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Tigers
Starting Member
2 Posts |
 Posted - 23 July 2012 : 20:00:57
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Hi,
I would like some advice and opinions please.
Currently, I am over £20,000 in debt.
I also have a mortgage for £80,000, which is almost £8000 in arrears. This was from a redundancy, and I was out of work for 1 year.
The house is definitely in negative equity. Houses around us selling for $50,000 - £60,000.
Currently our outgoings and incomings are around the same. So things run very tight each month.
I have worked out on what we currently pay back, it would take around 40 years for us to be debt free and/or be in a position to move home (our current home is not suitable for a family of 4).
So I have considered bankruptcy. However do my circumstances allow bankruptcy? Surely been stuck in this situation until I'm almost 70 years old as we cannot pay back our debts properly is far from acceptable.
So what are my options please?
I have been advised by a friend who went through similar. So simply abandon my home, move out to a rented property informing the mortgage company as I go and wait for them to chase me for the shortfall (estimate £40,000) and THEN declare bankruptcy?
Please help :) |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 23 July 2012 : 20:15:02
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Hi Tigers,
If you weren't paying any of the unsecured debts each month, would you have any surplus?
Do you jointly own the house? If so, does your partner have any unsecured debts?
Your friend is right, if you want to have your house repossessed, then I would advise getting into rented accomodation prior to bankruptcy, but you don't have to wait until the house is sold by the mortgage company.
It sounds like bankruptcy may be the best option but please speak to an expert to chat through all your options.
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 |
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year 2029
Average Member
590 Posts |
Posted - 24 July 2012 : 06:12:28
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Hi Tigers and welcome.
Do you want to keep your house?
Could you afford your mortgage if you never had unsecured debts?
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Tigers
Starting Member
2 Posts |
Posted - 24 July 2012 : 21:35:07
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I am currently on a DMP. If I didnt pay that we'd have around £50 surplus.
We do not jointly own the house. It's in my name only.
The house is in a poor state of repair in places, and we have an astronimical mortgage & secured loan with Northern Rock (now NRAM). We pay the mortgage and we're left with next to £0 disposable income.
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 25 July 2012 : 07:18:54
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Hi Tigers,
Have you looked at rental property prices?
I suggest you have a look and then give an expert a call to go through a detailed income and expenditure and then you can have all your options explained.
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 |
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year 2029
Average Member
590 Posts |
Posted - 25 July 2012 : 09:34:45
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Hi Tigers,
Do you want to keep your home, or are you happy to leave it?
I understand the NR situation, I have a few of their mortgagee.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Topic |
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Possible bankruptcy
