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BI & OR query

wilcoskip
wilcoskip Posts: 33 Forumite
in Bankruptcy & living with it
Hello. Just had my OR interview today. Face to face, probably because it involved the collapse of a business and there was quite a bit to go through.

She was very nice and we went through things in about an hour and a quarter.

At the end I provided a valuation I had done on the house and a mortgage o/s statement, and asked if we could get things rolling about the house. If we lose it we lose it but the uncertainty is the worst thing.

There is some equity - about £17k by my reckoning.

I mentioned that from conversations I'd had with estate agents that selling fees would amount to around £6.5k.

She replied that they didn't take these into consideration since they weren't selling the house.

Ok, so if I don't buy the BI I presume they will be selling the house? Or were they just planning on hanging onto it as an investment?

Is this just a tactic she was using, or is it genuinely discounted?

Cheers,

WS.

Comments

  • nervousmother
    nervousmother Posts: 2,885 Forumite
    Part of the Furniture Combo Breaker
    yes if you dont buy the house they will sell it.. as a rule they do discount for agents fees, also is there early redemption on your mortgage?
    You may get passed to a trustee with that equity as we did but you can 'barter' with them.. end of the day they dont want the hassle of selling it.
  • debtinfo
    debtinfo Posts: 7,012 Forumite
    Ahh but they dont have to sell it yet, they can wait 3 years. Given the state of the mortgage market how much more would it cost to buy it back then rather than now
    Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
    Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.
  • peachyprice
    peachyprice Posts: 22,346 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Their preferred course of action is for you to let the house be repossessed, they then don't have the hassle of selling it.

    FWIW, we went BR lst March, with 20k equity, still here, haven't heard a word.
    Accept your past without regret, handle your present with confidence and face your future without fear
  • wurzella
    wurzella Posts: 113 Forumite
    peachyprice wrote: »
    Their preferred course of action is for you to let the house be repossessed, they then don't have the hassle of selling it.

    FWIW, we went BR lst March, with 20k equity, still here, haven't heard a word.

    But surely that can't be the best thing for the OR? Mortgage companies will generally sell the house on at auction for FAR less than the real value which would leave the OR out of pocket, why would they want that?
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