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| The independent answer to your debt problems | login join |
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grrrrrrr
| 21-05-2009 09:55 PM |
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Joined: 21 May 2009 Posts: 2 | i am in around 20000 debt and was thinking of going bankrupt, i am pregnant so had to leave my job as a dancer, im now on benefits and i have around 1500 to pay a month and simply cannot afford it, i cant do an IVA as i don't earn enough, im starting a low paid job in the next couple of weeks that still wouldn't cover it. i would love to know the rules, will i lose my house, thats in negative equity, and my car is worth like 4000 will they take that? my house is worth probably 70000 and my mortgage is 74000 to settle, i also have a secured loan of 5000. my house is also ex council, i've had it 2 year and i received a 24000 discount from council, if i sell early i have to give them a percentage of the discount back, like 15000. help!!! |
| paladin | 23-05-2009 06:32 PM |
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Joined: 06 Jun 2007 Posts: 225 My Profile | Hi grrrr It looks like that you're heading for bankruptcy. You won't lose your house if you are in negative equity, provided that you can afford the mortgage repayments. I am not sure how the Official Receiver will view the discount arrangement on your house but I he'll do the calculations to sell. If there is any equity left after both the secured creditors have been satisfied then he'll force the sale of the house. In respect of your car, the Official Receiver, will probably look to realise some equity from your car, perhaps leaving you with £1,500 for a runabout. P |
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border123
| 13-07-2009 07:44 PM |
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Joined: 13 Jul 2009 Posts: 2 | I am in a similar situation. I am employed but was disabled due to an accident last year. I receive no salary,ssp has run out and only receive benefits. I am trying to address the company.I have £52,000 of unsecured debt. my house is valued at about £139k and I owe the building society £149k. so 5-10k negative equity. My car is worth £1000. My mother is in a position to support my mortgage payments so i dont lose my home and to date i havent missed any payments thus far. Would they place a charging order on a property that will release no equity in fact place me in further debt....? Help |
