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| T O P I C R E V I E W |
| quickfix |
Posted - 12 September 2011 : 12:45:42
Hi, i am looking for some sound advice on whether it is best to sit tight in my home until after i am BR, Or find other suitable accomodation beforehand. I will have negative or minimal equity after my mortgage/ secured loan. i also have unsecure loans for approx 25k, i have 3 dependent children and my wife who doesnt work or claim any benefits. One of the things that makes this a difficult decision is that if i stay put in the home and take a chance that the or wont try and sell straight away is that when the OR takes into account my outgoings as i am in employment but drowning fastly with monthly outgoings is that i wont have to contribute anything for 3 years due to i dont have any disposable income available each month if i stay put as it will take into account my mortgage and secured loan, However if i move to a rented property and hand the keys in so to speak to do a re-possession then the OR will look at my disposable income differently and want me to contribute for 3 years, is this correct?. Appreciate any help with this as my head is also drowning with what to do. Thanks. |
| 2 L A T E S T R E P L I E S (Newest First) |
| quickfix |
Posted - 12 September 2011 : 17:35:48
Hi Viki, thanks for your reply, i am not really sure what to do regarding wanting to stay in the home, my fear is that if i stay in it and then it gets put up for sale and it reaches sale then i will be high and dry so to speak in trying to find somebody that will take me on to rent somewhere as i will then be bankrupt, my mortgage has dropped down to interest only but if it was put back to normal rate i wouldnt be able to afford to keep up the repayments on either. As it stands now i cant keep up payments and am living on a minus each month. Last month was the 1st month where i have missed payment on my secured debt (firstplus). Appreciate your advice. |
| Viki.W |
Posted - 12 September 2011 : 17:21:58
Hi quickfix, welcome to the forum.
If your home is in negative equity, then it will be valued again in 2 years and 3 months, so the OR will not want to sell your home asap.
Do you want to stay in your home? Can you afford your mortgage and secured loan? Are you paying a reasonable amount for your secured debts?
I suggest you contact an expert to go through your situation and have all of your optionsa explained.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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