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BI in house
roxy84
Posts: 191 Forumite
Hi again, could someone explain how the OR would calculate our houes equity? Do they take into consideration secured loans and early repayment fees?
my partner and i are both thinking about declaring ourselves bankrupt and i was just wondering if they would be an option for us to sell the BI to relatives or not.
£157000 mortgage approx
£14000 secured loan
£9500 Early re-payment on mortgage
our house has recently been valued at about £185k so they would be just under £5k or £2.5k BI each or would they see it as £14k equity, (sorry if i am confusing you)
Thanks
my partner and i are both thinking about declaring ourselves bankrupt and i was just wondering if they would be an option for us to sell the BI to relatives or not.
£157000 mortgage approx
£14000 secured loan
£9500 Early re-payment on mortgage
our house has recently been valued at about £185k so they would be just under £5k or £2.5k BI each or would they see it as £14k equity, (sorry if i am confusing you)
Thanks
0
Comments
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£4500 equity in it divided by two to give the figure for each of you.0
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Normally, the OR WILL give you the option of either buying back your BI, or getting a close friend/relative to buy it. If you are dealing with the OR, then you can take advantage of a low-cost conveyancing scheme, through the Insolvecy Service.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0
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