A little bit help and info please

coolcait

Your trustee should work out your incomes and expenditure separately, as you have each gone bankrupt as individuals.

Any IPA should also be done separately.

However, it's possible that the trustee will just take all the information from you both - especially if your incomes are similar, and all expenditure is joint - and work it out from there.

The IPA, however, should always be individual.

mirabel25

hello again, the halifax have agreed to let us sell house rather than a vouluntary surrender and we will put house on market asap and the shortfall will go into br. can anyone tell me the benefit of choosing your own ip, we have a friend who has suggested we choose our own and all the work would be done for us. not sure what to do now but it sounds so much easier, also if we choose our own do we pay the ip our br fees?

coolcait

mirabel25 wrote: »

hello again, the halifax have agreed to let us sell house rather than a vouluntary surrender and we will put house on market asap and the shortfall will go into br. can anyone tell me the benefit of choosing your own ip, we have a friend who has suggested we choose our own and all the work would be done for us. not sure what to do now but it sounds so much easier, also if we choose our own do we pay the ip our br fees?

I'm not sure that a trustee would get involved in selling a property if there isn't going to be any benefit to the creditors.

It's much more likely that you'd be asked to pay a 'nominal' fee of about 500 quid, for the trustee to discharge his interest in the property, and then leave you to deal with the sale yourselves.

The 200 pounds bankruptcy application fee is always paid to the AiB (although I suppose it might be possible for you to give the fee to the IP, for him to send it on to AiB).

mirabel25

Hello again, we had a meeting with cab and they were most helpful, advised bankrupcy was our best option.As we are in Scotland and we went through cab they have arranged for our own insolvency practitioner to call us to make an appointment, she says he will go through all the paperwork with us and advise us at the time what our ipa will be before we sign the papers which is very good.
We also contacted the morgage lender and asked if we could sell the property even though there will be a huge shortfall and they agreed. I m going to try to wait a few weeks for the br to try and get house sold before we move into rental as i could not face doing the voluntary repo, does anyone think i shouldnt do this and why it would make a difference to my br. there will be no money from the sale and the costs of selling will come of the house sale and we hope the rest will go into the bankrupcy. any advise appreciated.

mirabel25

Hi, i need some help please, the house will be on sale from next week and hope the bank will accept any offers that we may get. question, our creditors are getting more annoyed that we havent paid in 2/3 months, can we hold them off just a bit longer before BR? should we tell them we will be going br and that it will be in the near future or just wait ? m&s and barclaycard are phoning daily and letters too and im not sure what to reply. please can someone help

mirabel25

ok so we have the house on the market and halifax agreed to this, there is likely to be a shortfall of approx 25k. i sent an email to the negative equity team asking if we could accept any reasonable offer and thet replied we could accept in principle but we had to phone them if we get an offer and this would be sent to another dept, the email also stated if it was beneficial to the bank and we offered a re payment for the shortfall this would likely be accepted. we advised the bank we were trying to get the best price without handing back the keys and they agreed to us selling, what now? we plannned to sell and put shortfall into bankcupcy as we have no intention of repaying and br is the only route.Are they likely to accept any sale as this would be better than voluntary repo? our house should sell and would be better than auction surely! please can anyone advise or should we just say we tried and hand the keys in?

mirabel25

anyone please

mirabel25

please can someone advise me on my last post

silvercar

I'm not so sure on Scottish rules, when they differ from England. So my comments are quite general.

The golden rule is not to sign anything accepting liability for the debt/ shortfall/ sale money etc AFTER the date you have gone bankrupt. So be vary wary of what you sign. The lender would be delighted if you signed accepting the shortfall after bankruptcy, as they could then chase you for the debt.

The second point is that you are giving up the house, going into rented and there will definitely be a shortfall. Assuming you have decided that you are both definitely going bankrupt, you don't want to spend a penny on the house sale that you don't have to. Any money you spend you won't see back. So your objective is to minimise your current house costs.

So in my mind (and I am no expert!), it doesn't matter whether it is sold, repossessed or auctioned, you won't see any difference in the money you keep. So do what is easiest and cheapest for you.

People report that it is easier to secure a rental before you go bankrupt, so it may be worth looking now. Also if you are still paying towards the mortgage, you won't see a penny of that money back.

I think you need to plan a timescale of when you want to move and when you want to go bankrupt. Start looking at rentals to see what is available and take control of your destiny.

As for the creditors, stop answering the phone! If you have no money, you can't pay them. Nothing to discuss. If you are going bankrupt it all falls into bankruptcy.

mirabel25

Thank you for the reply, we already have a rental lined up and have missed nearly 3 morgage payments, we tried to do the right thing and put the house up for sale to have less shortfall for the BR and to avoid the embarrassement of all the neighbours knowing. already have deposit for rental and br fees, mother in law paid to put house on market .Question is the bank likely to accept a reasonable offer knowing there will be a shortfall and that we wont be paying as it is planned to add to bankrupcy or are we being stupid and just hand the keys back.