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debtinfo

Yes if it is a family home which it is if you were living there at the date of the bankruptcy, then if they don't take any action before 3 years then you get it back for free. I wouldn't rely on this though because I would expect them to take action. Every so often though someone does slip through the net.

The charge would be for the amount of equity on the day the charge is taken out. It then just sits there accumulating interest until you sell the property

HICKERYDICKERY

Hi debtinfo sorry to take so long to reply, when you say 'family home' at time of BR, does that still apply if only 2 of us living there?

Also with regard to the charge on the equity, if we didnt sell the house for years and years would it just sit there and accumulate interest, what I mean I suppose is could it be like that indefinately?
cheers for your help. x

Ineedaname

Family home denotes main place of residence, i.e. where you actually live, as opposed to a property you own and rent out.

HICKERYDICKERY

Hi If Debtinfo online sometime would you mind replying to my question submitted 26.10.11 re charge on the equity,
thanks debt info x

HICKERYDICKERY

Hi Just bumping myself, is Debtinfo about? thank you

debtinfo

Hi hickery, as Inan says if you were living there at the date of the bankruptcy then it is a family home,

The charge would just sit there indefinitely or at least until you died at which point it would pay out, in reality though since the interest rate is 8%, most people would pay it when they remortgaged as it would be easier and cheaper to include everything in the mortgage

HICKERYDICKERY

Hi again Debtinfo, sorry to be a pain I thought I understood your previous advice but now I'm confused after just reading another thread on here>

When you said if no action taken in 3 years it automatically reverts back, would the fact that we have once been offered to buy the BI in the first place be seen as an action so to speak? sorry if I'm being thick:o

HICKERYDICKERY

Just bumping myself, hope thats ok, trying to contact debtinfo on this one, thank you

debtinfo

No it wouldn't when I say an action I mean a court action so in the case of a repossession they would need to file the the application at the court by the 3 year mark

HICKERYDICKERY

Thanks Debtinfo, you are being so helpful really appreciate it, if this was the case, in your opinion are they likely to do this without first seeing what the state of play is with us, ie value, mortgage outstanding etc?