Both my husband and myself are on contrubition esa and therefore are now struggling to pay our mortgage etc. We took out a 125% mortgage with northern rock and pay £703 a month. We have £110,900 left on the actual mortgage and £14,600 left on the loan. Our current house value is £102,000 therefore we have negative equality. We also have credit cards total approx £12000. We have therefore decided to go bankrupt due to this situation. In your option is this the best route for us. Thanks
I suppose the main crux of the matter is whether you can afford to pay the mortgage. It sounds as if you may not and in that case, you should move into rented accommodation and request that your home be 'voluntarily repossessed'. If you have no equity in the property and there is a shortfall to the mortgage company and secured loan company, these will be written off.
Hope this helps.
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.
A tip which may help. If you are going to go bankrupt, then there will be a shortfall on what you owe on the property. As this will be the case why not use the money you would pay for a mortgage to gather a rent and deposit and also to pay for your bankruptcies. Some may disagree but I se no poinbt in paying a mortgage on a property you are going to use, when you may have no other chance to get s deposit and bankruptcy fees together.
Both my husband and myself are on contrubition esa
Posted - 07 January 2012 : 16:33:49
