going bankrupt

rih09

hi just a few questions
we have an abbey fixed for five years mortgage taken out a month before the crash !!

do you think the abbey will change this to an intrest only from an repayment and if so how much will our mortgage repayments drop by
at the moment £1250 per month

the other thing is i might be going bankrupt on my credit cards at the moment in am behind in payments
we have not missed anypayments on our mortgage
will i have to tell abbey about my bankruptsy ?
i have some other posts on the bankrupts forum .but though this was for the mortgage threads thanks richard

peachyprice

The OR will tell the Abbey about your bankruptcy, but it shouldn't make any difference to your mortgage.

Trollfever

Complicated. Suggest you post on the Bankruptcy Board with more details.

What will happen to my home


http://www.insolvency.gov.uk/guidanceleaflets/Guides.htm


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rih09

also we have an abbey fixed for five years mortgage taken out a month before the crash !!

do you think the abbey will change this to an intrest only from an repayment and if so how much will our mortgage repayments drop by
at the moment £1250 per month

_Andy_

It will depend on your LTV. You need to ring Abbey and ask.
You haven't said how much you owe so impossible to say whe your repayments will be.

Dan_1976

Secured loans and mortgages fall out side of Bankruptcy, the OR will inform Abbey about any Bankruptcy.

The OR will apply to the Land Registry and slap a restriction charge on the property. This prevents you borrowing more, selling it on the sly and a few other things.

If it helps the Abbey may change it.

The property will be seen as an asset, if you have equity they property will be sold and the profit used to pay any creditors. If you have no equity you have a few options. In theory you could get away with keeping it, however the OR will decide how long you are to remain a bankrupt and come back later for money.

If you call National Debtline remember to call the Insolvancy agency. What I would say though is take the advice given by these people and any other agency with a pinch of salt. The OR has the power to do just about anything as long as it is in the interest of the creditors you owe money to.

Good luck

Shout if you need any more info.