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| emma44 |
Posted - 27 November 2009 : 12:12:22
We are paying a £700 mortgage and £384 secured loan against the house, on a house that is in approx £60,000 negative equity, we already are under a debt recovery on unsecured loans and are seriously stuggling to live, we have onepayment on all of the above and now want to file for bankruptcy and have the house repossessed, can we do this? |
| 3 L A T E S T R E P L I E S (Newest First) |
| chester2005 |
Posted - 27 November 2009 : 23:49:46
do you want to keep the house??
if so can you afford to live after paying for the mortgage and secured loan
if yes to both then BR could be suitable for you.
generally the OR is happy to sell you the BI in a property with neg equity as long as the payments are not too extreme for the type of property you are living in
it is not guaranteed however!!!
there are other debt solutions but BR is the one that can eliminate pratically all debt unsecured and after property is sold and there is a shortfall that gets wiped as well
BR is something that is best planned and timed and considered ... good advice is available from the professional forum experts Paul Johns Revivauk and Melanie from Jones Giles
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
| In 2 Deep |
Posted - 27 November 2009 : 21:22:42
Hi Emma,
First thing make sure you seek professional help on your situation.
Do you have any disposable income?
Maybe an IVA could be the way forward?
BR is like pressing the nuclear button, and should really be a last resort. If you deduct your creditors payments, are you still able to meet your secured commitments?
If you do go BR you could still retain the property if it is in negative equity - you can buy the beneficial interest.
Again speak with Melanie or Paul who will offer expert advice, and it is free.
Gd luck.
Treat EVERY Penny as a prisoner. |
| Richard P |
Posted - 27 November 2009 : 13:06:20
Hi Emma
sorry to read that you have got into a bit of mess, welcome to the forum most of us, have or are in similar circumstances.
yes it can be a very stressful time.
from the informnation you have provided yes you can apply for BR but before you do so, do not rush into BR, you have to get things like pension, cars and houses sorted out.
i would suggest speaking to the company that arranged the DMP they may be able to help with the next stage
failing that i would suggest contacting one of the site experts probably best in these circumstances speaking to Paul at reviva. his team may be able to help you through the process.
look back at some of the recent posts relevant to accomodation and your rights
good luck regards Richard |
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