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| waynexda |
Posted - 22 January 2009 : 12:14:49
Hi, I've recently lost my job through redundancy and will shortly be registering for state benefits. I have a mortgaged property which I will lose under bankruptcy and at moment I have just enough money left to put 6 months rent down on another place to live. Is this a good idea to do before the bankruptcy order? My fear is losing my home with nowhere else to live. |
| 5 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 22 January 2009 : 16:14:32
Hi Waynexda,
It appears you have plenty of options. I would still recommend speaking to one of my colleagues on the helpline (see post entitaled "HELPLINE") who should be able to advise you further.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| waynexda |
Posted - 22 January 2009 : 15:53:43
Thanks for the quick replies!
I'm looking through the forum now and learning lots but thought I'd flesh out my query to build up the picture.
Due to falling house prices my home will be in negative equity or break even at best, either way, now I'm redundant, there's no way I can afford repayments - so the BI scenario is a no go.
At the moment I'm living off my redundancy pay out in the hope that I might find work before having to "sign on", however, that will run out pretty soon, hence my question - should I move into a rented property now, putting 6 months down in advance? My worry there is, will the OR poke around in my bank statements and ask why I was moving large amounts of money around, just before going BR (even if it was for rent)?
Another worry is my car - probably worth £1000 but at the moment it's crucial for taking my daughter to school - I'm separated and she spends half her time with me - would that be considered by the OR?
Reading through people's personal experiences has already helped!
All the best. |
| JulianDonnelly |
Posted - 22 January 2009 : 13:26:39
Hi Waynexda and welcome to the forum.
I would suggest you'd need to carefully consider your next steps. Why not speak to one of my colleagues on the helpline (see post entitaled "HELPLINE") who should be able to advise you further.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| movin on |
Posted - 22 January 2009 : 12:53:26
I agree with Harbourmaster - If you know there is no way you can afford to keep your home once all your unsecured debt has been cleared then it is best to do it prior to br, as you will no doubt be credit checked by agencies and will have a better credit file.
Incidentally, If you can afford your mortgage and any other secured loan once you have been declared br, and are in negative equity, then you could get a third party to buy your interest in the house for around £212.
Why not give the helpline a call or post a few more details and we will all try and help you
Jenny
xx
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
xx |
| harbourmaster |
Posted - 22 January 2009 : 12:40:16
I would suggest moving into rented accomodation and starting your new life. An expert will be along soon with thier views. I know as soon as we did it was much less stressful. Hope this helps a bit. |
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