after trying to pursue IVA routes to no avail

[vjl]

Paul,

Many thanks you are a star! Apparently your mortgage company has to agree to let someone buy the beneficial interest... is there any chance NR would disagree and what would happen if they did?

[Reviva UK]

Hi
the beneficial interest belongs to the oficial receiver and it is he who would sell it not NR.

therefore if the OP agrees to the sale at £X then provided your BI purchases ( fiend or family ) can find the money it will be OK

[MelanieGiles]

You would only need the mortgage company's permission if there were to be a transfer of ownership of the property - which may be required by the provider of the £1, as they are potentially acquiring your full interest in the property. Of course they would then also have to take over the mortgage, so this may not seem so sensible.

[Reviva UK]

i VJL

Eventually got through to OR's office in Manchester today and after some pushing got an answer that you can work with.

If you went Banktupt with a £7k car but had a family member willing to pay over X to the official receiver they would probably accept this, however it is ultimately the decision of the OR that supervises your case.

I always think it is better to be safe than sorry so if you have already completed a transaction at full market value then it is a less hassle for the OR.

Best way forward might be for a family friend to purchase a share of the £7k car ( or whatever it is worth) - so you receive £5k ( leaving you with a £2k value in the car).
From the monies received for the part share of the car you use £970 for the court fees.so effectively you would hand over £4,030.

This needs to be documented carefully and you need to hand over cash identifying the source of the cash etc.

Hope this helps - & sorry couln't get a more concrete answer but these things do vary a little around the country.

[vjl]

Hi Paul,

Thank you so much for going to so much trouble. We are now trying to work out where the fees etc will come from. BR is our only option really the biggest problem for me is that I am a teacher in a local school and to have a notice in my local paper would really make my position difficult. I am concerned that the school may say I have let the school down (big private grammar) and could boot me out so we are trying to weigh up the pros and cons of that at the moment.

We will keep you updated and let you know how we get on. We have just been approved for the Co-op current account and cashminder account (for some reason they have given us both) so we are one step closer.

Could you just clarify.... if we do go BR and if during the three year period that our payments are being made to the court and we had another baby, would our payments reduce to cover childcare costs?

Regards

VJL

[MelanieGiles]

Can I just ask why the IVA route has not been possible for you? Do you have any disposable income at all to offer to creditors?