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| T O P I C R E V I E W |
| WT71 |
Posted - 20 May 2009 : 15:51:44
Hi All, I had a meeting today with the CAB re going BR. I own my property wich is in negative equity. They were very helpful. They have advised me to stop paying my debts and save those funds for a deposit for renting a property. They said that the best way is for me to rent a property prior to going BR as it will be extremely difficult to rent once I am declared BR. I will have to rent as the council has no properties!!!!
Do the experts agree? Can this been seen as fraud?
The other thing is should I now get my salary in cash or should I remain to pay it in the bank via cheque?
Any comments would be appreciated.
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| 3 L A T E S T R E P L I E S (Newest First) |
| Suzanne |
Posted - 20 May 2009 : 16:35:57
If you intend to give up the house anyway, then there is no harm in stopping paying the mortgage, but you should be aware they usually start to take action after 3 months, so you would need to get your rental property lined up.
It would be more transparent in terms of your conduct up to the bankruptcy if you can show transactions in a bank account rather than cash, where there is no trace. But other than that it should be OK to be paid in cash.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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| WT71 |
Posted - 20 May 2009 : 16:17:53
Hi Suzanne, The CAB also told me that I shouldnt pay any creditor eg credit cards, loans or mortgage. Is this right?
Would I also be able to have my salary in cash instead of cheque or would this not be a good idea?
Many thanks for your help. |
| Suzanne |
Posted - 20 May 2009 : 16:09:16
Hi
I think you got good advice, as it is difficult to get rental properties after bankruptcy because of the credit checks. There is nothing wrong with you doing this prior to bankruptcy and putting the shortfall from the property in to your bankruptcy.
If you have an overdraft with you current banker, it would be advisable for you to get a different bank account with someone you have no debts with. Be careful here as many of them are interlinked, and they may be able to offset money in your new account to get debts paid.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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