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Claret74
Starting Member
5 Posts |
 Posted - 10 April 2011 : 22:21:02
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Hello everyone and thank you for such a wonderful site. This is the first time I have asked a question on here but have found the other posts really useful.
Ok a brief summary of how things stand.
My husband and I entered an IVA a year ago and were doing ok until recently. I have just had our second child and am on maternity leave fom work on a reduced income. I am due to go back in May and will have to pay for two lots of nursery care. This will leave us approx £500 short each month. We have resigned ourselves to going bankrupt and have a court date of the 6th May. We are going to have to inform the OR that we are behind with our mortgage payments and would like to voluntarily surrender the house. Our intention is to save a bit of money (from the unpaid mortgage) each month to pay for our court fees and to secure a rental property. My question is should we put off the court date until we have sufficient money to do these things or should we just get on with it? The longer we can stay in the house, not paying the mortgage, the better as I dont know where else we will find the court fees or rental bond. However if the OR contacts us immediatly following the bankruptcy ruling and see's that we are not paying the mortgage or rent (and therefore effectively have some disposable income)will they require that income to pay the creditors? I really hope that makes sense. Thanks for any help. |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 10 April 2011 : 23:51:33
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Hi and welcome to the forum,
if you have decided after discussing with your IP what your options are, and that bankruptcy is the way forward, then if you are giving up the house, then don't pay the mortgage so as to get the bankruptcy fees together, and get alternative accommodation sorted out before bankruptcy as afterwards can be very difficult.
Also, get yourself a basic bank account sorted out( Co-Op cashminder recommended!), and up and running with direct debits oin place etc, so you don't have problems paying bills. As it's a basic account with no overdraft, the OR won't freeze it, neither will the Co-op who are bankrupt friendly.
As regards giving the house up, it may be worth looking at this article before doing so:
http://www.debtwizard.com/blog/general/617-repossessed-borrowers-sign-a-deed-of-acknowledgement-at-your-peril
hope this helps
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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Hello everyone and thank you
