Need URGENT response - Thank you !!

[ssr]

URGENT > "Bridging Loan" Available ??
Have been declared B/R due to one creditor.
Have been granted a Stay in Proceedings while working towards annulment by clearing o/s debts.
Have substantial equity in my home and seeking a "bridging loan" to clear the debts and gain annulment.
Once clear, re-mortgage home to clear "bridging loan".
Can you recommend anyone to help ??
Need URGENT response - Thank you !!

[Lisa2009]

There are a few mortgage brokers on the forum, hang tight im sure one of them will be with you shortly.

[mikebdomain]

Hi ssr and welcome to the forum.

We do have bridging products available for people in your situation, but, you really do need to think long and hard about them.

You need to go though a complete fact find and have your credit report confirmed, if your circumstances fit the lenders criteria, there shouldn’t be a problem. There will possibly be a few options you can look at.

Feel free to phone us or Welshboy (Tony)


FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[Soulgrowth]

Hello ssr ... and welcome to the forum.

I am interested in the fact that you have been made Bankrupt by one creditor as there is a high possibility that this may yet happen with me as a result of my liabilities in a lease for a shop I once had. Could you post some further details as I, and I'm sure others here, would find your 'story' interesting.
Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

[ssr]

Hi
What a great response !!
Delighted to have had such a constructive response from Jamie at Leybridge - no B/S there !
Have been with BPF last few weeks - until they finally uncovered how they really operate and charge > BEWARE !!
Will post more about that at another time, if anyone interested.
For Soulgrowth >> only one creditor on the petition although do have other creditors.
The total not excessive and a fraction of home equity value.
This not taken into account by judge at B/R hearing.
I applied for a Stay in Proceedings, and at hearing a different judge was very supportive and not prepared to allow B/R until I had been given adequate time and opportunity to establish funding to satisfy the Official Receiver, for whom I had prepared a full Statement of Affairs.
In the circumstances the O/R did not object to the Stay and has been very supportive of the approach I am using.
The bad news is that having been made B/R I have to clear up other o/s items as well, which is why am having to use the bridging loan process to get B/R annulled and then negotiate a re-mortgage.
I hope this background can help you.
The creditor concerned was local council - their guy has an ego problem and wanted his first B/R scalp !
Over one year I had nearly eliminated o/due Council Tax, down to less than £750 - BUT final issue was their "costs" for attending court, now at £6.5k.
Full solicitor hourly rates were approved for a council employee who is paid a full-time salary.
For the equivalent of some 2.5 weeks in a year (according to the council's accounts) he is apparently allowed to charge nearly £200 / hour on behalf of the council for preparing for and atending court proceedings as their legal representative.
I cannot believe that can be justified.
Would appreciate any input from others.
To me, it is no different to current issue re bank charges vs actual cost.
I would greatly appreciate any comments from others who could advise how best to challenge such a charge.

[jpj]

That council fee is rediculous!!! I would be tempted to go to your local paper,give them your story to warn other residents!! name and shame them!!..publicity is a powerful tool! (or try the office of fair trading!)

A guy was telling me the other day that over 1 million people have CCJs because they were a month late with paying their water bills,and the water companies go straight to court!!

I would rather do a week in jail than pay £ 6.5K !!

Cant you just remortgage to start with?..doesnt a bridging loan take as long to sort as a normal one?

[mikebdomain]

jpj

A bridging loan - depending on documentation and circumstances and be arranged and financed in (our best time, so far) 12 hours...

I previously stated this on numerous occasions, a bridging loan is not to be taken lightly (it can be expensive – especially when considering rolled up interest) and only to be considered to aid an exit route to a specific problem caused in the main by circumstances or lack of short-term cash flow – A BOE loan to NR for example. [:)]


FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf