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Hi all, just a quick question that's been bugging me! During my interview with the OR, I asked him about my house and he couldn't tell me anything (just referred me to a leaflet that had been sent to me). So I was wondering - at the moment I have negative equity (interest only mortgage of £81K + £5K early redemption penalties and a secured loan of £26K) I had 3 valuations done, and they came in at 100K, 107K and 110K, so I gave the OR the average of 105K. So my house is worth 105K and I owe 112K. But my early redemption penalties only apply until January 2008 and of course the amount owing on my secured loan will decrease because I'm still paying it. So could they wait until January to make a decision on the BI? Could they wait for 3 years to make a decision? Or in people's experience are they likely to want to get it done and dusted asap? Many thanks.

Morning, I would think that because you are in negative equity this stands you in good stead for being able to buy the BI for a £1.00 from what i have read - obviously you need to get this checked out but actually having negative equity goes for you rather than agaisnt!

Get your Mum and Dad to make them an offer of £1 as soon as possible to effect a transfer of beneficial interest. The OR will be happy to accept that as he can then close the case.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Many thanks, I've got a friend who is willing to buy the BI, but I haven't heard anything about my house yet, and the OR says he doesn't deal with it.