secured loan on home after bankruptcygreenspun.com : LUSENET : Repossession : One Thread
Can anyone give me some general advise/help. In sept this year I went bankrupt.I had £190K dedt including an overdraft of £20k of which £8.5k was secured on our home signed by my wife and myself. I will have roughly 90k equity in the home which I am aware the trustee will want half.The NatWest are pressing for there money,they are asking for 20k in one letter and 8.5K in another! I am unemployed at the moment (looking) and we have a 5yr old daughter and 2 grown up sons living at home both earning approx £200pw each. Thank you
-- gary clayton (firstname.lastname@example.org), December 15, 2003
If the 8.5k is secured on your home and your home is going to be sold, then NatWest will automactically get their 8.5k. However the 20k I assume is unsecured, in which case NatWest will have to wait their turn with the other creditors.
You should speak to your trustee about this as they are supposed to be dealing with your bankruptcy.
-- pendle (email@example.com), December 26, 2003.