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Bankruptcy / house in Northern ireland but living in england
« Last post by johncarlin80 on May 11, 2020, 01:15:32 PM »
hi. bit of a tricky one here, i've phoned various help line but no one can seem to give me a solid answer, here goes.
So i own my house which is in northern Ireland i have recently moved to England and i am renting my house out, my house is in approx 60K negative equity, this is why i didn't sell it, I am taking a loss on the mortgage compared to the rent i receive of about £200 per month, the house is just draining my money now and if i need to repair anything it will come out of that months rent which will leave me even more out of pocket. i just don't know what to do for the best, i just want rid of the house no matter what now. does anyone have any advice for me?
Dealing with Debt / Debt Management
« Last post by natasharobson on Apr 14, 2020, 11:43:26 AM »
Got Debt? No problem! There is always a solution to debt problems. They might not be easy and quick but there’s always a way if you wish for it.
Bankruptcy / Re: Will you definitely lose your home if you declare bankruptcy?
« Last post by polly on Apr 04, 2020, 10:06:45 PM »
It depends how much equity has built up on the property over the past three years or so.
If you purchased it with a sizeable deposit and there is more than £1,000 in equity, after realistic selling costs of @ 10% of the value of the property have been taken in to account, then there is a likelihood that the property eventually could be at risk.
You do have the option of having a close friend or relative buying the beneficial interest, but usually the receivers will give you this option @ 2 years and 3 months into the bankruptcy.
There is loads of information to be had regarding this on the internet,and from my experience unless you can afford to pay for legal advice, you won't get much help from anywhere else unless you qualify for legal aid, and as you own a property you won't.
Good Luck
Dealing with Debt / have a large debt
« Last post by pickledpepper on Mar 19, 2020, 09:26:58 PM »
Can a creditor apply for a warrant of committal again a debt owed to utility company ?
Debt is several years old and is around 4k. What is a warrant of committal anyway ?
Thank you for any help you may provide
Bankruptcy / Re: Mortagage equity safe from trustee?
« Last post by polly on Mar 12, 2020, 08:01:22 AM »
I would have thought you are cleared of any debts and are buying with a clean sheet so there will be no claw back of equity on your new property
Bankruptcy / Eligability for Legal Aid
« Last post by polly on Mar 10, 2020, 05:39:13 PM »
We are on a low income so cannot afford to pay for legal advice.
We are not on any benefits, but the joint household income falls below the maximum income to qualify for legal aid.
When i fill in the Gov.UK Eligibility calculator it keeps saying we do not qualify!!
I assume this is because we have two properties and assumes we have equity.
Both properties beneficial interest is owned by the IP for the creditors as we are joint bankrupts so why is this BI attributed to us therefore making us ineligible for Legal Aid?
Bankruptcy / Help Please
« Last post by polly on Mar 10, 2020, 05:28:06 PM »
Both my husband and i were made bankrupt in April 2016. We had joint ownership of two properties, one our main residence and the second on a buy to let mortgage. The receiver appointed an I.P as there were assets with some beneficial interest. The IP has registered a charge on both properties. I have disputed the drive by valuations obtained by the IP and after negotiation they accepted that the total beneficial interest on both properties is @ £46,000.
In May 2019 the IP served us with a Possession Order that covered both properties and we successfully got a suspension of the order as l have been left a legacy by a friend of @£175,000 but we have to sell her property first. The Possession Order was suspended for three months but the property has not yet been sold, so recently the IP has now issued us with an Eviction Order on our main residence but it did not mention the tenanted property. The tenant has received an Eviction Order at that address but we didn't receive anything about that notice at our home address.

We lodged a successful appeal against eviction for our home residence, on 09/03/20 and assumed this covered both properties. The Judge advised me that as the tenanted property was in a different county so another court was dealing with that Eviction.

Should the IP and the County Court involved issued me with a copy of the Eviction Warrant so that l could defend that eviction also?
Surely the notice should have come to us as Mortgagees, rather than the tenant.
Was this a breach of confidentiality to send the letters to the tenant?

Any advice would be appreciated

Bankruptcy / Mortagage equity safe from trustee?
« Last post by steve hirons on Feb 24, 2020, 11:24:47 AM »
Hi all,

I went bankrupt in jan 2007. I am now in a position to apply for a mortgage with my partner who i met in 2009. Would any equity i make on the house be mine or would the trustee still want a piece ? There where no complications with my bankrupty order and no special conditions. Would appreciate any help on this.

Also hope all of you that have made it through bankruptcy are doing well ;)

Dealing with Debt / Re: Cannot get credit, don't understand
« Last post by Scrooge on Feb 14, 2020, 12:48:01 AM »
Hi. Credit reference agencies record info given to them by creditors. If an error is made and something is on there that shouldn't be, you need to write to the specific company who has that recorded and request that they remove it. The defaults and late payments are lowering your credit score which is why you are being declined, assuming you are on the electoral register. You need to get anything on their files that's wrong removed and try and pay off any debt that is still overdue, then your score will improve.
Dealing with Debt / Re: Advice on debt
« Last post by Scrooge on Feb 14, 2020, 12:45:08 AM »
£40,000 is a high amount of debt. In your situation bankruptcy is probably a good option if you have no assets. Contact an Insolvency Practitioner for advice.
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