Bankruptcy and buying back equity

tropical1979

Hi all

I am approaching 3 years and need to buy my property back. The insolvency service will accept 85% of the value.

Any ideas? Have had 2 valuations, they want 20k?

Thanks

debt_doctor

Hi,
So they will accept 85% of the equity? I presume that you are negotiations rather than not heard anything for a long time?
Ultimately it is negotiation - you want to pay as least as possible and they want as much as possible BUT with the least cost and effort on their part.
There is room for movement (especially if you obtain favourable valuations) and if they run out of time by not taking 'action' within 3 years the property reverts to you at no cost to you.
NOTE taking action means STARTING court action including obtaining a charging order rather than a forced sale.
DD