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I have been considering one of the above as I have been in a dmp for nearly three years with a free provider - the one that begins with P.
I owe about 130k and am separated from my wife who lives in England with my two kids (19&17).
I am currently paying £100 odd per month on my dmp with a completion date of 2113 ( I should be so lucky !!!)
I have lived in Scotland since 2008.
The only thing that has stopped me is the fact the House in England which I half own has got a CO for 12k (my debt only). Were I to go belly up my half of the equity would be about 25k tops.
ps I have a crap job (willing to give up) and live in private rented flat.
I don't think my wife would be able to remortgage for the amount involved to become sole owner.
How much would the beneficial interest be in this case and what happens to a charging order in all this ???
Also I came into a bit of cash and paid off all my wifes debts last year -would this have a bearing ie can these transactions be untied - I did it through my Son - the money went to him via a solicitor (will)and then my wifes creditors without touching me. I would argue separation settlement.
Would I qualify to go belly up here as I already have two ccj's one with the CO from English Courts or do I still need more.....or do I have to go down South to do the evil deed (it's certainly a lot cheaper up here fee wise)
How do cross - border insolvencies work I have seen very little evidence on CAG - surely it must have happened before !!!
You can apply for your BK up here but with the amount of the debts the IP wiill want your equity in the house. If your wife cannot 'buy you out' then the IP can go to court for a forced sale.
the court could either refuse it, grant it or give your wife another 12 months to find somewhere else to live
if you need some more informed advice you could always call them as this is a ver big decision and should only be a last resort
ida x
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Can you tell me how much the beneficial interest would be with the figures I quoted and what part the Charging Order plays in the calculations.
Also what about "paying my wifes debts off " could that be clawed back ?
And just to confirm with my circumstances I would be able to petition for sequestration up here without having to go down South. Is it true it is only £100 up here compared to £500odd in England. What is the factor in my case that allows me to go ahead in Ecosse. - ie which condition do I meet?
Finally how do they raid assets down South that have been the subject of English Court Procedures - ie a Charging order.
I canlt say the Ip would go over all the figures etc
The CO is still recognised I beleive and will be paid first at point of sale as the IP will see to that
as you have resided up here more then 3 months thats how you qualify
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According to the link to "National Debtline Scotland" you can MAKE YOURSELF BANKRUPT if you qualify for "Apparent Insolvency"
" Have at least one creditor who has got a court ruling that you owe them the money"
Is a Charging Order / CCJ issued by an English Court sufficient evidence of this to start proceedings in Scotland.
Also I hate to Labour the point but I need clarification of what the the figure for beneficial interest would be...
As my share of the equity would be about 25k is the charging order deducted from this along with the say 5k costs to leave about 8k for my wife to raise (25k equity - 12k CO- 5K costs = 8k)
As you will appreciate there is a great deal of difference between raising 25k and 8k and this would be vital in influencing any decision.
Also how does a "cross border" bankruptcy work in practical terms - setting aside the English/Scottish Courts jurisdiction has The Insolvency Service and their agents got powers UK wide regardless of which courts are involved and where assets are domiciled ?
no your wife will need your FULL share - the IP will get the house valued and contact your mortgage company for figures - and then will need to pay the co from the share they receive from your wife - they cannot leave the co on the house
cross border - you can get judgements/ decress transferred between jurisdictions so they won't have any problems there
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Oh why have you not got negative equity when you need it most - I'm hoping for a 30% crash in prices to wipe out the equity - strange but true in these circumstances
Seriously I think my best bet is to get rid of the Charging Order somehow and then wait five years after transferring house to wifes name so it does not form part on any Bankruptcy Proceedings.
Or I wonder would it be theoreticallly possible for my wife to remortgage including funds to pay off the Charging Order (probably get a 50% discount as has been previously offered) ie I take no cash giving the house to her and she just has to find 80k balance plus 6k for CO that 86k on a possible 130k valuation = 66% LTB ratio.
Only problem is that she did have 20k debts which were all settled last year (full and finals). As she has quite a bit of equity would this wipe out the previous blips on her record ?
If you want we could try and help and see what we could takcle to try and reduce what you if possible.
Do you still have your paperwork?
Re the CO - are you repaying anything at all re this debt ?
what type of detbs do you have and how long you had the accounts?
Have you had any defaul notices from any of the creditors?
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32.00 is shared between about 20 odd others who get £1 odd per month some for debts of 8k.
The total debt is about 130k.
I don't dispute any of the debts and the only reason I do not go belly up is because of the House. Just about all the creditors have stopped interest and no court action has been taken against me since I moved up to Scotland so I have got off quite lightly.
With regard to default notices I have enough to decorate a Christmas Tree with.
I just want to give my wife the house and go bankrupt gracefully
remember it would have to be at least 3 years for you to apply for BK if you no longer have an interest in the house
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if they think you have released any equities to go BK they can check back and refuse the BK, that's why i said 'at least', it can even be more than 5.
No-one can guarantee that if you apply for BK you will be granted it.
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Sequestration or Bankruptcy ???
for nearly three years with a free provider - the one that begins with P.
)
- surely it must have happened before !!!
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Originally Posted by IdaInFife
