Hubby's potential Insolvency / bankruptcy

[reduk054]

Next chapter - already!!
Another update, through the post this morning, I received a fab letter from my IP. He has written to the trustee arguing, using facts, that there is no beneficial interest in the equity of the property for OH. Therefore my IP has advised me that I should be applying for the trustee's interest to be transferred to me for a nominal fee!
Even if the trustee does not agree, I am so pleased with the arguments so far!
Red

[rory32]

Looking good Red. Hope it works out

[reduk054]

Thank you Rory, I know that it is too early to get too excited, but I feel really positive today having read the IPs letter. The house was always going to be the stressful part, but so far so good!

[reduk054]

Contacted the trustee (an insolvency practitioner) about the DCAs who are trying to contact OH about his now long gone debts. I have tried to be a rock, and deal with these things, and hope that i can make the difference.
hopefully the trustee will be able to stop these DCAs contacting us. I know that i have to be strong, and with CAG i will get there!

[rory32]

Red you are a rock honey. You know that any help you need all you have to do is ask. Keep fighting, you're doing great

[reduk054]

Thank you Rory, I appreciate the support. Shame that I am the other end of the country, as the CAG Scotland get together sounds good!

[reduk054]

UPDATE: Hubby was automatically discharged from BR, that year flew by! He feels a lot happier now, but the house issue is still outstanding.
The trustee has not been in touch since I spoke to him last about OHs DCAs who kept chasing. The IP at our end has written to say that OH has no interest in the property, and is pushing for the house to go to my name for the nominal fee. Still waiting, trouble is the trustee could be waiting as he has up to three years from date of BR to make a claim should he wish.
Bit of an awful waiting game really! And these things are not moving fast!
Will update as and when....
Red

[Gingerheid]

Hello

A year doesn't seem like that long ago! However I can't remember the exact details of the story, do forgive me for vagueness!

The way the property market is going a delay may be no bad thing in terms of seeing any value in the house diminish (if you want to keep it to actually live there that is!).

If it was that you are arguing that your interest in the house is bigger than the 50/50 share suggested by paper, you might want to look at some property auction websites, and see if you can find something similar that has sold in your area, or watch for one selling and see what it goes for. There are vast amounts of property being auctioned these days at prices much lower than estate agents would like to think properties are worth, or even not being sold at all. This would help you with establishing a realistic forced sale valuation.

If it was that you are arguing that your interest in the house is bigger than the nil suggested on paper, you might want to suggest that the mortgage will no longer be paid if you aren't going to be able to buy the interest (probably discuss with 'your' IP first to see if he thinks it's a realistic threat). Your husband can say this now that he is discharged, as it won't lead to income available to pay an IPA from (it's too late for that), and as the shortfall won't affect him anyway (it would fall into the bankruptcy, what does he care?), and as if you have no interest it wouldn't affect you either.

[reduk054]

Hey Gingerheid, glad to see you! There have been times along my route with the BR, that I have felt that your advice has been so spot on, and so spookily along the lines that me and the OH have been deliberating!

With regard to the housing market, a house in my street has been dropped by about £50K (nice road where I live!!), which does suggest that estate agents have been too hopeful with their insistence on the housing market still being bouyant (spellling!!!)

I did look at some auction sites, but there was very little in the area, and certainly nothing that I could use in my favour. However, with more and more people struggling financially, this could change over the next few months!

I did contact my IP with the suggestion of non-payments of mortgage to speed things up with the trustee, which was something that we had discussed many months back. He seemed quite favourable, and is considering his next letter to the trustee!

I will let you know!

Thanks again for your support!

Red x

[Gingerheid]

Well, if you're not being told wildly different things, and if you're being told what you're thinking, that's a good thing!

Keeping searching property auctions; there's alwaysva house that's been repossessed near you, you just need to find it!

[reduk054]

Well Gingerheid (and any other interested readers/contributors),
the bad news is that the house in my street just sold for lots of money, clearly the housing market here is not as bad as elsewhere...
am in a quandry too, I am hardly squeaky clean regarding my creditors (in fact I would go as far as to say that I am rattling a few of them) who are all constantly chasing me, and at present I am battling with the prospect that if I pursue my share of the equity in the house, then my creditors could force me to become bankrupt, which would defeat this whole fight. Extreme, I know, but I do worry!!!!(got the wrinkles to prove it LOL)
My IP has not been back in touch, and I am not ready to contact him yet, as I need to stabilise my financial position over the next couple of months.
Crikey, sounds all very ominous.
Red

[reduk054]

Hubby received a phonecall from GE Money offering him a mortgage today!!
He told them that he had been made bankrupt and that they were one of his creditors, so they may not really want to offer him a mortgage. They said that he had been given a clear start, so they would be able to help him.
This is quite amazing, bearing in mind the current climate (did not find out what the interest rate would be though!).

Then my OH told them that it was excellent news that they would consider a mortgage application from him, but that they would probably not accept or even consider me - his better half (a-hem) due to my current crappy credit file , what a blimmin' cheek!!!

[tomterm8]

The thing is, Red, that once you've been made bankruot, you are generally a good bet in terms of credit, because it is very difficult to get away with a second bankruptcy.

[reduk054]

Thanks Tomterm8 for your comment, that does make sense!

I think that the proof is in the pudding, that OH bankruptcy was definitely the correct decision, and it is good to think that he will be seen as a person who has a second chance with his credit file (rather than his blacklisted missus! )
Cheers
Red