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At least 2 out of 3 people declared bankrupt are not home owners.
Comments
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Like others have said, if your in negative equity then your house is not considered within the bankruptcy.
I would also say a "Home owner" only becomes a "Home owner" when the final mortgage payment is made.:D.
Interesting thread Really,statistics,statistics and damned statistics..;)
Having spent a fair bit of time reading threads on the BR forum,when people post their SOA it amazes me how people can get into £25k or more in Credit card debt and yet earn around £15k a year. There doesn't seem to be any logic from either the CC companies or the borrowers.0 -
well it's quite possible for the mortgage and house to be in one partner's name (assuming they have the income)
Indeed but if they take out the mortgage and have the income they are the home owner anyway. They can still afford it if one goes bust, so the one who goes bust is not a home owner.
Nothing dodgy about that. If they were both on it and one tryed to get off and the other could not afford it, that would be interesting.
i would hope a bank would stop that though.0 -
Another reason for noisy neighbours. They prefer loud music, because minuets carry too much risk of repossession.A house is repossessed every 11.5 minuets.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
well it's quite possible for the mortgage and house to be in one partner's name (assuming they have the income) whilst the other partner takes out the debts and declares bankruptcy.
I recall many years ago being involved in the acquistion of another Company. The owner was retained as managing director. Although due diligence was performed it transpired about 9 months later that a very clever financial fraud was being performed. The case ended up in the High Court. Low and behold , the individual had no assets of his own. Everything was owned by his sister. By everything I mean everything. So the court action failed. Not at some inconsiderable expense.
Around 6 months after the court case we heard that the individual had fallen off a ladder while painting his sisters house and been killed.
Our opinion at the time was that he had upset one person too many.....0 -
Thrugelmir wrote: »Around 6 months after the court case we heard that the individual had fallen off a ladder while painting his sisters house and been killed.
Our opinion at the time was that he had upset one person too many.....
No, I read my son that story. It's Mr Bump, he is not killed he just ends up covered in paint.
On the last comment, or his sister liked the lifestyle.:eek:0 -
Up a wall and tat, classic :rotfl:Unsecured, nothing to recover. (up a wall and tat.) Banks take full loss on unsecured loans and CC's, so it is fairly heavy on the banks.
But if a house is repoed an it is heavily secured against that is heavy for banks also.I came in to this world with nothing and I've still got most of it left. :rolleyes:0 -
Indeed but if they take out the mortgage and have the income they are the home owner anyway. They can still afford it if one goes bust, so the one who goes bust is not a home owner.
Nothing dodgy about that. If they were both on it and one tryed to get off and the other could not afford it, that would be interesting.
i would hope a bank would stop that though.
but how about if they deliberately had seperate assests to play the system? hard to prove. i suspect you'd get away with it.Those who will not reason, are bigots, those who cannot, are fools, and those who dare not, are slaves. - Lord Byron0 -
but how about if they deliberately had seperate assests to play the system? hard to prove. i suspect you'd get away with it.
The assets would have originated from somewhere in the first place. There would be an audit trail if they were legally obtained. Gifting or transfers between connected parties could be construed as avoidance.0 -
btw it's a bit cliquey and backslapping over on the br threads. just got the forum equivalent of mob lynching for suggesting self-pity in the face of having to downgrade a car might not be the best way to go....
http://forums.moneysavingexpert.com/showthread.html?t=1982807&page=2Those who will not reason, are bigots, those who cannot, are fools, and those who dare not, are slaves. - Lord Byron0 -
Thrugelmir wrote: »
What I didn't mention before was that the individual was a of a certain religious faith known for their attitude towards the handling of money.
Is that relevant?
Why did you mention it now?
Which religious faith?0
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