The Dark Clouds Are Gathering

[SXGuy]

Re: The Dark Clouds Are Gathering

Im guessing the date is a typo?

When my wife and I decided to close down our business, we chose Wednesday 9th May 2012 as our last day of trading.

[Admax]

Re: The Dark Clouds Are Gathering

Continuing with my diary of the 'Journey', here's the latest update...

http://debtfreethejourney.blogspot.c...this-sign.html

[lookingforward]

Re: The Dark Clouds Are Gathering

You sound like that bloke on 4 rooms

Thankfully it's not allowed because I know I'd lose

[Admax]

Re: The Dark Clouds Are Gathering

Sounds reasonable to me; you can have mine too for good measure. I'll even chuck in a pack of chocolate digestives to the "winner".....

And I'll chuck in my ginger nuts...

[diddlydee]

Re: The Dark Clouds Are Gathering

Sounds reasonable to me; you can have mine too for good measure. I'll even chuck in a pack of chocolate digestives to the "winner".....

[Admax]

Re: The Dark Clouds Are Gathering

I was going to say the same thing to you

Actually we were both going down hill at around the same time I'd say

Still, it's another lesson learnt as they say

Given we seem to be in identical situations, it would make sense would it not if one of us took on the other ones debts. No point in us both being miserable...

How would you like to decide, toss of a coin maybe?

[lookingforward]

Re: The Dark Clouds Are Gathering

Now why didn't you warn me before I took the plunge...

I was going to say the same thing to you

Actually we were both going down hill at around the same time I'd say

Still, it's another lesson learnt as they say

[Never-In-Doubt]

Re: The Dark Clouds Are Gathering

I understand what you mean, but I do know if I have a mortgage for £120,000 and a value of £130,000 but I also have a secured loan of £10,000 then there would be no equity in the home.

So I guess the simple question is whether a charge on the house is the same as a secured loan and if it is then there would be no equity to release. However and this was my original query. Would the debts that had charges on my house be included in the bankruptcy?

I can't think for one minute this would work, because if it did then I'm sure I would have come across it somewhere already.

The charge goes as a second charge against the home so it depends who had first right to it I guess.

As you can prove the secure loan was there first then your solicitor will repay this with the charge being last to get paid. Once the equitable interest (house) is extinguished there is no charge as there is no security.

If you go BR all judgments go as well.

[Admax]

Re: The Dark Clouds Are Gathering

Just read your "how did we get here" blog and it's very spooky. Echo's our situation almost to a tee, even down to the retail sector you were in.

Except you were previously a director, and I was only a manager

Now why didn't you warn me before I took the plunge...

[lookingforward]

Re: The Dark Clouds Are Gathering

Continuing with my diary of the 'Journey', here's the latest update...

http://debtfreethejourney.blogspot.c...all-steps.html

If the mods would rather I didn't use threads just to promote my Blog, then please let me know and I will stop. I don't want annoy anyone or breach forum rules in any way...

Just read your "how did we get here" blog and it's very spooky. Echo's our situation almost to a tee, even down to the retail sector you were in.

Except you were previously a director, and I was only a manager

[SXGuy]

Re: The Dark Clouds Are Gathering

I see what you mean, that equity would get wiped out due to secured debts being..well secured lol. didnt think of it like that.

in answer to your question, im not sure either! maybe someone else will know.

[Admax]

Re: The Dark Clouds Are Gathering

Im not sure if they base equity on the charges as well, or just the mortgaged value and the sale value.

because if the mortgaged value was 180,000 and the sale value was 200,000, there would technically be 20k equity, to split between the secured debtors. get my drift?

I understand what you mean, but I do know if I have a mortgage for £120,000 and a value of £130,000 but I also have a secured loan of £10,000 then there would be no equity in the home.

So I guess the simple question is whether a charge on the house is the same as a secured loan and if it is then there would be no equity to release. However and this was my original query. Would the debts that had charges on my house be included in the bankruptcy?

I can't think for one minute this would work, because if it did then I'm sure I would have come across it somewhere already.

[SXGuy]

Re: The Dark Clouds Are Gathering

Im not sure if they base equity on the charges as well, or just the mortgaged value and the sale value.

because if the mortgaged value was 180,000 and the sale value was 200,000, there would technically be 20k equity, to split between the secured debtors. get my drift?

[Admax]

Re: The Dark Clouds Are Gathering

You have had my permission to post links to your blog thus it is fine. If I felt it wasn't then we'd ask you to stop.

It's fine, interesting reading

Thank You!

[Never-In-Doubt]

Re: The Dark Clouds Are Gathering

If the mods would rather I didn't use threads just to promote my Blog, then please let me know and I will stop. I don't want annoy anyone or breach forum rules in any way...

You have had my permission to post links to your blog thus it is fine. If I felt it wasn't then we'd ask you to stop.

It's fine, interesting reading