Just back from the OR

wurzella

Hoorah!!

OR interview completed and it really wasn't that painful. Nerve racking to be sure, I was forgetting EVERYTHING I've ever done in my life, but the OR was very nice and tried to make it as easy as possible.

A few things that we were discussing in other threads (can't remember which) that I may be able to clear up;

According to my OR Nil Tax Code only applies to employed people. Self-employed will start to be liable for tax again under the self assessment scheme the day after they are made bankrupt, so, no Moonbeever for us

Any early repayment charge from your mortgage provider will NOT be taken into account when they calculate how much you need to pay to buy back your beneficial interest. It's simply value of house minus mortgage balance. Whether or not they're willing to bargain a bit I'm yet to find out.

I'm sure there were more things but my head is in a funny place at the moment, I'll edit the post if I remember any.

larzie30

well done wurzella,

Hope you can relax and enjoy your evening. Worst bits over now I guess.

Well done

L

Ibanez

Glad it went well for you...

curly09

Good to hear all went ok

Mine today was far less painful than expected too, we were only on the telephone for 15 mins! :j

Sammy3008

wurzella wrote: »

Any early repayment charge from your mortgage provider will NOT be taken into account when they calculate how much you need to pay to buy back your beneficial interest. It's simply value of house minus mortgage balance. Whether or not they're willing to bargain a bit I'm yet to find out.

We have a clause to get out of our mortgage, and looking at Voluntary repossession, think our clause is something like £4002, will this not come under the BR?

Congratulations for getting through the OR Interview

december

I'm glad to hear that it went well for you. Here's to the future :beer:

December

wurzella

Thanks guys, it's nice it's over

I think your 15 minutes may be some kind of record curly :rotfl:

Sammy, when I said it wouldn't be taken into account that is only for the calculation of the house value if you want to keep it. Any debts taken on prior to your BR will fall under the BR. That includes any early redemption fees as you agreed to them before the BR. If you have your house repossessed all debts secured on it will fall under your BR. Cool eh?:T

I'm not sure about your thing though, I'm a little confused at how a mortgage company can charge you to repossess your house? Surely if you just stop paying them they'll repossess it at no cost to yourself?

Sammy3008

wurzella wrote: »

Thanks guys, it's nice it's over

I think your 15 minutes may be some kind of record curly :rotfl:

Sammy, when I said it wouldn't be taken into account that is only for the calculation of the house value if you want to keep it. Any debts taken on prior to your BR will fall under the BR. That includes any early redemption fees as you agreed to them before the BR. If you have your house repossessed all debts secured on it will fall under your BR. Cool eh?:T

I'm not sure about your thing though, I'm a little confused at how a mortgage company can charge you to repossess your house? Surely if you just stop paying them they'll repossess it at no cost to yourself?

Sorry didn't explain myself very well there
When we took the mortgage out, we knew we'd have a clause to get out before 2012, which will be £4002.

wurzella

Well, in that case I'd say it's the same as an early redemption fee, which means they won't take it into account.

I went in thinking I'd be in negative equity and came out needing to find £5K to buy back my BI :eek: