| T O P I C R E V I E W |
| Nicola.j |
Posted - 26 June 2008 : 14:33:47
My job is relocating to scotland.I have a mortgage of 120k and a secured loan of 70k against my flat.I stuggle to keep up the repayments and cannot really afford both.Would it be best to get rid of the flat for whatever I can get and carry the loss forward or declare myself bankrupt.I also have cc/scard debts of 17k.
If I do go down the bankruptcy route can the company from the secured loan come after me after the three years is up?
I am going to rent in scotland would it cause any problems because I think the laws are different to here?
Are landlords going to react kindly if I am bankrupt ?
Many thanks
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| 15 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 14 July 2008 : 16:55:39
Hi Nicola,
AST's are usually standard documents, but they do vary. The best thing to do it to read it thoroughly before signing it. If there is a clause regarding BR, it would entirely depend on what the clause states. If BR is a violation with that particular agent's AST, then I'm afraid you'd need to shop elsewhere.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| Nicola.j |
Posted - 14 July 2008 : 15:13:17
Please could someone answer my question above,looks like it has been lost.
Thanks |
| Nicola.j |
Posted - 11 July 2008 : 16:46:46
Thanks julian
Sorry to be a pain but I have never rented before.
One more question if I find a place I like and it gets to signing a tenancy agreement and there is someting in it regarding br what do I do then?
Thanks |
| JulianDonnelly |
Posted - 11 July 2008 : 15:22:21
Hi Nicola.
1. Once you've gone BR, the agent will find out. However. as long as there's nothing in your AST regarding BR, you should be fine as you'll already be in your new property.
2. Go BR after the keys have been handed back. Make sure all secured debt is listed in the unsecured section of your SOA as well, and inform the OR at the meeting. That way, any shortfall can be included and written off in BR.
3. You have to attend the county court nearest to where you have lived for the past 6 months, so if you are going to go BR shortly after you move, get it done ASAP.
4. I wouldn't bother with a valuation as any shortfall wouild be included and written off in the BR anyway.
Hope this helps.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| Nicola.j |
Posted - 11 July 2008 : 13:07:30
Further to my previous questions above.Will I have to get a valuation from an estate agent if I am going for voluntary repossesion before bankruptcy?
Thanks |
| Nicola.j |
Posted - 10 July 2008 : 13:59:53
Thanks Julian
Can you clarify for me
1.Will the agent be able to find out?
2.The advice that I have been given is to surrender the keys and then BR is that correct?
3.If I have to do it once vacated I will be in scotland so is it going to be ok to come back for the court/or.
Thanks |
| JulianDonnelly |
Posted - 10 July 2008 : 13:52:33
Hi Nicola,
I wouldn't advise disclosing your impending BR to the agents as they'll probably decline you on that basis (credit checks etc will be done).
If you voluntarily surrender your property, do it once vacated.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| Nicola.j |
Posted - 10 July 2008 : 08:32:41
Hello
Thanks for advice.When I am finding a place to rent in scotland before br which I intend to to the week after next do I have to disclose to the agency that I am intending to go br.
Also one more question after I have found somewhere ,come back and tell virgin that I am handing the keys back and filing for bankruptcy how long after that will virgin require me to vacate the property.
Many thanks |
| JulianDonnelly |
Posted - 09 July 2008 : 17:37:47
Hi Nicola,
Existing chargeholders have to be notified at least 21 days before the charging order hearing, thus giving them time to object. If no objection is received by the court, it is likely the judge will allow the order (unless the debt is in dispute).
Given the fact you are going BR in just over a month, they will be able to obtain a CCJ in that time, but no further action to enforce it before your BR.
However, I would suggest getting your BR done ASAP just for peace of mind.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| Nicola.j |
Posted - 09 July 2008 : 16:01:32
Sorry me again.I thought I would clarify this debt is unsecured at the moment .I had two accounts with them one for french windows and one for a new back door.(Both of which I had no choice because I have been burgled four times in five years and they were points of entry for the burglars).
One account they have let me pay a minimum amount but they are now saying this was a mistake and they are going for a charge against the property or an attachment of earnings or county court judgement.Surely they can only do one and which do you think it will be as the debt is relatively small.The original payment ws around £25.00 a month which I cannot afford and has contributed to me deciding to declare myself bankrupt in august after I have found somewhere to rent in scotland.How long will the process take and do you think I will be able to declare myself bankrupt before they can do anything.
I am going to scotland either last week in july or first week in august .
Any advice would be greatly appreciated
Many thanks
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| Nicola.j |
Posted - 09 July 2008 : 12:20:47
Sorry one more question.If they were to apply to get a charge put on the property would my 1st chargeholder (virgin) have to agree to it?
Many thanks |
| Nicola.j |
Posted - 09 July 2008 : 09:42:19
Hello
Just been informed by one of my creditors that they are probably going to issue a county court judgement for the debt I owe them.I have informed them that I am going to declare myself bankrupt at the end of august but they say that they will still pursue it until the bankruptcy happens and they are going to apply for a charge to be put on the property and may contact my employer for an attachment of earnings order.Please can you explain what this will mean.
Many thanks |
| JulianDonnelly |
Posted - 08 July 2008 : 15:02:55
Hi Nicola,
If you are going to perform a voluntary reposession (handing the keys back), do it after you've got another place to go to.
I would suggest opening a new bank account asap to keep your salary seperate, as there could be something in the small print giving the bank the automatic right to take your mortgage payments.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| Nicola.j |
Posted - 08 July 2008 : 09:06:51
Thanks Melanie
Sorry a couple more questions
1.When I tell my first charge mortgage company that I am going to hand the keys back,how long after that do they require you to vacate the premises usually.
2.My first chargeholder is virginone so my bank account is combined with my mortgage.
Is it going to best to get another bank account opend now and tell them I am going to be declaring myself bankrupt so I can get my salary paid in or wait until after I declare.My worry is if I do that my bank account will be frozen and I wont be able to get any money.
Thanks |
| melanie_giles |
Posted - 07 July 2008 : 22:29:49
Personally, if you have made up your mind that bankruptcy is inevitable, I would consider whether you should cease your payments to creditors altogether - as how will you ever save the money to meet the filing costs?
A phone allowance of £35 appears reasonable, but the OR is not a great fan of mobile phones so make sure you let them know it is carried for personal security reasons.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
