Ask a CCCS counsellor a bankruptcy question

in_need_ofhelp

Hi I need a little advice here quite quickly. My mum and uncle had a business which went under last year and this subsequently made my mum bankrupt last november. Her only asset is the house that she owns jointly with my dad and her trustee has given her a figure she must pay to buy back her half of the house. My uncle cant get the money and neither can my dad so the only option is me otherwise they lose their house.

My gran has a house that I'm going to buy for £55,000 so I've been to the bank and arranged a 95% mortgage of £52,500 for the property which is worth £100,000. She will then loan the money to my parents to pay the trustee so they dont lose their house. I still live at home with my parents but was hoping to move out next year with my boyfriend so basically my question is will I get a mortgage next year with my boyfriend to buy our own house when i already have a mortgage on my grans house????

redheadcelt

Please can someone advise me.

My husband was made bankrupt in January and the creditors passed our case to an independant Insolvency Practitioner who has finally made the decision that there is no equity in our property. We were given several options, to transfer the beneficial interest into my name or that they could transfer the beneficial interest back into my husbands name. We wrote to them asking them to do the latter and have now received a letter suggesting we pay them a nominal fee of £1000 to do this. Is this normal? I am a bit confused as it would only have cost £211 in admin fees to transfer it to me according to the government insolvency practitioner. I hasten to add we do not have £1000 to give them. Help needed urgently please!

pauleenbruce

sorry am just learning how to use computers and wanted to ask a question concerning my bankruptcy am i posting in the right area

MUNCHY84

Hi all,

I'm new to this site, but have read some of the threads on here and there is some fantastic advice!

My partner is looking to go bankrupt. He has been made redundant twice in the past 2 years (but has been back in work for a year now)and although we have desperately tried to keep our head above water, things are not getting any better, and enough is enough. We barely manage to pay all the bills each month and although I work full time too, my wages are nothing to get excited about.

I moved in with my partner 3 years ago and the mortgage is in his sole name, and we never changed any of the household bills into joint names.

I was really against my partner going bankrupt initially, but have come round and know this is our only option, so we can live again and stop robbing peter to pay paul all the time. We have started the ball rolling by setting up a new bank account in his name, and are now going to cancel all the DD's, so we can save the money to pay the bankruptcy fee and save for a deposit to rent somewhere (although I realise that this may be tricky if landlords do credit searches), as I know we are going to lose our flat.

I note from other threads that the OR cannot take any of my possessions as we have nothing in joint names, our only connection is through the voters roll. I just want our lives back!

My question is, although my credit rating isn't the greatest at the moment, should I file a notice of disassociation with experian/equifax, as neither of us will be able to get credit in the future??? I am really confused, any help would be much appreciated.

Thanks for taking the time to read this

tigerfeet2006

pauleenbruce wrote: »

sorry am just learning how to use computers and wanted to ask a question concerning my bankruptcy am i posting in the right area

Click on the New Thread button of the front page of the BR board and start a new thread on the main board with your question.

CCCS_Sue

in_need_ofhelp wrote: »

Hi I need a little advice here quite quickly. My mum and uncle had a business which went under last year and this subsequently made my mum bankrupt last november. Her only asset is the house that she owns jointly with my dad and her trustee has given her a figure she must pay to buy back her half of the house. My uncle cant get the money and neither can my dad so the only option is me otherwise they lose their house.

My gran has a house that I'm going to buy for £55,000 so I've been to the bank and arranged a 95% mortgage of £52,500 for the property which is worth £100,000. She will then loan the money to my parents to pay the trustee so they dont lose their house. I still live at home with my parents but was hoping to move out next year with my boyfriend so basically my question is will I get a mortgage next year with my boyfriend to buy our own house when i already have a mortgage on my grans house????

Hi in_need_ ofhelp and thank you for your message

I’m afraid this is something I am not able to confirm.

The news is full of stories at the moment regarding mortgage lenders tightening up on lending money for properties.

Each mortgage lender has different criteria when lending money. They would certainly want to know whether you were able to make the payments on a second property.

I can only suggest that when the time comes to purchase your house, you shop around and get further advice from an independent financial adviser, as there are other things you need to consider if you own two properties.

