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| bothskint |
Posted - 04 September 2008 : 20:15:25
Hi to everyone, been lurking for a while but this is my first post.
Both my partner & myself have just been advised to go the BR route by cccs.
We are home owners in negative equity so were advised to find ourselves somewhere else to live then hand the keys back to NR.
My question is, should we move in to our rented place and wait till after christmas for the defaults to stack up & then go BR, (we haven't told the estate agent our intentions) thought it might look a bit better if we have made a few rental payments before the landlord is informed of BR, therefore may be more likely to let us stay.
Also if we still have the house when we go BR then is it possible to use that address so the landlord wont find out???
I am proper stressing about this today, don't know what to do for the best!!
any help would be very much appreciated. |
| 3 L A T E S T R E P L I E S (Newest First) |
| pix1 |
Posted - 10 September 2008 : 13:26:16
Hello,
Don't worry too much. BR is daunting but we have shared experiences in this forum which is helpful. As long as you are sure its the right step I would not rush to move out of your house. As you pointed out, it is possible if you move in to rented accom. you might be asked to leave when your Br is known. Much better to stay put in your current home. You could stop mortgage payments and save to rent. This would not look bad as long as the money not used on your mortgage payments is put aside for a future rental. You would end up in repossession proceedings in about 3 months and get a reference on the repossessions register, however, if you hand in the keys you will go on the repossessions register anyway - only sooner. As you have negative equity it is important not to make mortgage payments from AFTER your BR order date or you could be chased for any mortgage shortfall when the property is sold.
Yes, it would be more difficult to rent when you are BR but this would only likely preclude - or make more expensive - agency rentals as you could still probably rent through a newspaper ad where the landlord would be less fussy about Br. Also, if you hang around your house a bit longer and get into repossession you could investigate local authority assistance.
Good luck and clear those debts! It is your civil right. |
| bothskint |
Posted - 04 September 2008 : 21:23:05
Hi Jo :)
Thanks for the welcome & kind words of support.
will be posting a lot i feel
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| Needafriend |
Posted - 04 September 2008 : 20:46:11
Hi Bothskint and a very warm welcome to you.
I cant really answer your questions but hang on in there and someone who can will be along shortly.
Your not alone on here, keep posting.
Most of all ...............
Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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