontop of the rental income to meet my monthly mortgage payments, if tenants decide to move out, my dad has agreed to help me out financially, till I find new lodgers/tenants! Big BIG sigh of relief.... Thanks to you guys x