Regards
Sue

CCCS_Sue

redheadcelt wrote: »

Please can someone advise me.

My husband was made bankrupt in January and the creditors passed our case to an independant Insolvency Practitioner who has finally made the decision that there is no equity in our property. We were given several options, to transfer the beneficial interest into my name or that they could transfer the beneficial interest back into my husbands name. We wrote to them asking them to do the latter and have now received a letter suggesting we pay them a nominal fee of £1000 to do this. Is this normal? I am a bit confused as it would only have cost £211 in admin fees to transfer it to me according to the government insolvency practitioner. I hasten to add we do not have £1000 to give them. Help needed urgently please!

Hi redheadcelt and thank you for your message

You could write to the official receiver and ask for a breakdown of all the charges.

The amount they are asking could include valuation costs and other fees.It would depend on your circumstances.

If you cannot afford the costs at present, you should contact the official receiver and let them know.

I have attached a link to the Insolvency Services website which gives more information on beneficial interest and the costs which you may find useful.

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

Regards
Sue

CCCS_Sue

pauleenbruce wrote: »

sorry am just learning how to use computers and wanted to ask a question concerning my bankruptcy am i posting in the right area

Hi pauleenbruce and thank you for your message

You are in the right place to ask a bankruptcy question.

You can use this thread or you can post on the main bankruptcy forum. Or you can use both!


Regards
Sue

CCCS_Sue

MUNCHY84 wrote: »

Hi all,

I'm new to this site, but have read some of the threads on here and there is some fantastic advice!

My partner is looking to go bankrupt. He has been made redundant twice in the past 2 years (but has been back in work for a year now)and although we have desperately tried to keep our head above water, things are not getting any better, and enough is enough. We barely manage to pay all the bills each month and although I work full time too, my wages are nothing to get excited about.

I moved in with my partner 3 years ago and the mortgage is in his sole name, and we never changed any of the household bills into joint names.

I was really against my partner going bankrupt initially, but have come round and know this is our only option, so we can live again and stop robbing peter to pay paul all the time. We have started the ball rolling by setting up a new bank account in his name, and are now going to cancel all the DD's, so we can save the money to pay the bankruptcy fee and save for a deposit to rent somewhere (although I realise that this may be tricky if landlords do credit searches), as I know we are going to lose our flat.

I note from other threads that the OR cannot take any of my possessions as we have nothing in joint names, our only connection is through the voters roll. I just want our lives back!

My question is, although my credit rating isn't the greatest at the moment, should I file a notice of disassociation with experian/equifax, as neither of us will be able to get credit in the future??? I am really confused, any help would be much appreciated.

Thanks for taking the time to read this

Hi munchy84 and thank you for your message.

Welcome to the forums!

You should not be affected by his bankruptcy unless you have ever made any joint applications for credit or had a joint bank account.

If you have, then your partner will show as a financial association on your credit file.
However, your file will only show financial information in your name.
Your partner’s name will stay on your file until you write to the credit reference agencies to let them know you are no longer associated. This is called disassociation.

I have attached a link to a booklet called ‘Credit Explained’ which explains this in more detail.
http://www.ico.gov.uk/upload/documents/library/data_protection/practical_application/credit_explained_leaflet_2005.pdf


Going bankrupt is a big step to take and requires expert advice. Has your partner spoken to anyone regarding going bankrupt? Is there any equity in his property?
If he would like to speak to someone to discuss bankruptcy further,he can contact our free Helpline on 0800 138 1111.
If it is an option for him and he decides to go ahead, we can also offer him extra support through our bankruptcy support team. They can answer any questions he has about bankruptcy.

Regards
Sue

pottyporter

My husband has a flat that he bought (with mortgage) prior to us getting together. He also has a secured loan against this. Both are soley in his name.

We currently rent this out but are losing around £400 a month and along with other financial problems, are struggling to repay the mortgage and loan on this.

We cannot sell as the price has dropped and we cannot cover the mortgage and loan.

We were considering letting this get repossessed. Will the mortgage company come after us (myself included) now we are married and if we cannot pay, can they force us into bankcruptcy?