advice to newcomer please!

cbrman599

Hi

I am relatively new to this forum, I have read some threads over the last few week but really need advice on how to deal with my personal situation.

Here goes:

I have a ccj for a large debt after I foolishly signed an unsecured personal guarantee for a few years ago whilst being made promises by the MD of a company I joined.

Anyway the company went into liquidation a couple of years ago and the bank called in the guarantee & I ended up with the ccj for over 50K.

Up until then my credit history was great, never missed paymnts etc etc.

I have tried to fight the ccj, but feel I have come to the end of the road, the creditor hit me with a Statutory Demand a few weeks ago and now the time is up on that with no way of paying them I feel the next step will be for them to bankrupt me.

My situation is as follows, started a ltd company when i left the above firm a few years ago, myslf and my partner own half shares in the company. The company isnt doing great due to the recession, and has nothing to speak of in its bank account. The only assets are van and computer / tools etc.

I have resigned as a director as a precaution to bankruptcy.

I live with my partner, the house was bought in her name only over 4 years ago, we have 2 young children, and we have a car that my partner bought a few years ago too.

Can anyone tell me what can happen to me / us worst case scenario as i havent slept properley for months and feel as though the situation is just getting too much for me.

Any advice would be greatly appreciated.

curly04

Hello and welcome to the board
I can't offer you much help because I don't know
The board has been a little quiet today but your in the right place and someone will be along soon who can offer you some advise
Take care
Curls

cbrman599

thank you Curly

Sunnylooloo

I can only echo what Curly has said, stick with it and someone will be along soon.

Good luck

LL

dojoman

Please contact one of the charities below, they will offer free and impartial advice. Please have a list of your creditors and debts if possible before contacting them.

https://www.cccs.co.uk/
https://www.nationaldebtline.co.uk/
https://www.citizensadvice.org.uk/

http://www.bdl.org.uk/ (business debt line)



Below is a link you may found helpful about going BR?

https://forums.moneysavingexpert.com/discussion/1056083

Also this link to the Insolvency Service is useful!

http://www.insolvency.gov.uk/

cbrman599

Hi

Thanks - I spoke with the CCCS, they explained a lot & suggested that the bbankruptcy option would be te best route - wether i did it myself or waited for the stat demad credito to do it.

The main concrn of us is the beneficial interest aspect of th house I live in.

The house was bought 4.5 years ago by my partner and I gave her 50% of the deposit. sincethn she has made all of the mortgage payments.

Will this automatically mean that the OR would want 50% of the equity or do they work out the percentage other ways?

The house was valued at 195000 by a local estate agent recently and there is 174000 mortgage outstanding on it.

Any ides on worst cas scenarios here?

cbrman599

Hi

for further info as to the previous post, does the OR just take a straight view on BI or is it negotiable, eg in our case, 20k equity, my girlfrend would have to pay 10k??

money_fool

Hi

I have recently been through the BR process and I would suggest getting two estate agents to value the house for a quick sale (1 month). Just tell them a story about needing to move very quickly. When I did this I found the valuation was about 15% less than a normal one.

If this works for you then I would suggest (if you have the cash available) getting a red book valuation performed by a surveyor. Tell them why you want it etc. It costs about £150 but this will be a good 10 to 15% below the estate agents value and is difficult for the OR to argue against if you do go down the BR route.

Good luck

cbrman599

Hi Money_fool - thank for the advice, did you find that the surveyors were okay with a 'red book valuation' (what is this???)

And also did you tell them that it was because you were going bankrupt?

money_fool

Hi again

Apparently it’s a formal valuation prepared to their industry guidelines. Hence the OR cannot really argue against it. I was also told that the surveyor does have some discretion and can adjust this valuation up or down approx 10%. So I told them that I was going BR and was after the lowest value possible within their guidelines.

Make sure you point our any problems etc – we have 3 dogs so there are a few bites out of things here and there!

I our case the surveyor’s value was 220K, Estate Agents’ quick sale was 250K and another house exactly the same as ours was up for 320K.

Hope it helps and let us know what happens

cbrman599

Thanks, thats really useful information - did you just pick a surveyor out of the phone book??