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| The independent answer to your debt problems | login join |
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sportacus
| 24-05-2007 08:00 AM |
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Joined: 24 May 2007 Posts: 2 | I have spoken to the CAB who have been helpful. They have mentioned that I may have to declare myself bankrupt. My main concern is what will happen to my house, will i lose it? Sportacus |
| DW George | 24-05-2007 08:11 AM |
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Joined: 01 May 2007 Posts: 158 My Profile | Sportacus I sorry to hear about your situation. What I think you should do is seek professional advice from an IP. They will be able to answer any concerns or problems you have about bankruptcy or IVA. Bankruptcy-your house This all depends on how much equity you have and whether it is in joint names or not. If the house is in joint names then your partner/spouse may be able to buy out your share of the house. Sometimes referred to as a third party buyout. This can also be done if you solely own the property. If the value of equity is less than £1,000 then the trustee will not be able to sell the house. Let know if you need more information. |
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sportacus
| 24-05-2007 09:12 AM |
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Joined: 24 May 2007 Posts: 2 | Thanks for the quick response. My house is jointly owned with my wife. We have recently bought it and there is very little equity in the property. I have just phoned an IP and arranged a meeting for next Tuesday. I'll let you know how i got on. |
| DW George | 24-05-2007 03:34 PM |
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Joined: 01 May 2007 Posts: 158 My Profile | Sportacus Somemore information about bankruptcy here. Geogre |
| James H | 27-05-2007 03:48 PM |
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Joined: 27 May 2007 Posts: 32 My Profile | Sportacus Please keep the forum informed of your outcome as an IP (Insolvency Practitioner) is a serious but often worthwhile step to follow. Not all Insolvency Practitioners are inviting but should be undrstanding of your situation, your personal experiences may help others to grasp the nettle of their own situation if your route proves positive. |
| mallorca | 28-05-2007 02:21 PM |
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Joined: 28 May 2007 Posts: 17 My Profile | sportacus - i take it you have a bucket load of debts, if you have a good credit history get a loan, you get a a loan on 125% LTV. Would help yopu out of a whole. Forget going bankrupt or IVAs worse thing you could ever do. |
