Please if anyone can help

lynzpower

dawn
Lets have a look at the positives here shall we

You earn a bloody good wage there at 2k a month.
You have raised a son with limited financial support as you say, who is now soon flying off to university.
I dont think you are well over your head at all.

You could sell up and clear the debt, couldnt you?
Or you could go onto a IVA to make this manageable

Just out of interest, if you have been bankrupt before Im staggered how much debt youve been allowed, has this built up over time, or is it all fairly recent?

dawn35

Someone just said to me that if i went bankrupt cause im in so much neg equity I wouldnt lose my home, the OR would give it back to me for a £1 ??


So confused............

dawn35

It all happened over two yeard , really since ive been ill.

I was discharged from bankruptcy in 2000. I reckon they love people like me.

My flats in about 45 K neg equity, no chance of selling.

D x

lynzpower

dawn35 wrote:

Someone just said to me that if i went bankrupt cause im in so much neg equity I wouldnt lose my home, the OR would give it back to me for a £1 ??


So confused............

I have read on here that someone lost thier home to the lender, adn the lender didnt sell it for a long time so that it was no longer in neg equity. Bear in mind every payment you make, lessens the neg equity.

Have you considered an IVA?

Richard_S

dawn35 wrote:

I cant tell my son . Theres no way.

Ive been spoken to regarding a time order, has anyone ever heard of this? Plus so far the council have been quite nice to me, i know this may change lol. Do you think I should tell them about the gambling or be selective with the truth on the basis im not sure if they would think that ive made myself intentionally homeless.

I have medical records to back up my illness but its not always recognised.

Dawn xxx

i need some serious help with figuring out what to do! Will speak to my son about it lol

Ooops sorry,

Thought you meant tell yr son about the situation, guess you meant speak to him about ebay.

:embarasse:

dawn35

ok gonna get the vodka ............

Richard_S

dawn35 wrote:

Someone just said to me that if i went bankrupt cause im in so much neg equity I wouldnt lose my home, the OR would give it back to me for a £1 ??


So confused............

An equitable interest does get involved, but it's true that you can purchase yr intrest in a property and if the interest in negative then you buy in for a nominal £1. You also have to pay the O.R's legal fees buy they're not huge.

Have a look on the Insolvency Service Web Site - loads of info there. It does take a while to absorb all the rules and regulations surrounding financial subjects but it does start to sink in after a while.

Rich

dawn35

Blimey theyd have to hold on to mine for a very long time ! No point doing an IVA the unsecured debt is minimal


D x

dawn35

OOOhhhh isnt it that you still have to pay everything secured on the flat and the mortgage anyway? so it just wipes out the unsecured debt?

Back to sqaure one i think?

Dawn x

Richard_S

dawn35 wrote:

OOOhhhh isnt it that you still have to pay everything secured on the flat and the mortgage anyway? so it just wipes out the unsecured debt?

Back to sqaure one i think?

Dawn x

Dawn,

This is why people jump off bridges, it seems to get so dammed complicated with no way out, but if you stick at it you see a glimmer of light and the more you keep working at it the brighter the light gets and one morning you wake up bathed in bright sunlight and think "what the "f**k was I worried about?"

If you keep the secured creditors at bay, which you can, and then you're ultimately obliged to declare bankruptcy, the O.R becomes your trustee and you do have the opportunity to purchase the equitable interest (negative) and the secured creditors get zilch - their claim evaporated when your property became the responsibility of the O.R. I may have got that wrong somewhere but it's basically right.

Keep smiling, fighting and surfing and you'll beat the !!!!!!s.

Rich