Cccs - br

debtinfo

Remember the online bit is just a computer algorithm, I wouldn't let a compute tell me what to do,give them a ring and speak to a real person

SomewhereOverTheRainbow

immoral_angeluk wrote: »

Unless he was going BR his SE status wouldn't be at risk at all, and even if he was it may not have neccessarily been affected anyway. Yes he is going down with me :rotfl:

How much negative equity is negative equity? Guesstimate of £30k on a mortgage of £154k (original value £220K )

BR only appears in the London Gazette routinely now as all the mains banks are in the city.

Sadly in NI - it appears in Belfast Gazette and Belfast Telegraph (on a Friday)

SomewhereOverTheRainbow

debtinfo wrote: »

Remember the online bit is just a computer algorithm, I wouldn't let a compute tell me what to do,give them a ring and speak to a real person

Thanks Debtinfo............yes I have requested a call back so hopefully will be better informed after that

Just worried about making wrong decision...........pity I didn't take the time to do the same when I got the credit!

immoral_angeluk

SomewhereOverTheRainbow wrote: »

Sadly in NI - it appears in Belfast Gazette and Belfast Telegraph (on a Friday)

Ah, didn't realise it was different over in NI. Boo!

As for the negative equity, the trustee would revalue the property after 2 years and (1 month? 3 months? I forget the exact number - it's late!) and look to realise equity after that point. If you have negative equity at that point then you can buy back the interest in the property for 1k + costs, but if there is equity they have generally 3 options:
-sell the property to realise the equity
-place a charging order on the property for the value of equity
-negotiate with you/partner/third party for whoever to buy back the interest.
It's the uncertainty that's the main problem. In 2 years you could suddenly find yourself with large equity and unable to buy it back so it's a risk you have to consider.

SomewhereOverTheRainbow

LOL isn't it bizzare that now I want our house to stay in negative equity - I can't see it going up in value by £40k+ in 2 years but you never know.......I guess will have to keep that in mind.

I have mentioned another thread, which you were kind enough to reply to, my biggest issue is keeping husbands business informal debt seperate from bank/cc debt.............and LOL in my attempt to max out cc to get some money together - the one with the most (£1k) was cancelled a year ago by ME!!

immoral_angeluk

SomewhereOverTheRainbow wrote: »

LOL isn't it bizzare that now I want our house to stay in negative equity - I can't see it going up in value by £40k+ in 2 years but you never know.......I guess will have to keep that in mind.

I have mentioned another thread, which you were kind enough to reply to, my biggest issue is keeping husbands business informal debt seperate from bank/cc debt.............and LOL in my attempt to max out cc to get some money together - the one with the most (£1k) was cancelled a year ago by ME!!

Unless he is a LTD company then the debt is personally owed by him and would be included in BR. Any debts that are owed by him ether solely or jointly or where he is a personal guarantor, and are provable on the date of bankruptcy or arose because of something with occured before the BR date would be included whether he wanted it to be or not. As such he would not be legally allowed to pay the creditor directly which could obviously have an impact on his business.

Has he called business debtline? They'd be able to advise him further of the impact of BR on his business..

SomewhereOverTheRainbow

So that may be why Acct is looking at him going ltd ASAP............makes sense I guess, I really don't want to drag them into it....most are small businesses like ours and husbands bus is a small specialist sector...........word would spread like wildfire.

But in meantime I need to clear as much business debt as I can

immoral_angeluk

SomewhereOverTheRainbow wrote: »

So that may be why Acct is looking at him going ltd ASAP............makes sense I guess, I really don't want to drag them into it....most are small businesses like ours and husbands bus is a small specialist sector...........word would spread like wildfire.

But in meantime I need to clear as much business debt as I can

Just be careful of making payments to some creditors over others to put them in a more favourable position, as this is a preference and could lead you to getting a Bankruptcy Restrictions order.

SomewhereOverTheRainbow

Oh ok, I guess I am just trying to keep business afloat.............if we don't pay suppliers we don't get supplies ...............so hopefully OR will see that!

immoral_angeluk

SomewhereOverTheRainbow wrote: »

Oh ok, I guess I am just trying to keep business afloat.............if we don't pay suppliers we don't get supplies ...............so hopefully OR will see that!

Well exactly, if it's in the ordinary course of business it's fine.