Hi Kevin...the property has been on the market for 2 years,as we have a substanial mortgage £1710 per month we decided to set up as a bb prior to setting up our trust deed.,this basicly enabled us to pay the mortgage and running cost it also enabled us to continue with our empolyment albeit partime.Our trustee was aware of us hoping to sell however we were commited to keep the bb going to meet our obligations.Myself and partner have now seperated and can no longer run the bb,hence why we are hopefull off accepting this offer,or handing the keys back.
The income from the bb was calculated into our income and expenditure figures.however it balances out when running costs and mortgage are deducted
I have managed to speak to our insolvency manager and she still insists the the term would have to be extended (5yrs)to incorporate the mortgage £20 k shortfall £70k overdraft £10k bmw= 100K APPROX.She going to clarify this with the ip.

Hi steveo

that seems ridiculous. If you walked away from the house and stopped paying the mortgage, the shortfall would rise very quickly with the level of your mortgage payments. It is in everyones interest to sell this house asap, and for everyone to cut their losses before they get any worse!