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Hi. I am really getting myself in a mess worrying about this and hope that someone can help me please...


I was one of four directors, running a small business until we had to go into liquidation in August last year. I was working as self-employed until May 09 but the work was not regular and so I have been temping for the last couple months, earning £256 per week.


I do still earn some money from other work but it isnt regular so I cannot count on that as extra income.


I was personal guarantor on the company vehicle HP and had a CCJ filed against me a couple of months ago for £16k. I am paying £5/month.


I am being chased by Lloyds TSB for the personal guarantee signed for the business bank account. The other 3 directors are also guarantors but it is joint and severable, so I am facing another CCJ action for a potential £20k.


During the early days of setting up the business I did get myself into quite a bit of personal debt. I still owe £6k on a personal loan and about £9k on credit cards.


As it stands, I am short on my essential outgoings by about £300 per month (I've only been able to clear everything by my additional earnings and my partner covering living costs, etc).


I am considering bankruptcy but my main concern is whether we would lose our home. We bought it in 2006 on a 95% mortgage, interest only. I assume we are currently in negative equity but cannot say for definite as no one has sold in our immediate area for some time. If we have negative equity, would the house be taken from us?


I'd really appreciate any advice. Thanks.

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Same here, my business closed last year we banked with Lloyds TSB the business account was £5k overdrawn and personal guanrantee for £775k plus all other debts, i was made bankrupt in Feb 09 our house is in neative equity as well, all my debts have now gone including the personal guanrantees and the business account has also been written off with regard to the house the OR informed me they had no interest as the house was in negative equity and as long as the mortgage is paid the lender can take no action to sell the property.


The house has to be in joint names for this to happen, we also have a rented house in joint names also in negative equity again the OR has confirmed no interest.

hope this helps



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hi all.


i agree with rippedoff15 if you are lucky enough to have neg equity every post i have read on this is the house stays with you unless there is a huge rise in house prices before dicharge then it might be a different situation.





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If the house is in negative equity you can buy the beneficial interest in the property from the OR for a £1.


From the Insolvency Govt Website:


Please note they will have to pay:

for a solicitor or licensed conveyancer to

act for them in the transaction;

£211 (as at April 2008) to cover the

official receiver's legal costs. This

amount must be paid in advance. It

includes an allowance for expenses that

may be incurred in the transaction. If the

allowance is not fully used, they will

receive a refund;

the cost of an independent valuation

unless you already have a very recent

independent valuation of the property;

the agreed purchase price for the

beneficial interest based on the valuation.

If your home is now worth less than the

amount you still owe on it, the price of the

beneficial interest will be set at £1.

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