Ipa/ipo

battyboimatt

can of worm is all I cant think, if they say you dont have a BI and want xxx as an IPA and you say no I do have a beneficial itnrest, then quite rightly they will want your BI in the house to which you will have to offer to buy back in the future anyway, depends on oh much of a BI you have.

You_only_live_once

battyboimatt wrote: »

can of worm is all I cant think, if they say you dont have a BI and want xxx as an IPA and you say no I do have a beneficial itnrest, then quite rightly they will want your BI in the house to which you will have to offer to buy back in the future anyway, depends on oh much of a BI you have.

The OR is not interested in the house or BI as the BI has been transferred. There is no equity at the moment and if there was in the future it now legally belongs to some one else, the OR cannot touch it. This has p****ed him off i would imagine as i did all this before going bankrupt for £1.00 so he couldnt get hands on property.

This i dont have a problem with, but going back to my original post, i have heard nothing from the OR since January when i said lets go to court as they cannot take what i dont have, and by making me pay an IPO for what i pay for the morgage would send me further in debt, i am already bankrupt and what they are asking me to pay would mean me defaulting on the morgage, when at the moment i can pay for the morgage and never missed a payment.

I just wondered if this is normal to take so long to go to court.

debtinfo

sometimes its long sometimes its not

as it happens, if you are not living there and there is no maintenance order saying that you should be paying for that mortgage then the OR is quite right not to include it in your expenditure

maybe i read that wrong,do you live there when you are not away?

silvercar

The OR is not interested in the house or BI as the BI has been transferred. There is no equity at the moment and if there was in the future it now legally belongs to some one else, the OR cannot touch it. This has p****ed him off i would imagine as i did all this before going bankrupt for £1.00 so he couldnt get hands on property.

Looks like you are trying to have your cake and eat it. What justification can there be for transferring the equity to someone else just before bankruptcy. If it was that easy, everyone would do it.

You_only_live_once

silvercar wrote: »

Looks like you are trying to have your cake and eat it. What justification can there be for transferring the equity to someone else just before bankruptcy. If it was that easy, everyone would do it.

This was done purley on advise fom a bankruptcy practitioner whom i took all my advise from prior to going bankrupt due to the failure of a business, they sorted it all out, this was due to there being alot of negative equity in the property and to safeguard it for my family.

and no im not trying to have my cake and eat it

You_only_live_once

debtinfo wrote: »

sometimes its long sometimes its not

as it happens, if you are not living there and there is no maintenance order saying that you should be paying for that mortgage then the OR is quite right not to include it in your expenditure

maybe i read that wrong,do you live there when you are not away?

The morgage is a joint morgage with me and my wife (It was a joint Bankruptcy due to failure of a business which were were a partnership) When not away i have to live in my base port during the week as it is to far to travel on a daily basis, the rest of the time i am at our home address, my children are also living there to.

You_only_live_once

You_only_live_once wrote: »

This was done purley on advise fom a bankruptcy practitioner whom i took all my advise from prior to going bankrupt due to the failure of a business, they sorted it all out, this was due to there being alot of negative equity in the property and to safeguard it for my family.

It is very easy to do as long as there is negative equity, the only cost is the Solicitor fee and the £1.00 my father in law paid, and yes there is no reason why anyone cannot do it except for not being able to afford the solicitors fee.

and no im not trying to have my cake and eat it.

silvercar

You_only_live_once wrote: »

The morgage is a joint morgage with me and my wife (It was a joint Bankruptcy due to failure of a business which were were a partnership) When not away i have to live in my base port during the week as it is to far to travel on a daily basis, the rest of the time i am at our home address, my children are also living there to.

Then the OR should accept that your main residence is your house. The other addresses sound like work accommodation.

silvercar

You_only_live_once wrote: »

This was done purley on advise fom a bankruptcy practitioner whom i took all my advise from prior to going bankrupt due to the failure of a business, they sorted it all out, this was due to there being alot of negative equity in the property and to safeguard it for my family.

It is very easy to do as long as there is negative equity, the only cost is the Solicitor fee and the £1.00 my father in law paid, and yes there is no reason why anyone cannot do it except for not being able to afford the solicitors fee.

and no im not trying to have my cake and eat it.

If you hadn't of done this, there would be no question of the OR allowing you to pay your mortgage and you could have bought back the BI from the OR for very little, given the negative equity.

I trust the bankruptcy practitioner has professional indemnity insurance

You_only_live_once

silvercar wrote: »

If you hadn't of done this, there would be no question of the OR allowing you to pay your mortgage and you could have bought back the BI from the OR for very little, given the negative equity.

I trust the bankruptcy practitioner has professional indemnity insurance

I thank you for your reply, Well its done now, if i have done the wrong thing i will have to live with that, i just wanted to ensure my family home was safe, we have elderly parents living with us to.

I feel we have gone a way adit from my original question though regarding IPO's and how long is it usual to take for it to go to court, as the OR said on 4 Jan 12 they were taking this to court and nothing heard about it since and i wondered if anyone else has had experience of the IPO process and what to expect.