losing house and after...HELP

edsjad

HI GLAD TO FIND THIS and so nice to read the welcomes. Was on it for 9 hours yesteday. completely cross eyed now.

I got made bank rupt about a year ago but had a breakdown, lost my job. (BR got extended cos i hadn't been in touch with OR) still got three months pay due - have got in a right old mess. looked down IVA route to propose to OR & they said have to make payments for five years (now told this was a mistake and it's three years) and in third release or remortgage £60,000 in equity. Sounds like it goes on forever.
SO recently been totally attached to house, now think it's just not worth it. Just need to check how long this goes on for after OR sells house? Do I have to make payments for years after that too? Thank you in advance. Got to have my case sorted (which i think will involve me completing the OR pack which i never did after all) by 10 november.
To clarify questions (sorry a bit befuddled by all this_
- would i be better off voluntarily surrendering my house to the building society?
- would it be better (linked to above) not paying any more mortgage so sawing the ONLY money I have in income left for rented property and for looking for a job
- after they have sold my house, how long do or could i need to make payments of excess income for?
- when is it all over in other words?
- when can i start again?
- should i go to local council or would i be deemed to be voluntarily homeless?

silvercar

If you are already bankrupt then there is no point looking at an IVA.

You should get back in contract with your OR and explain your breakdown. Give your doctors surgery number and consent for them to check.

Then you need to get together your SOA.

As far as the house is concerned. How much is the outstanding mortgage/ DO you have arrears? and secondary mortgage/ secured loan/ second charge? What is the house worth?

silvercar

If you are not working, have no savings and living on benefits you will not get an IPA. It really is therefore in your interests to get the info to the OR as soon as possible. With medical reports the OR may be prepared to discharge you in as little as 3 months. That way the only outstanding matter is the house.

DebtDunker

ALL mortages are fraudulent by their very nature.

kepar

DebtDunker wrote: »

ALL mortages are fraudulent by their very nature.

Useful. how?

edsjad

silvercar wrote: »

If you are already bankrupt then there is no point looking at an IVA.

You should get back in contract with your OR and explain your breakdown. Give your doctors surgery number and consent for them to check.

Then you need to get together your SOA.

As far as the house is concerned. How much is the outstanding mortgage/ DO you have arrears? and secondary mortgage/ secured loan/ second charge? What is the house worth?

Thier costs (the OR costs) according to the info they have sent me amounts to 55k, which includes 16k for the sec of state!! They have my debts as 40k, though it may about 50k (the people that made me bankrupt have doubled what I owed them from 11k to 22k). And they have that the mortgage that the building society will need back is 94k. I have had my house valued by an estate agent who says it is worth 180k. So it isn't in negative equity so I can't really see any reason they will let me keep the house. I hid my head in the sand for over a year after going bankrupt lost the plot cos of debt, partner's death and work issues. ANyway, was pushed out of work (not quite sacked) end september. 3 months pay due and for me to find work and to face this. Can't claim benefits cos still have income. Haven't been in touch with OR at all, just with their solicitors who gave me bit more time when i rang and told them i'd been ill. So got until 10 november. Can't see them letting me keep the house at all. However ill I've been. However, would be wondrously happy if they did!! But happy to take advice from you as i am completely clueless. What's best thing to do do you think - I have this income should i just stop paying the mortgage to keep it to put down on rented accom.? Thank you SO much for your help. I am in a panic, as you can probably read.

debtinfo

lets start at the begining as you seem very muddled up

Have you completed the questionaire yet (the green book)

have ou had a face to face interview with the OR yet

what is the total house value, mortgage value, other secured lenders value

what is the total value of unsecured debts

when did you get in touch with the OR

has a private trustee been appointed to your case

edsjad

debtinfo wrote: »

lets start at the begining as you seem very muddled up

I have written some of this info above (must have been as same time you have posted)

Have you completed the questionaire yet (the green book) no

have ou had a face to face interview with the OR no yet

what is the total house value, mortgage value, other secured lenders value see above responding post

what is the total value of unsecured debts see above responding post

when did you get in touch with the OR I haven't - i have only got in touch with OR solicitor's about a week ago and they gave me until 10 november to put in my case cos originally spoke to insolvency practitioner a year ago who said that he thought creditors could get more mooney (than selling the house) by me making payments over 5 years so wanted to put that to OR but now realise, that even if got job very shortly would still have to remortgage 60k with that option in year 3 - anyway, that's what i was told today; so have recognised can't go for that option anymore so it's selling house as no other assets or savings.

has a private trustee been appointed to your case - OR solitcitor??

Thank you for taking the time to respond - hope this and post above answers your questions.

debtinfo

the OR usually does not have a solicitor, what i think you mean is that a trustee seperate to the OR has been appointed to recover the assets in your estate, they act seperately and their fees are quite large.

who has been appointed, (you can PM me if you dont want to put it on the open board)

the main thing here is that you need to contact the OR fill in the book and go for your interview, they are much more understanding than you think they will be (dont get me wrong they still have job to collect the assets but) they will explain what is happening, they wont shout at you, do show then that you have been ill

i think you need to understand that because you have equity in the house you will most likely loose it at somepoint, no doubt they will give you time to find somewhere else, but the main thing is that you need to talk to them and sho that you are now co-operating

edsjad

debtinfo wrote: »

the OR usually does not have a solicitor, what i think you mean is that a trustee seperate to the OR has been appointed to recover the assets in your estate, they act seperately and their fees are quite large.

who has been appointed, (you can PM me if you dont want to put it on the open board)

the main thing here is that you need to contact the OR fill in the book and go for your interview, they are much more understanding than you think they will be (dont get me wrong they still have job to collect the assets but) they will explain what is happening, they wont shout at you, do show then that you have been ill

i think you need to understand that because you have equity in the house you will most likely loose it at somepoint, no doubt they will give you time to find somewhere else, but the main thing is that you need to talk to them and sho that you are now co-operating

Because i haven't been in touch they sent me a court date from their solicitors DWF who is acting on their behalf to get the house off of me on 25 october and that's when i phoned (when i got that letter) to ask them for a bit more time. can I e mail you what they sent me. So they want me to send in paperwork by 10 november. I could complete the booklet by then and send it them with a letter explaining what has happened? SO they are putting off the court hearing for now. Can you send attachments through pm? If so i could pm you what they sent me. Thank you so much for responding - I am in a mess and feeling pretty blah right now.

edsjad

This is the message the OR solicitor sent me. (OR being their client). I signed the consent form to adjourn the hearing. That's all it was.



Following our conversation yesterday I have instructions from the Trustee and he is prepared to agree a short adjournment of the hearing which has been listed for 27 October.

However, my client is not prepared to let matters drift and I attach a draft consent order for your attention. This sets out the timetable going forward namely that if you are to file any evidence in these proceedings this must be done by 4.00pm on 10 November. The Trustee will then have a further 3 weeks to file a statement in response if required.

I will need you to sign and return the document to me which will then be submitted to the court with a request that the matter be adjourned without the need for attendance by any party on the 27th.

It is entirely a matter for you as to whether you sign the document and I cannot give you any advice in this respect. However, in the absence of the consent order I am confident my instructions will be to proceed with the hearing next week.

I look forward to hearing from you as soon as possible.