| T O P I C R E V I E W |
| Sunshine_Girl |
Posted - 08 April 2009 : 10:37:23
I think the title says it all. Any tips? All suggestions welcome!
Many Thanks
SG x |
| 15 L A T E S T R E P L I E S (Newest First) |
| Reviva UK |
Posted - 27 April 2009 : 23:55:10
It is not income so doesn't need to be declared.
If you need to work through a plan give one of the experts a call just to make sure you have it organised in the right order
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
| wellerchic |
Posted - 27 April 2009 : 21:29:18
Hi Paul
Thank you for all your help.
Will the OR let me save for a deposit or will it all be classed as excess income
Gx
There is light at the end of the tunnel, I can actually see it !!!! |
| Reviva UK |
Posted - 26 April 2009 : 19:56:07
Hi Wellerchic
whether you tell the mortgage co or not is up to you. It won't make a great deal of difference either way
Good to tell the OR that you have decided to surrender the house and are looking for alternative accomodation. Remember that the OR will ask to do a IPAQ - income review as your situation is changing.
Don't move out too early as you desperately need to get a deposit together.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
| frosie90 |
Posted - 26 April 2009 : 18:17:13
Hi Wellerchic. I paid my last mortgage payment on 1st March (and that was accidental as I did not cancel the DD in time). I had no arrears either. I chose to move out on 21st March as I had secured rented whilst my credit rating was good. I rang Northern Rock to tell them I wanted to voluntary surrender and they sent the form that a lot of people have had which we are not to sign as it has a statement about being liable etc. I think you can delete the paragraph but I chose not sign it at all as I did not want to give my forwarding address which it asked for. I have got my Or telephone call on Tuesday so will speak to him about it but looks likely that will just let them re-possess it. You would have a good few months grace in your house when you stop paying the mortgage so you can save up your rent then. Paul's earlier advice sounds like the way to go. |
| wellerchic |
Posted - 26 April 2009 : 17:43:19
Hi Paul
Thanks for your reply
The spilt is definate because I need to think of the safety of myself and my children.
What is the correct process to follow if I decide to give my house up?
Do I let Alliance and Leic know of my intentions? I have no arrears.
Do I need to speak to the OR about this shortfall needing to be covered?
Will the OR let me save the mortgage for a deposit.
Many Thanks for your help and advice
G x
There is light at the end of the tunnel, I can actually see it !!!! |
| Reviva UK |
Posted - 26 April 2009 : 17:16:15
Hi Wellerchic
sorry to hear about the situation. Opten the sheer stress of the situation that has built up over several years shows in many different ways.
The good news is that the beneficial interest has not yet been purchased and therefore the mortgage shortfall - probabky nearer £30k - £40k if sold at auction can be included in the Br.
1. If you are absolutely sure about the relationship and house you need to question the importance of continuing to pay the mortgage.
2. you will need X months deposit in advance for rented - probably better to try a private landlord rather than through an agent.
3. If you have no mortgage arrears you would probably be OK until sept / oct at least ( depending upon which mortgage co you are with)
4. YOu need to get a timeline plan so you need to try to put the emotional stress to one side while you get your plan together.
hope this helps a little
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
| wellerchic |
Posted - 26 April 2009 : 17:02:21
Hi Frostie
Thank you for your advice.
How long after you stopped paying your mortgage did you have to move out, Did you have to go to court or is that only if you don't want to leave the house?
There is light at the end of the tunnel, I can actually see it !!!! |
| frosie90 |
Posted - 25 April 2009 : 19:05:26
Hi Sunshine Girls hope things going ok for you and hi Wellerchic. Sorry, W/c to hear about your circumstances. I am no expert but if you follow some of my posts over the last few months you will get a feel for my position which could be similar to you? I included the anticipated shortfall in my BR and left the house end of March. I actually got rented just prior to BR when my credit rating was ok but looking at posts on here there is hope for people post-BR too. I literally just stopped paying mortgage. I dont know how accessible your OR is but may be worth talking to him/her. There will be experts to help. I havent seen Melanie on here for ages so hope she is ok??? She gave me loads of advice at the start of my journey as did the other experts. Skippy might be able to help too. Good luck.
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| wellerchic |
Posted - 25 April 2009 : 17:45:45
Hi
It looks like I am going to separate from my Husband so I need to start thinking about my house.
What do you need to do to voluntarily surrender the property?
I was BR on 26th Feb 09, house was on SOA with neg equity of £15,000.
The mortgage in in joint names, my ex husband also BR 12TH March 09.
Would this shortfall be allowed in my BR or would I still be liable, no one has bought the Beneficial Int yet.
The mortgage at the moment is repayment but if ex signs a form I have it will be changed to interest only which brings the payment down from £955 to £685 which I may be able to afford on my own.I spoke to Alliance and Leicester last week who said this was the only way to reduce the payment till next Feb when it comes out of a fixed rate deal.
I would rather get rid of the house if the shortfall can be in my BR and start renting.
Can you stop paying mortgage to save up for a deposit while BR?
Hope you can help
Gxxxxx
There is light at the end of the tunnel, I can actually see it !!!! |
| Jane.l |
Posted - 24 April 2009 : 08:16:55
I have since moved again and did not tell Picture of my new address but I received a letter from them not so long ago, it was just a standard letter telling me some news about the interest rate on my loan! WHAT LOAN? You mean the one I have not paid for 2 years and is included in my bankruptcy  I have sent off for my credit files and there is a tracing agency on there that has done a recent search and it is for Picture, so thats how they know my most recent address, they will track you down whatever you do, don't really know why as the debt is included in the bankruptcy, but they won't accept that If anyone turns up at my door, they will get short thrift, I tell you |
| frosie90 |
Posted - 23 April 2009 : 19:42:06
Dont think they will contact your family but as far as the person themselves Northern Rock visited Jane.l shortly after she gave a forwarding address!!?? That is why I am so adamant not to do it. Got my OR telephone meeting next Tuesday and will report back.
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| Sunshine_Girl |
Posted - 23 April 2009 : 19:36:07
Cool. That gives me hope. Good luck with it.
I'm still in two minds as to whether to give Picture a forwarding address or just tell them to direct inquiries to my mortgage company or OR. What's the worst that could happen? I don't want them to start tracking me down by contacting family members, for example. |
| frosie90 |
Posted - 23 April 2009 : 19:24:30
Well done Sunshine Girl. Your situation sounds very similar to mine and I am just a few weeks ahead of you. I am feeling more and more positive each day. I am loving my rented accommodation and just know it was the right move. Still delays in voluntarily surrendering my old house as they still want a forwarding address. Just letting nature take its course now??!! Good luck with everything.
Rosie
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| Sunshine_Girl |
Posted - 23 April 2009 : 17:51:01
My God, it's going to be so fulfulling pissing them off! |
| Jane.l |
Posted - 23 April 2009 : 14:08:43
Same here, if they had let us sell the house at the time we had the cash buyer, they would have got about one third of the money back and we would have tried an IVA for the other debts and the rest of the shortfall, but they would not let us sell, they were very aggresive and horrid on the phone and in their letters, they took 5 months whilst they "considered" our proposal and they still said no. We got so sick of them, we went bankrupt and they have got nothing at all now, serves 'em right  |
