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Michelle.sd
Starting Member
1 Posts |
 Posted - 21 May 2011 : 16:52:21
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| We have just this month defaulted on our mortgage due to recent redundancy. We have borderline negative equity on our house and were going to file for bankruptcy on our unsecured debts before the redundancy. We now have to file for bankruptcy on all debt. CAB have advised that if we go bankrupt now before the house is reposessed the bankruptcy will still include the shortfall between the final sale price and the mortgage. Shelter have advised that we need to go through the repossession and eviction orders and wait until we know what the shortfall is before we file. Could anyone clarify this for me? |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 21 May 2011 : 18:25:30
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Not 100% but I'm pretty sure that the CAB are correct. Hopefully one of the experts can come on and advise further.
The world is broken, halos fail to glisten
We try to make a difference but no one wants to listen
Hail the preachers, fake and proud
Their doctrines will be cloud
Then they'll dissipate like snowflakes in an ocean
Jan
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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 22 May 2011 : 17:21:19
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Hiya Michelle.sd
For once the CAB is correct! Any shortfall on your property will be included in your bankruptcies.
Kind regards
John Blackadder
Bankruptcy365
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk. |
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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 22 May 2011 : 17:26:54
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Hi
I am now having a moment! Why has Shelter become involved? I hope that you do not mind me asking but are you going to be homeless, or believe that you are, as a result of the bankruptcy?
John Blackadder
Bankruptcy365
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk. |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 23 May 2011 : 13:12:27
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Not sure why you are being critical of the CAB...
As a former CAB volunteer, I can say they offer good generic advice and do not deserve to be overtly and impliedly criticised by you!
quote:
Originally posted by Blackie
Hiya Michelle.sd
For once the CAB is correct! Any shortfall on your property will be included in your bankruptcies.
Kind regards
John Blackadder
Bankruptcy365
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk.
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Edited by - Housing on 23 May 2011 13:13:19 |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 23 May 2011 : 13:15:26
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Seems to me that you are not very aware of the roles of the third sector...
First, you criticise CAB and then you question the role of Shelter...
Maybe someone should question you and your "expertise"
Discuss!!
quote:
Originally posted by Blackie
Hi
I am now having a moment! Why has Shelter become involved? I hope that you do not mind me asking but are you going to be homeless, or believe that you are, as a result of the bankruptcy?
John Blackadder
Bankruptcy365
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk.
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 23 May 2011 : 13:18:54
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Michelle,
Sorry to hear of your problems.
I am a real housing expert... so here goes in good faith:
You are about to default on your mortgage you say - a few questions:
What has the lender done so far?
Has the matter been to court?
How much are the arrears?
Did you receive a lump sum from the redundancy?
Have you any health problems?
Have you any young family?
Come back with a bit more detail and I wil try to offer you sme sensible advice!
Richard |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 23 May 2011 : 14:51:59
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Bloomin heck Housing!
You're being a bit harsh! Blackie was only asking for more info from the OP and I think he was just being a bit sarcastic probably based on his experience with CAB.
Hi Michelle and welcome to the forum, please post a few more details or feel free to contact one of the experts for a chat.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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michelleshep
Starting Member
United Kingdom
1 Posts |
Posted - 23 May 2011 : 18:21:58
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Hi, answers to Richards questions in Red. Thankyou.
quote:
Originally posted by Housing
Michelle,
Sorry to hear of your problems.
I am a real housing expert... so here goes in good faith:
You are about to default on your mortgage you say - a few questions:
What has the lender done so far? Advised us the after 3 months they will seek to repossess the house.Has the matter been to court?No
How much are the arrears?£1200 with Santander and £950 with First Plus
Did you receive a lump sum from the redundancy?No had only been employed with Company 11 months
Have you any health problems? Depression
Have you any young family?2 children (age 13 & 8)
Come back with a bit more detail and I wil try to offer you sme sensible advice!
Richard
We were referred to Shelter by CAB for Debt Advice and Legal Assistance with Bankruptcy.
Our house is worth £275,000 we have £270,000 combined mortgages on the property and another £45,000 unsecured debt. We have trod water since our property business failed 5 years ago and are unable to sustain this position. Before being made redundant we had made the decision to attempt to sell the house, file for bankruptcy on unsecured debt and rent.
