BR Questions

[drowning-mummy]

Hello,
We are still exploring our options and whilst doing this I have been trawling the net for info. Trouble is I'm not sure how up to date the info is!
Can anyone shed any light on two things that have been read this morning

1: Even if my home is in negative equity it can still be seized many years after discharge? Is that correct? I wuld hate to have this sorry episode behind me and strat to rebuild my life only to be asked to hand over the keys in many years to come.

2: BT is will not supply you with a telephoen line?

3: Energy suppliers will not allow you to pay quarterly?

many thanks

[Skippy]

I'm not 100% sure on these, but I'm sure I'll be corrected if I'm wrong!

If your house is in negative equity you can ask someone to buy the beneficial interest for a nominal amount - normally £1 plus solicitor's fees, which I think are around £200. Once this is done the OR has no claim on the house.

If BT aren't one of your creditors there is no reason for them to cancel your line.

Providing you don't owe the utility companies any money you shouldn't have a problem.

[drowning-mummy]

Thanks Skippy,

Melanie mentioned that to me and tried to explain it as best she could, but I still didnt fully understand, think I do now (poor Jones/Giles staff have their work cut out with me).
dont owe utilities anything have always made them a priority, so hopefully okay. Have mangaged to reduce gas and electricity bills by being frugal, so thats good news.

Getting nervous again, but also optimistic that we will get this mess sorted.

[chris.g]

I have heard of the OR putting a charge on the property if it's in neg equity. Maybe they only do that if there is no-one to pay the £1+charges for the nominal fee....maybe one of the experts can clear this up for us???

[chris.g]

DM, have a look at this, it may answer some of your questions about your home,
http://www.insolvency.gov.uk/pdfs/guida ... f/home.pdf

[MelanieGiles]

The OR will value their interest at the time of the bankruptcy and if you make an offer of nominal payment then this will be acceptable. Trustees are not likely to sit on the property indefinately, and in any case now have to deal with the asset within a three year window. A charge could only be placed on the property if there were equity at the time which could not be realised for any reason - such as disabled children under the age of 18.

[chris.g]

Thanks Melanie for clearing that up. I've always wondered in what circumstances the OR would charge a property

[drowning-mummy]

Thank you both. I just need to get everything clear in my head before we make decisions.