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JenJen
Starting Member
United Kingdom
1 Posts |
 Posted - 03 November 2011 : 00:24:02
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Not sure were to start really other than to say I am at rock bottom both financially & emotionally & I need to start picking up the pieces ASAP for the sake of my 2 young children who have had a very traumatic year.
In as small a nutshell as I can manage:
MY husband & I were aware our debt problems were spiralling out of control some time ago and were in the process of arranging an IVA before our marriage/family/world got literally torn apart by one of our children going totally off the rails.
To cut a long story short around 12 months ago I had to move out of the family home into privately rented accommodation with our youngest 2 children to protect them & to keep them off the child protection register.
Daughter in question continued to live in family home with dad but brought him to the verge of a breakdown & literally wrecked the house by having temper tantrums & also a party whilst dad was at work one evening.
After months of trying to talk to her, get help for her etc this daughter is now living in supported accommodation, oldest 2 children have moved out and hate my daughter for what she has done, my husband is living in a rented flat & me & my 2 children have moved back to the family home - friends & family have worked hard to get the house back to a livable standard for us.
Since moving back I have discovered my husband did not keep up with the mortgage payments, secured loan or utilities!
I have sorted out most of the utilties, been to court and given a suspended repossession order on the house and made arrangement with the secure loan comapny.
However, the debts (some joint some not) that were there 12 months ago haven't gone away & haven't had a penny paid towards them whilst we having been living through this total nightmare.
Finacially bankruptcy seems to be the only option for both of us as (according to CCCS website) neither of us have enough left over each month to be accepted for an IVA.
I have done lots & lots of reading on BR & understand that I may lose the house but it is currently in negative equity by about £5000 & has a secured loan on it for £20,000 so hopefully it won't come to that but it's a risk I will have to take.
One concern I have at the moment is the fact that the mortgage is a Together Mortgage with Northern Rock, if I go bankrupt I understand that the unsecure element (about £28,000) will fall into the bankruptcy....could this cause Northern Rock to go for possession of the house at this point because I have arrears & the suspended repossession order on the secure element? Can they go for possession if I am sticking to the agreement I made in court to pay £50p/m on top of the (secured element) mortgage payment?
Losing the house 3yrs down the line if the OR takes it I could cope with, losing now after only just taking my children back home I couldn't.
Also, is it true the OR would probably not allow for the cost of the mortgage & secured loan, just for the average cost of a 3 bed in my area?
I have many, many more questions but I'm sure I've gone on enough for now, Jen.
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Edited by - JenJen on 03 November 2011 00:27:09 |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 03 November 2011 : 07:20:34
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Hi Jen,
Sorry to hear you've had a bad time.
If you declare bankruptcy, then the unsecured loan with NR will be included and you just carry on paying your mortgage and secured loan. If the monthly payment for the mortgage and secured loan is reasonable, then there is no reason that the OR will disallow them. If you could rent a similar property for a lot cheaper, and your secured monthly payments are excessive, then they won't be allowed.
I really suggest that you speak to an expert and see what options are available.
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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At rock bottom