Michelle |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 23 May 2011 : 19:08:40
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Vicki,
I note what you say...
However, Blackie is here as an "expert". That requires a high degree of professionalism as am sure you will agree.
You are a professional and so am I - I used to post as an expert, but stopped a few months ago.
The CAB are a fantastic body with 71 years of helping people - yes, they are old fashioned, but nowt wrong with that
Response over...
R
quote:
Originally posted by Viki.W
Bloomin heck Housing!
You're being a bit harsh! Blackie was only asking for more info from the OP and I think he was just being a bit sarcastic probably based on his experience with CAB.
Hi Michelle and welcome to the forum, please post a few more details or feel free to contact one of the experts for a chat.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 23 May 2011 : 19:30:26
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Hi again,
The lender will seek an order from the local county court. That application will be considered by the District Judge (DJ). It is likely (in my view) that the DJ will give an order suspended on terms. You cannot be certain of that, but that is probable.
What does that mean? Well, it will mean the mender is a step closer to recovering possession of your home.
Can you do anytghing to stop that? Yes and no - in other words you can stave off (or ask for some consideration (say, mortgage payment, plus a sum every month). The DJ will CONSIDER your request (if you make one.
What else can you do? If you have no income, you can apply for assistance towards the interest on your mortgage (this can be paid for up to 2 years and based upon a maximum mortgage of £200,000.
What else can I do? You can seek (in conjunction with the local council and a housing association) for assistance with Mortgage rescue. That could save an eviction and you could become a tenant of the same property
What should you do NOW? Make an appointment at you local housing department to see an adviser in the "Housing Options Team". They will look at your situation and see if they can assist you in any other way - for example, do you qualify as a person/family threatened with homelessness - they will establish if they have a DUTY to assist you - they have a DUTY to give you advice
What else can you do? make an appointment to see your GP and ask him/her to write to the council to say you are at risk due to your depression - that too will assist you. Your GP could arrange CBT counselling for you (talking therapy) - will make you feel a bit more confident
What else? Get your school head teacher to write in support of you being rehoused by the council (if the staving off of repossession does not happen
Talk to your lenders (main and secondary). They may have some measure of understanding - cannot guarantee, BUT worth an approach
Stay in touch with CAB and Shelter - I have worked as a CAB adviser and have worked with Shelter across the UK - they are BOTH great organisations and will do everything they can to stop you losing your home
Please be confident (easy to say - sorry!) and keep talking - do not bury your head and come back and I will see if there are any other things we/you can do...
I have stopped hundreds of people from losing their home - there are ways forward.
Richard |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 23 May 2011 : 20:25:41
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Can we try and keep to the actual question and not try and score points?
The ethos of this forum is respect for all, and anyone failing to respect the forum etiquette will no be banned from posting.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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Andy Davie
Administrator
192 Posts |
Posted - 23 May 2011 : 23:00:47
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Hi
"The ethos of this forum is respect for all"
There can be no deviation from this rule and it is a great pity to lose someone so experienced in a critical field.
The administrators on this forum have to make difficult decisions, at the end of the day they have to keep the forum both friendly and inviting at all times.
Regards
Andy Davie
Spokesperson and Site Manger IVA.co.uk |
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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 24 May 2011 : 08:14:31
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Good Morning everyone
I do apologise most sincerely for upsetting the forum, especially "Housing". I also feel that, due to all this bickering, we are losing this thread. Michelle.SD needs our help and the experts should be showing a united front and not hacking bits out of each other!
All the best
John Blackadder
Bankruptcy365
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk. |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 24 May 2011 : 08:40:19
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I could not agree more and that is why I stopped posting as an expert after almost 2 years of assisting hundreds of people - If Michelle wants to contact me for more assistance, please let her have my email address
Thanks
quote:
Originally posted by Andy Davie
Hi
"The ethos of this forum is respect for all"
There can be no deviation from this rule and it is a great pity to lose someone so experienced in a critical field.
The administrators on this forum have to make difficult decisions, at the end of the day they have to keep the forum both friendly and inviting at all times.
Regards
Andy Davie
Spokesperson and Site Manger IVA.co.uk
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Topic |
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We have just this month defaulted on our mortgage
