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Can I avoid bankruptcy
Anne2
Posts: 91 Forumite
Our house has just been repossessed and was in negative equity. I'm expecting the BS to be asking for around £25,000-£30,000 once they sell it and are left with the shortfall. Would the BS accept a small monthly payment if they realise my only other option is bankruptcy, in which case they would get nothing? No idea how or if that could work? Any ideas??
Thx!
Thx!
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Comments
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They should prefer to get something rather than nothing, but are you going to be paying this shortfall debt for along time?Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
I don't know how it would work to be honest. I just read that this could be an option, and you can agree an amount. Don't know how true that is. They sent a letter yesterday asking me how I intend to repay the arrears (no mention of the shortfall yet)0
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Take a guess, income - outgoings, if you have £500 spare every month it would take just over 4 years to pay off based on a figure of £25,000.
if you have much less like £100 then it takes 21 years.
If you find it is going to take a very long time, like well over 6 years, bankruptcy is an option. Banks sell at below market value for a quick sale - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=11_mortgage_shortfallsAlthough no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
When they sell it, ask for all the details so that the amount of shortfall can be proven.
Also, they have a duty to obtain the best price possible....so if they just bung it on an Auction list and let it go for a song you can argue the amount.
:D stay wonky :D
....one-way ticket to Portugal booked !0 -
At the moment £250 spare, that will go down to about £90 soon.0
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Well i will assume since its gone for sale you are no longer paying the mortgage.
If £90 is all you have spare at then end of the month, you have some more serious issues ahead, £90 is not going to cover a months rent.
Post up your SOA maybe if we see the full picture we can advise further (Post in MSE format)
http://www.makesenseofcards.com/soacalc.htmlAlthough no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
We stopped paying the mortgage in September and moved into rented in december. That £90 is what we have left after rent, bills etc0
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Do you or your partner have any other debts?Total 'Failed Business' Debt £29,043
Que sera, sera.
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No we don't have any other debts0
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