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eurows

Please Stop It. I Can't Take Anymore

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Its a crazy world.

Spectrum Lending has launched a range of mortgages aimed at individuals who are subject to bankruptcy orders.

The products, which cover from light to heavy adverse, include a choice of two- and three-year fixed rates starting from 5.89 per cent. All pricing is based on Bank Base Rate and mortgages are available up to 90 per cent loan-to-value (LTV) on both a full status and self-cert basis.

Bankruptcies are on the increase in the UK with 47,000 bankruptcies being registered in 2005, 31 per cent more than in 2004. The number increased again in the first quarter of 2006, with 15,389 bankruptcies, 12 per cent higher than the previous quarter and 51 per cent higher than the same period last year. Bankruptcy orders can either be made by a debtor if they are declaring themselves bankrupt, or by a creditor if a company is owed money. In the case of creditor bankruptcy, a bankrupt individual can apply for the order to be annulled if they can prove they no longer have any outstanding debts.

To have a bankruptcy order annulled a specialist company assesses whether an annulment is feasible, by analysing the bankrupts' level of debt and the amount of equity in their property. If sufficient equity is available to cover the debts a re-mortgage application is prepared and bridging finance is arranged to enable the outstanding debts to be redeemed, following which a court hearing is arranged to annul the bankruptcy order. As soon as the order has been wiped from the applicant's record, the mortgage application is completed and the bridging finance is repaid.

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The only people left to buy a house now are sensible people who won't pay current silly prices, so clearly they're embarking on a plan to recycle the stupid people.

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The only people left to buy a house now are sensible people who won't pay current silly prices, so clearly they're embarking on a plan to recycle the stupid people.

:lol::lol::lol:

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Now that one really takes the biscuit. What next. Mortgages for dead people?

Billy Shears

In theory at least, the compound interest on even a few pence deposited with a reputable financial institute may be able to easily pay for a modest abode by the time cryogenics is up and running and bringing people back to life.

It only takes one entrepreneur with enough b**ls to do this... I feel a London-based startup coming on... :)

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The only people left to buy a house now are sensible people who won't pay current silly prices, so clearly they're embarking on a plan to recycle the stupid people.

Thats called CRASH its the final step

Cheap mortgages

Dear Mortgages

Expensive Mortgages

IO Mortgages

Bankrupt Mortgages

CRASH

Edited by eurows

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Forgive me for being simple, this mortgage is in effect a re-mortgage based on remaining equity in the property. If you have no equity then no offer.

So how could you be declared bankrupt when you have equity in your property.

The lidquidator would sell off assetts, pay off debts and hand you the remainder if any left over you would be discharged.

Surely you would have explored the avenue of MEW long before a bankruptcy order arrives on the matt, or are the public really as Green as they are Cabbage looking?.

Edited by laurejon

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Forgive me for being simple, this mortgage is in effect a re-mortgage based on remaining equity in the property. If you have no equity then no offer.

So how could you be declared bankrupt when you have equity in your property.

The lidquidator would sell off assetts, pay off debts and hand you the remainder if any left over you would be discharged.

Surely you would have explored the avenue of MEW long before a bankruptcy order arrives on the matt, or are the public really as Green as they are Cabbage looking?.

LJ

I know someone in exactly that situation (neighbour of a friend) she has debts of over 200k and has gone bankrupt but she has not defaulted on her mortgage so the bank/s/soc are not bothered

The liquidator is not putting her under any serious pressure to market her flat - even though she is supposed to sell it to meet some of the debts

In my sceptical nature i would say the reason is that the longer the case lasts the more the liquidator can justify charging

CS

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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