Was bankrupt but kept house..remortgage advise pls

silvercar

poorperson wrote:

sivercar. i've just been on the LR site and all it says is A Caution. Is this the equivalent of an OR charge?

I thought a caution means that they have to be notified (and agree?) before a sale takes place. A charge means the charge HAS to be repaid before they will release the charge and the property sold.

If they have a caution you are going to have to talk to them before a sale can go ahead.

poorperson

silvercar, apologies for my current mental state; can i assume that "a caution" is not as serious as "a charge" and will i have to get the OR's permission to remortgage?

silvercar

No need to apologise. There is clearly a lot of money at stake so it is important to get it right.

I wouldn't say a caution is less serious than a charge, just different.

As far as I know, and spelling this out rather than typing AFAIK because I'm no expert: A charge on a property is for a specified amount (like a mortgage or second charge on a property for a secured loan); once that specified amount is repaid the charge is removed. A caution is shown when someone has registered their financial interest in the property. It prevents a sale proceeding without their interest being addressed. In your case it is connected with the bankruptcy. in cases of divorce a partner who was not on the deeds may register a caution so that the property is not sold from under them.

The OR should be able to tell you if you can remortgage for a higher amount without their agreement; I wonder if they would be reluctant as you are effectively taking some of the equity without having agreed with them how their interest in the equity will be addressed.

If you're reluctant to contact the OR (though now you know the caution is in place it will have to be dealt with) you could try a mortgage lender for advice. Say your thinking of moving your mortgage to them and would having a caution cause a problem. Or post the question on the mortgage board, on of the mortgage broker's should know.

Sooty0404

13.35 - Tuesday 6th February

A call from a credit card collection agency accepting my offer of 12.81 per month against a debt of £5000. As a gesture of 'good faith' I generously offered to round this up to £15 - they were thrilled!

2 down - 8 to go

I can't wait to hear from the one that has received the £0.59p offer.

I'll keep you posted and I may yet see you on the beach this summer!

poorperson

Thanks, silvercar. much appreciated. No doubt i'll be back>

poorperson

Having to do extra child minding duties so haven't been able to approach the OR regarding the serious question. However, I am after a little bit more info regarding bankruptcy and the credit record file. Although it should have been done donkeys ago, I asked the OR for a Letter of Discharge in respect to my wife's bankruptcy last Friday and it duly arrived today. The OR didn't mention anything else but it may have set him off now; I'm ready for him. The good lady has sent off the letter to Equifax in order that her Credit File can be updated. As a discharged bankrupt, should all the debts listed on her file (accredited to her only) be taken off? I think I've seen the answer to this but I'm not sure where. Any thoughts?

steveindebt_2

NorthantsAndy and Sooty, Im in Northants and could do with a beer to discuss my problems and options !!

Be good to chat to someone who has gone through it owning a house

Sooty0404

Hi Steve

You must have had to dig deep to reach this thread but nice to see this thread revived. My first ever post was on here and via this one thread I have 'met' some of the nicest people ever.

Be pleased to help. Send me a PM with your contact details.

Richard_S

steveindebt wrote:

NorthantsAndy and Sooty, Im in Northants and could do with a beer to discuss my problems and options !!

Be good to chat to someone who has gone through it owning a house

Steve,

I don’t know what problems you’re facing but for certain you’ll be getting the best advice possible if you’re going for a beer with Sooty.

We’ve faced a lot of complicated financial circumstances over the years and what Sooty says about dealing with them has certainly been our experience. They’re disciples to the god of NPV (Net Present Value) and their morning prayers start off with the mantra “a pound today is worth more than a pound tomorrow” especially if interest rates continue to rise.

I’ve dealt with millionaires and bankrupts, crooks and angels, solicitors, accountants and insolvency specialists but nowhere have I seen such knowledge and experience imparted with such clarity and relevance.

Sooty, you’re a star - I’ve heard a rumour that Radio 2 are thinking of producing a programme called “Ask Sooty,” Target audience: Joe Public and Finance Ministers.

What a beautiful day,

Regards

Richard

Mike_St_Helens

How cool is this site.... All these people who have nightmareish problems can talk about them openly, honestly and without feeling degraded.

Cool !