OR Interview +New Property Rules Advice Needed

jess0612

Firstly Happy New Year To You All

Went Bankrupt on 10th Nov 2010, had my OR Interview on 30th Nov 2010, really nice lady who went throught my forms, afterwards she said that it looked like i wouldnt have anything to pay. Only my tax from my salary on a NT code Still havent heard anything though, or on a NT code yet.

I expressed that i would like to buy back my Life assurance polices which are joint with my Husband. Also i have ajoint mortgage with my husband and he hasnt heard anything about the property. We have a legal document that was drawn up when the property was put into joint names saying that he was entitled to the first £68k as that was the deposit he put down when he purchased the property. Theses have all been sent of with the property valuation as requested. Mortgage owed £132k Valuation £165K Husbands £68K so in negagtive equity so i assume that they would make us sell up. I told the OR that my husband would want to buy out the BI, but i dont know where we stand with these new rules. Any help would be appreciated.

debtinfo

Basically they will now wait untill 2 years 3 months to deal with the property

ontheroad_2

I went BR on 15th September and I still don't have my NIL tax code applied to my salary.

Like you OP, I am also worried about the new property rules, as we also would have bought the BI in our home (in slight negative equity currently) but now this will not be offered until end of 2012. In that time, who knows what may happen with property values? Best case scenario for us I think will be a charge on the property, as we are repaying some capital every month as well as interest on the mortgage.

fiveyearplan

I know it may not be helpful to say but if there is nothing you can do about the BI in your property at the moment due to the recent change try not to even think about it. Enjoy your new debt free life and cross that bridge when necessary - don't let it hang around your neck.

debtinfo

If your close to there being equity, it might pay to look at the possibility of going interest only (of course there are other things to consider before doing that, one being that the extra money saved may be taken in an IPA)

fiveyearplan

debtinfo wrote: »

If your close to there being equity, it might pay to look at the possibility of going interest only

I thought about that DI but thought they may need a new agreement for that and lenders would be very unlikely to give them a remortgage.