A few more q's please..

Bohemian_Raspberry

Ok, OH is having a bit of a wobble and wants me to speak to somebody professional (an IP) to answer these couple of questions, as he doesn't seem to believe what the CCCS and Payplan have told us and is instead choosing to believe what somebody who has never even thought about bankruptcy let alone go through has said to him.

Our house is in serious negative equity. The house is worth approx £85k, with a mortgage of £93, plus a further £16k on a charging order (total £109k secured on house), so the house is in negative equity to the tune of approx £24k. We haven't got any arrears with the mortgage and if possible we would like to keep the house. I've explained to him about the BI, but he is still worried that if we were to go BR, we'd lose the house. Can i have your thoughts on this please?

Secondly, he has been told by somebody he knows that after BR, his wages will be paid directly to the OR, not his bank account. Now as far as I understand it, he will still receive his wages and if the OR says we need to pay into an IPA, he will forward the payment to them, but this other person has said his employer will pay his wages to the OR, who will then deduct everything they need to and forward the rest to us. I'm fairly certain that I'm right, but please could somebody confirm?

Sorry about this folks, but he needs reassuring and I aint paying an IP to tell me what I already know, but if I am way off the mark with these I will get further advice.

Bohemian_Raspberry

Sorry one more thing, he's worried that the courts won't let us go bankrupt over £37k of unsecured debts. I've explained to him that we can show the judge that we have no way of paying this off and that BR is our only option but again he is still worried that we'll turn up at court, lose £1020 in fees only to be told we can't go bankrupt. Has anyone any experience of anybody who has been refused bankruptcy?

tmcd01

*br* wrote: »

Ok, OH is having a bit of a wobble and wants me to speak to somebody professional (an IP) to answer these couple of questions, as he doesn't seem to believe what the CCCS and Payplan have told us and is instead choosing to believe what somebody who has never even thought about bankruptcy let alone go through has said to him. You'll meet plenty of these people!!

Our house is in serious negative equity. The house is worth approx £85k, with a mortgage of £93, plus a further £16k on a charging order (total £109k secured on house), so the house is in negative equity to the tune of approx £24k. We haven't got any arrears with the mortgage and if possible we would like to keep the house. I've explained to him about the BI, but he is still worried that if we were to go BR, we'd lose the house. Can i have your thoughts on this please? I would assume that you would keep the house with that level of secured debt against a value that low. You are right about BI.

Secondly, he has been told by somebody he knows that after BR, his wages will be paid directly to the OR, not his bank account. Load of nonsense! You get your wages as normal into your bank account (you may need to get a new one of these for post BR) Now as far as I understand it, he will still receive his wages and if the OR says we need to pay into an IPA, he will forward the payment to them, (If you get an IPA you pay it usually to moonbeaver who act as a collect agency for the OR) but this other person has said his employer will pay his wages to the OR, who will then deduct everything they need to and forward the rest to us. (Dont listen to them - rubbish) I'm fairly certain that I'm right, but please could somebody confirm? You are!

Sorry about this folks, but he needs reassuring and I aint paying an IP to tell me what I already know, but if I am way off the mark with these I will get further advice.

Sorry one more thing, he's worried that the courts won't let us go bankrupt over £37k of unsecured debts. I've explained to him that we can show the judge that we have no way of paying this off and that BR is our only option but again he is still worried that we'll turn up at court, lose £1020 in fees only to be told we can't go bankrupt. Has anyone any experience of anybody who has been refused bankruptcy? its very unsual to be declined BR. As long as you have sought professional advice - like you have with CCCS - the judge will know that you understand you have no other option.

Tell him not to listen to the people that have no experience of BR - its unlikely they know more than CCCS!!

HTH

Tim

the-muffin-man

his wages will be paid directly to the OR, not his bank account.

Not true - I'm BR and my wages are paid into my bank account and I'm free to spend them as I wish. If an IPA/IPO is put in place then YOU pay the OR the money every month.

he's worried that the courts won't let us go bankrupt over £37k of unsecured debts.

The only way that would happen is if your statement of affairs showed you had a massive cash surplus each month - which I guess you haven't!

The house is worth approx £85k, with a mortgage of £93, plus a further £16k on a charging order (total £109k secured on house), so the house is in negative equity to the tune of approx £24k.

If you can afford to pay the fees for the BI (not a huge amount, can't remember exactly), then so long as you keep up the mortgage and secured debt payments then you won't lose the house.

Waspeze

*br* wrote: »

Ok, OH is having a bit of a wobble and wants me to speak to somebody professional (an IP) to answer these couple of questions, as he doesn't seem to believe what the CCCS and Payplan have told us and is instead choosing to believe what somebody who has never even thought about bankruptcy let alone go through has said to him.

Our house is in serious negative equity. The house is worth approx £85k, with a mortgage of £93, plus a further £16k on a charging order (total £109k secured on house), so the house is in negative equity to the tune of approx £24k. We haven't got any arrears with the mortgage and if possible we would like to keep the house. I've explained to him about the BI, but he is still worried that if we were to go BR, we'd lose the house. Can i have your thoughts on this please?

You should be able to buy the BI assuming though that you can afford the mortgage and SL, if in negative equity its approx £211

Secondly, he has been told by somebody he knows that after BR, his wages will be paid directly to the OR, not his bank account. Now as far as I understand it, he will still receive his wages and if the OR says we need to pay into an IPA, he will forward the payment to them, but this other person has said his employer will pay his wages to the OR, who will then deduct everything they need to and forward the rest to us. I'm fairly certain that I'm right, but please could somebody confirm?

Absolute tosh .. the only reason his employer would pay direct to the OR (Moonbeaver) is if he hasn't cooperated and they apply for an attachment of earnings (usually a last resort .. nearly happened to me but was a misunderstanding!)

Sorry about this folks, but he needs reassuring and I aint paying an IP to tell me what I already know, but if I am way off the mark with these I will get further advice.

Sorry one more thing, he's worried that the courts won't let us go bankrupt over £37k of unsecured debts. I've explained to him that we can show the judge that we have no way of paying this off and that BR is our only option but again he is still worried that we'll turn up at court, lose £1020 in fees only to be told we can't go bankrupt. Has anyone any experience of anybody who has been refused bankruptcy?

Assuming you are insolvent and have taken advice there is no reason you would be refused BR

peachyprice

You don't even need to buy the BI to be able to keep the house, unless you think it's going to make back the £24k NE within the next 3 years.

The rest of it is BS.

I really feel for you, it sounds like you've done a lot of work and have a good understanding of BR, while your OH is being a complete pillock and listening to everyone else but you :rolleyes:

And you can tell him I said that

Bohemian_Raspberry

peachyprice wrote: »

You don't even need to buy the BI to be able to keep the house, unless you think it's going to make back the £24k NE within the next 3 years. Well there's a thought, there's no chance of it making that back up, we originally bought it for £93k in 2007 when house prices were high, so there's no way the value would go up over £109k we paid slightly over the odds anyway!

The rest of it is BS.

I really feel for you, it sounds like you've done a lot of work and have a good understanding of BR, while your OH is being a complete pillock and listening to everyone else but you :rolleyes:

And you can tell him I said that

I might just do that Peachy, seen as he's taking more notice of what other people are saying there's no reason he can't listen to you too