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| badleyoverdrawnboy |
Posted - 09 December 2009 : 13:19:49
Hi, we are thinking of going br in the new year.We are in negative equity and have a northern rock together mortgage and a firstplus secured loan also various cc debt.One of our creditors is coop, would it still be viable for us to open a basic bank account with them? Secondly if we continue to pay our mortgage and secured loan for a period of say 5mths(couldlose myjob then)what would happen?Also if I do lose my job in 5mths (80% certain) and hand back the keys to the house will any shortfall and secured loan be included on our BR? we don,t want to stay in the property after I lose my job, as we would probably move to Ireland to work with a relative.If we did move to Ireland at this time what pitfalls could we envisage regarding BR.Thanks in anticipation. |
| 7 L A T E S T R E P L I E S (Newest First) |
| Housing |
Posted - 09 December 2009 : 18:37:17
Hi there,
If you are soon to be facing losing your home then you are "now" threatened with homelessness so I suggest you approach them ASAP.
I strongly advise you to make an appountment and have a face to face interview and take with you any details of the threat of homelessness with you. For rxample correspondence from your lender or any loan secured against the property.
Has NR started possession action yet? If not, then you have many many months before you are likely to be "homeless". The procediure is threefold:
First they will serve a summons to tell you they are seeking a possession order. You will then get the details from the local county court with a chance to submit any written defence.
If no defence, not to worry, they will give you a date at which your case will be heard. This is in the county court before a district judge (DJ).
Sounds scary, but it is NOT. It is in the judges chambers (an office), no wigs or gowns (that was stopped years ago). The lender will have their agent to represent them. Normally a clerk who has very little legal knowledge (oops sorry, but very often true!).
The DJ will ask for the lenders position and if you attend (I would if I were you) (Do not worry about it) - the DJ will almost certainly be understanding as the government is doing what it can to avoid re-possessions and there are schemes in place depends how far your situation has got to to see whether the home could be saved.
But the DJ will have to listen to your lender and probably award them a suspended possession order (SPO)
The minimum is forthwith (immediate, but hardly ever given these days), it could be 14, 28 or 56 days (56 is the maximum).
Then at the end of the 56 days, you will find the lenders agent will go back to court with an application for a warrant - (an application to evict you with a court bailiff).
This can take a further 3/4 weeks - depends how busy the bailiffs team are.
So, to show you the process, you can see from today if they started an action against you, it would be April/May 2010 before you would be homeless.
I preface the above to say then the clock will already have started ticking if they have already been to court - but from what you have set out, it seems that they have not as yet.
I have 30 years of experience of dealing with homelessness and housing law and have seen every possible scenario and defended and prosecuted tenants and home owners. (I have to say I always preferred assisting the tenant or homeowner)
I hope this asssists and I am here every day if you have questions.
Lets get it all into a perspective - you are not going to be evicted until all of the above has happened. But, it will do you no harm to see the council to get your application on their records.
There are 5 priority needs categories to be assisted by the council. If you are threatened with homelessness and have an illness (long term) or have children of scjhool age, then you are liklely to be captured by two of the areas.
I wish you good fortune, Richard
"There are no problems - only solutions..." |
| mitsu8 |
Posted - 09 December 2009 : 17:53:30
hi im going through process of giving house up.just wondered how you approached the council.was it while you was still in your house or did you have to be out first.any info appreciated thanksquote:
Originally posted by mark.64
Hi Bad, We were in a similar situation to you, mortgage with northern rock and secured loan with first plus which kept rising, We also no longer wanted to keep the house, We were paying an iva for 2 years until we decided the debt owing on the house after the iva was finished would still have seen us struggling for the next 20 yrs, We decided after talking to our insolvency supervisor that maybe the iva was not for us, So we stopped paying the iva and it was failed in the county court after a couple of months missed payments, this allowed us to save the money for the bankruptcy, We also stopped paying the mortgage and secured loan until the house was repossed by Northern rock, I also was made redunant in april of this year, After this we applied and were granted bankruptcy on thw 8th of june this year, We are now in council rented accoumadation and we can honestly say that we are a lot happier and be debt free very soon allowing us a fresh start to build a new debt free life, I can only give you us as an example but we 100 % glad we made the decision, hope things go well for you
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| memphisd56 |
Posted - 09 December 2009 : 15:03:31
Hi, I owed Co-op over £2k from a loan....Yet they kept my Cashminder account open..! |
| chester2005 |
Posted - 09 December 2009 : 13:59:53
when you stop paying your secured creditors and you iclude them in your SOA upon BR then once the house is repossessed and sold any shortfall will be included in your BR
you would need a basic bank account and the COOP are quite BR freindly so give them a call and ask if they would accept a person who owes them money in BR
if not there are other basic bank accounts available to people who are BR but the COOP is the best
going to Ireland after BR is not a problem as long as you keep in touch with your OR
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!! |
| mark.64 |
Posted - 09 December 2009 : 13:57:34
There was a shortfall after the property was sold , 20k to northern rock and all of the secured loan to first plus 55k, All this has been written off, I understand that once they repossess this then becomes unsecured regards- mark
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| mark.64 |
Posted - 09 December 2009 : 13:51:22
Hi Bad, Also the court was very good and understanding, The offical receiver has been excellant but I should imagine you will not be allowed to keep your coop bank account, This is normally frozen and you will have to open a new account (basic) good luck
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| mark.64 |
Posted - 09 December 2009 : 13:48:02
Hi Bad, We were in a similar situation to you, mortgage with northern rock and secured loan with first plus which kept rising, We also no longer wanted to keep the house, We were paying an iva for 2 years until we decided the debt owing on the house after the iva was finished would still have seen us struggling for the next 20 yrs, We decided after talking to our insolvency supervisor that maybe the iva was not for us, So we stopped paying the iva and it was failed in the county court after a couple of months missed payments, this allowed us to save the money for the bankruptcy, We also stopped paying the mortgage and secured loan until the house was repossed by Northern rock, I also was made redunant in april of this year, After this we applied and were granted bankruptcy on thw 8th of june this year, We are now in council rented accoumadation and we can honestly say that we are a lot happier and be debt free very soon allowing us a fresh start to build a new debt free life, I can only give you us as an example but we 100 % glad we made the decision, hope things go well for you
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