Beneficial Interest

Poodle34

Hi everyone,

As you know, hubby and I both went BR on 2nd July with no equity in our property. So far, hubby has been able to pay £50 to buy back his life insurance - I'm still waiting on mine. I've also had a letter exempting my car. Thanks to everyone for their advice so far.

Anyway, another couple of questions for you?

1. How long did it take for you between becoming bankrupt and being offered the opportunity to buy back your BI? I prob seem impatient but the not knowing is really playing on my mind, especially as we have a 1 year old.

2. If both of you were BR, could you buy back the BI in your own name or did you have to involve a 3rd party?

Thanks in advance of your help.

Poodle

the-muffin-man

To answer question 1, it took about 4 months for us to be offered the chance to buy back the BI. My wife bought it who wasn't BR.

Question 2 - can't answer fully, but I would imagine you would have to prove that any funds were coming from a 3rd party.

JPS29

1. How long did it take for you between becoming bankrupt and being offered the opportunity to buy back your BI? I prob seem impatient but the not knowing is really playing on my mind, especially as we have a 1 year old. I've been discharged since June and am still waiting to buy mine back, just rang the RTLU office now and my case handler is now off with sswine flu, told to ring back next week

2. If both of you were BR, could you buy back the BI in your own name or did you have to involve a 3rd party? Definitely Post BR, as mine will be going in my name, not sure about undischarged...............

HTH

rog2

1. In my case there was considerable equity in the house and a trustee was appointed about six weeks after my face to face OR interview. The 'trustee' vested his interest in my BI, almost immediately, and offered my wife the chance to 'buy it back'. It actually took about 12 months, from that date, to 'finalise' things, though.

2. As you have no equity, then you will be able to 'buy back' your BI for a 'nominal' sum of £1, plus conveyancing fees. The Insolvency Service uses a firm of solicitors who will offer a 'low cost' conveyancing service to people in your position:

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

Poodle34

Thanks for your responses, I've just been reading the insolvency service leaflet and it says that if we want to purchase the BI we should contact the OR, but I don't want to look pushy as mentioned it at the interview and also mentioned it casually in a further conversation. What is the protocol? I'd be grateful of further advice.

rog2

Poodle34 wrote: »

Thanks for your responses, I've just been reading the insolvency service leaflet and it says that if we want to purchase the BI we should contact the OR, but I don't want to look pushy as mentioned it at the interview and also mentioned it casually in a further conversation. What is the protocol? I'd be grateful of further advice.

As it is, obviously, causing you some concern, there would be no harm in making the first move, but I would, personally, wait a few weeks. If the OR has not gotten back to you, then ring.