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| looby_loo83 |
Posted - 23 September 2008 : 17:54:25
Hi,Im new to the forum and after some,well actually alot of advice and help.
Im so confused by all of this bankruptcy stuff!!
Basically, Im a home owner in negative equity due to a secured loan. My ex partner and myself seperated in March this year, the mortgage is soley in my name and up untill 2 months ago was all upto date, but is now 2 months in arears.
The securted loan is a joint loan in both mine and my ex's name, I have not had any help from him paying this loan since he left so the loan is now at default, I received a letter on the 12th of September saying that I have 14 days to paythe remainder of the loan or legal procedings will begin to reposses the property.
Im also behind on other unsecured debts, so I have been looking into bankruptcy.
Heres where I get confused, even if I do declare myself bankrupt, will my home still be repossed?
The unsecured debts I have are so little and im wandering if declaring bankruptcy is worth it for what is less than £6000 in unsecured debts or if it would be better waiting for my house to repossed and then taking out an IVA for my unsecured debts?
What I want to know is even if I have declared myself bankrupt can my secured creditors still reposess my house?
Im so confused!!! I have been to CAB twice and they have not been very helpful at all to be honest.
Egarly awaiting a reply
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| 3 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 24 September 2008 : 09:53:36
Best of luck!
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| looby_loo83 |
Posted - 23 September 2008 : 20:28:00
Thankyou so much for your reply.
Im 99% certainly that the house is going to get reposessed, we have already had 3 letters over the last few months asking us to pay what we owe (we are now aprox 4 months behind in payments) of course I have not been able to make these payments without help from my ex,so the last letter was asking for full payment of the loan within 14 days or court proceedings will commence. Obviously I am not going to be able to make this payment so the house is going to go.
Thankyou again,you have made things much clearer, im just going to go with the flow and see where I am after reposession has taken place, Ill stop paying my main mortgage and save for a deposit for rented accommodation.
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| Reviva UK |
Posted - 23 September 2008 : 20:00:35
Hi and welcome to the forum.
It certainly seems unhelpful to your future in petitioningfor Br for £6,000 of unsecured debt. especially when there are several other things going on.
The second charge mortgage is effectively like the 1st charge mortgage and if you fail to keep up repayments they would certainly pursue you for posession, then reposession of the house.
It usually takes 3 full missed payments before they start proceedings and then it can take 3 - 6 months.
You really need to decide if you can make the mortgage payments each month ( both of them ) and remain in the house, or are you better off letting the mortgage company reposess the property and review the total debt position from there.
Couple of thoughts:-
1. If the second charge lender is reposessing the property then it seems pointless paying the first mortgage as you will need to find other accomodation towards the end and will clearly need a deposit. You may be able to save this by missing the mortgage payments. YOU SHOULD ONLY DO THIS IF YOU ARE ABSOLUTELY SURE THAT THERE ARE NO OTHER OPTIONS AND THAT YOU WILL BE LOOSING THE HOUSE.
2. if the house is finally reposessed and the second charge is in joint names then they will pursue your partner as well as you for the shortfall.
3. If you made yourself Br now then only the UNSECURED debts of £6k would be cleared. you would be saddled with the mortgages and looming repossion.
I would suggest that you carefully review your income & expenditure and seriously consider what you can do with the house in the short & medium term.
Certainly don't declare br now. You may want to see how much the shortfall is and then review your debt options such as DMP, IVA or Bankruptcy and see which suits your personal circumstances.
Above all don't rush!
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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