| T O P I C R E V I E W |
| jwmc77 |
Posted - 06 October 2008 : 22:25:35
ok....help needed, we're considering br but need to be sure.
we are a married couple with 3 kids (8,5 and 5 months) live in a mortgaged house and have 17k of debt tied up with c.c.c.s.
i also have a secured loan of 20k, together total secured on house (inc mortgage) is 120k, the house was on the market 6 months ago for 127k so will be worth a lot less now.
i have a take home pay of £1500p/m and my wife is on maternity leave right now so is getting £320p/m untill january, and realisticly wont be able to return to work afer that.
morgage, loan, c.c.c.s. and other bills come to around £1300p/m (not including food shopping) as you can see we're left with very little.
my questions are: how much is the o.r. likely to take from me p/m?
how long am i likely to be able to stay in my house?
will it be hard to rent a house because of the br?
any help would be great, especially from anyone who has similar circumstances to mine...
j mcalindon |
| 15 L A T E S T R E P L I E S (Newest First) |
| BankruptC |
Posted - 07 October 2008 : 22:38:30
That's great! Keep posting and reading. As they say, knowledge is power! :-)
C. x |
| jwmc77 |
Posted - 07 October 2008 : 22:34:43
oh they are.... haven't felt this relieved since we started thinking about the dreaded br!!
MAC |
| BankruptC |
Posted - 07 October 2008 : 22:04:20
No need to apologise! Glad you feel like things are becoming a little clearer.
C. x |
| jwmc77 |
Posted - 07 October 2008 : 22:02:05
yeah i know, sorry....it was just because the other issues were a bit different to this one, will keep that in mind.
MAC |
| BankruptC |
Posted - 07 October 2008 : 21:54:34
Hi MAC,
Because you've got a few threads going with similar questions, you'll find people giving you the same info lots of times. Maybe keep your questions on one thread to make it simpler for everyone to understand?
:-)
C. x |
| jwmc77 |
Posted - 07 October 2008 : 21:52:15
hi monnyworries, yes, that is what i intended to do, stop paying to save for b/r and rent deposit...
MAC |
| movin on |
Posted - 07 October 2008 : 21:26:10
Hi MAC
Can i just add that there was a big waiting list at my local court, so please make sure that you think about this when booking your appointment - i have heard that some courts allow you to just turn up, but your best to check with your local court.
Also, if your going to give the house up anyway then could you not stop paying the mortgage to save up for BR fees and deposit etc. for your rental property?
Are you planning on looking for rental property before BR, as im sure some of the regulars have done this.
Anyway, good luck whatever you decide
Jenny
The weights are coming off my shoulders very slowly, but making such a big diference !! |
| jwmc77 |
Posted - 07 October 2008 : 21:14:26
and i have around 3 months to declare br after i stop paying, correct?
MAC |
| John |
Posted - 07 October 2008 : 20:16:16
Hi
if I were having to let the house go anyway and thinking of declaring bankruptcy then I would stop paying the mortgage altogether.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| jwmc77 |
Posted - 07 October 2008 : 18:29:32
no, i cant really see any way of keeping the house.....ive already come to terms with that, and i dont owe any arrears as yet...what im asking is, if we decide on br and i phoned the mortgage company and told them about the planned br and that ill be making reduced payments untill then (say half) would there be anything that they could do?? i alraedy have a ccj so im not worried about that.
j mcalindon |
| eamonn |
Posted - 07 October 2008 : 16:10:36
hi jwmc77
if you were to sign over all the secured loans etc that you and your wife have to only one of you and then that person was to go br the or would prob not be happy with that and you get yourself into trouble and poss get a bro/bru, i think thats what you were suggesting in one of your posts, please excuse me if i have read it wrong |
| JulianDonnelly |
Posted - 07 October 2008 : 15:48:41
Hi jwmc77,
That is entirely at the mortgage companies discretion. If you intend to keep the property, you'll need to give them a payment plan to bring the arrears up to date as quickly as possible to avoid reposession action.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| jwmc77 |
Posted - 07 October 2008 : 14:40:22
how do the mortgage companies feel about underpayments in the lead up to br, for the sake of getting the money together for court costs/deposits for a rented property etc..
im guessing that surely they will take what ever i offer, obviously they wont be happy about it but surely its better tha.n just not paying
j mcalindon |
| RHB |
Posted - 07 October 2008 : 07:33:55
It would cost you money to sign everything over to you anyway, especially the house. |
| got there |
Posted - 07 October 2008 : 06:51:24
Yes it will cost you 2 x 495 there is no reduction for couples. Sorry not what you want to hear. Hope it helps though. |
