IMPORTANT - Voluntary repossession forms and bankruptcy

thesimondsfamily10

Hi Can anyone give me some advice? I was declared bankrupt last year, seperate to that a house my husband had morgaged in his name and rented out he fell behind with payments and did a voluntary repossesion, he owed £96,000, the house was valued at £90,000 and it was sold at auction for £71,000. The bank have now contacted us asking for the shortfall of £34,000 including there fees etc,

W ework 3 jobs between us as well as having a 2 year old boy, we dont have any spare cash we manage to get by and anything spare we do have we buy clothes for our little lad - how do they expect us to pay £34,000? Would bankruptcy be an option for my husband and is he actually liable for this shortfall?

fermi

I'm going to copy the last post into it's own thread, as I fear it may not be noticed and remain unanswered on this thread.

I will post links below when I've done that.

thesimondsfamily10: here --> Help with shortfall on repossession

twix79

Hi, i was hoping someone could give me a bit of advice ongoing bankrupt, me and my partner have been together for 9 years, during this time we have got ourselves in to huge debt, although most of our debt is in his name. He has been on a debt m plan for the last 4 years but are thinking this is the best way forward

Question 1 If our house is in negative equity will he be made made to sell it
Question 2 When they decide what money is available to be paid each month is my wage taken into account.
Question 3 if he decideds he is going to go bankrupt should he continue to pay his debt, or could he use this mony to pay for the bankrupcty

Hope someone can help with my questions, have spent all day trawling the net for advice then came across this site

Cheers

philnicandamy

twix79 wrote: »

Hi, i was hoping someone could give me a bit of advice ongoing bankrupt, me and my partner have been together for 9 years, during this time we have got ourselves in to huge debt, although most of our debt is in his name. He has been on a debt m plan for the last 4 years but are thinking this is the best way forward

Question 1 If our house is in negative equity will he be made made to sell it in negative equity not usually..
Question 2 When they decide what money is available to be paid each month is my wage taken into account. the receiver will want to see you paying your fair share towards the household expenses each month
Question 3 if he decideds he is going to go bankrupt should he continue to pay his debt, or could he use this mony to pay for the bankrupcty keep on priority debts gas/elec/water/TV license/rent the rest use towards fees for going bankrupt

Hope someone can help with my questions, have spent all day trawling the net for advice then came across this site

Cheers

You also say most of the debts are in your OH's name?...any joint debts at all? as once he goes bankrupt the full joint debts will fall to the person NOT bankrupt

ani_26

BUUUUUMP, so i can find it again

Oh, it was staring me in the face all the time. Maybe its because i don't consider it to be a voluntary repossession. More of a no choice in the matter.

fermi

Reminder to add in FB's point here: http://forums.moneysavingexpert.com/showpost.php?p=37702424&postcount=4

Tupperware_Queen

I wish that someone would tell the people in the OR office that....the woman I spoke to on the day I went BR (not the OR) said to surrender the property and not to worry about signing anything, it would all be in the BR - I checked when the OR called, she said just to let the bank repossess in their own time!!

fermi

You mean that they initially told you that it was OK to sign them? :eek:

Tupperware_Queen

yeah...I asked what should I do about the property, as I no longer live there, she said the easiest thing was to ring the bank, go in and sign it over - she actually said if they say you are liable, and ask you to sign, don't worry, it will be covered in the bankruptcy. luckily I decided to wait until I had spoken to the OR before doing that, and in the meantime discovered you guys on here!!!

fermi

Lucky indeed.