| T O P I C R E V I E W |
| Rob75 |
Posted - 10 August 2011 : 22:27:36
MY wife and I are after advice from CCCs planning to go bankrupt voluntarily.
WE intend to hand the keys to the house back to the lender as we are in negative equity.
We have been on a DMP for three years and we were managing the debts with the help from the plan OK.
However since the breakdown of our marriage in May we have been searching for a solution so we can both move into rented accommodation and start our lives apart.
We are both however worried sick about 2 things.
Firstly we received £10,000 in March as a payment protection plan matured.
As we were together then and had no plans for bankruptcy we did waste the money on ourselves and fixing one of the cars and repairs to the boiler as well as new clothes.
The money from the boiler had been paid by a friend and we repaid that money.
I understand as we were on a DMP at the time it will have consequences.
The second serious concern is that on the DMP we were short in salaries totals.
We are both worried sick please can you offer any advice |
| 5 L A T E S T R E P L I E S (Newest First) |
| Rob75 |
Posted - 11 August 2011 : 17:47:06
Thank you very much for your replies and support it honestly means a lot to know we are not alone.
In regards the house we simply have too much debt both secured and unsecured.
Neither one of us could afford the £900 a month mortgage and continue to pay for half of the other debts. A rented property is about half the cost of the mortgage.
As well as the mortgage we have a secured loan for a substantial amount which is £600 a month added to that the debt to which Natwest took us to court for as they refused the DMP and added a charge to the property and also the credit card debts . This adds up to another £570 a month.
We have thought about trying to sell the house but there would be a large shortfall.
I even approached the mortgage lender and asked to switch to an interest only mortgage for 2 years so we could spend the money on making the house the best condition for sale.
They however refused point blank.
We both see bankruptcy as the only option as we are no longer in a relationship.
Had we still been together we would have seen the DMP to it's conclusion in 4 years knowing that we were slowly improving our situation.
I think it is the only way to start again. But believe me I feel ashamed and embarrassed that we are in this position with debts.
Richard thank you . Yes there are 2 charges on the property .
Thank you again Jan and Richard for your support and help
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| Niobe |
Posted - 11 August 2011 : 07:40:21
Rob - I would probably have been the same as you and spent the money. I was on a DMP initially and still managed to get a credit card and spend on it.
Sorry to hear of your marriage breakdown.
Can either of you afford the mortgage if the other goes into rental?
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
| Richard P |
Posted - 11 August 2011 : 07:22:18
why hand your keys back if you have no equity and one of you can afford the mortgage payments
unless multiple charges attached to property.
get rented accom sorted before going BR
Good Luck Richard,
|
| Rob75 |
Posted - 11 August 2011 : 04:48:47
There was money worries a few months ago but we were managing the debts under under the DMP.
We have spent the money when we should have been careful and that is something we both regret every moment.
The fact however is that it is done and we have been foolish.
Our position since then has changed as our relationship has broken down and now we are to face the consequencies .
I am sure everyone has done foolish things and made bad decisions.
I just wanted to know what to expect in regards the BR.
Although it may seem fishy it has caused my wife to have a breakdown and we are both sick with worry. |
| mistake09 |
Posted - 11 August 2011 : 03:21:55
advice= dont waste 10k in afew months, surely there was money worries afew months ago?? sounds abit fishy this |
