Please help me!!!

emmylou3219

Hi,

I am really sorry if I am in the wrong place, but I am totally desperate now...

My husband left me a while ago and we had been with the cccs. The majority of the debts were in his name and I have dealt with what was in mine.

He has since gone bankrupt, but not until a charge was put on our house, which myself and my daughter live in. I have just been offered the BI in the property, but have been informed by the company that have the charge that it will still stand, and that they want to be involved in my discussions with his insolvency people about me buying the BI.

Why would they want to be involved? so they can prevent it? Is the BI his portion of the equity?...because god bless the young lady i spoke to..but she told me...'the reason you should buy the BI is so that we cant sell your house'...literally....not overly helpful, but at least she was nice!

Is there a way I can contest the charge? It is in his name, and was unsecured until about 4 weeks before he went bankrupt, l objected in court and informed them he was going BR but as I could not provide a date they applied the charge anyway. He is under the impression that this debt went in his BR but it doesn't seem to have done.

What can I do? I want to buy the BI or equity, if they are the same, but this charge puts me into massive NE! Am I accepting his debt?

I just don't get it....my girl starts a new school in sept and I am desperate not to up-heave her, and to be honest...it may need a lot of work...but I love my house!

Also, is it true that he has been removed from the mortgage? will this help me have the title deeds transferred?

I JUST DON'T GET IT, IT'S SO COMPLICATED!!

sorry if it seems a long and moany post..but like I said...verging on desperation now!!!

emx

JCS1

I'm guessing if the charging order was made 4 weeks ago it was an interim order, and therefore it does go into the BR.

If it was a final charging order, then it does not.

Can you check the paperwork to see which type it is?

emmylou3219

Hi jcs,

It was the final charging order. Does this mean that they could chase him for this debt later?!?!

I'm just so lost about it all...I'm sure its complicated to confuse us so we can't fight back properly!

em x

JCS1

Final charging order means that the debt is now secured and not included in the BR.

How much is the property and what's the mortgage (+ secured debt amount). if it is now in negative equity you can buy the BI/equity back from the OR for £1 + costs that I think are £211 (but may have gone up slightly).

emmylou3219

I have just got all the info i need to apply for BI!

value =100/105000
repayment figure = 96000
however final charge of 26000 means I am in NE. (apparently thay take that into account!)

Thank you for this...I cant cope with the not knowing anymore!!

emmylou3219

so the BI and equity are the same?

JCS1

emmylou3219 wrote: »

so the BI and equity are the same?

Yes - the OR would be looking to realise any equity that your husband has in the property, though the charging order means that he has none. So you could buy back for the £1 + charges.

Your husband would remain on the title deeds.

Leaflet from OR here:

http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/home.pdf

Someone who knows a lot more about BI/charging orders than me will be along soon - the forum's a bit quieter at the moment with it being Saturday night.

emmylou3219

Thank you so much!!!!!!

I want to stay here but am terrified I will be accepting a debt that I can never repay just because I love my house...I keep trying to look at it rationally and un-emotionally but its hard!!

I REALLY appreciate the time you have taken xxxx

dojoman

Bump, can anyone please add to what has already been said?

dojoman

Another bump up..

debtinfo

Ok was the original debt in his name or both names, if it was just in his, is the charge against just his beneficial interest or against the whole title. You need to check the paperwork