| Author |
 Topic  |
|
|
grantspants
Junior Member
United Kingdom
297 Posts |
 Posted - 28 August 2008 : 22:01:01
|
Hi i'm just after a little advice please (just for a change!).
I'm trying to figure out how long I've got to go BR and a general timeline. I'm gonna include my negative equity in my SOA, and rent a house and hand my keys back to the mortgage company, but I need around 1.5 months too get the deposit together for the rented house. I have creditors calling all the time threatening action unless I pay, and I'm trying to stall them as much as poss.
Would it be possible to do it like this:
1. Sign a tenancy agreement next week for the rented house to move in mid-october (the checks have all be okayed, and give the landlord a holding fee)
2. Stay in my mortgaged house missing two months payments so we can save for the rent on other house.
3. Declare myself BR shortly after signing the tenancy agreement.
4. After 2 months have passed, hand the keys back for the mortgaged house and move into rented.
Does this sound like it would work? Or if I made myself BR whilst still in the mortgaged house would they try and repossess it after 2 missed payments.
I feel like I'm going round in circles here, any advice or ideas about how I should go about this would be greatly appreciated
Thanks again |
|
|
Trolly-Dolly
Average Member
591 Posts |
Posted - 28 August 2008 : 22:04:50
|
Sounds like a good plan!
I think that they dont start repossesion until you are 3 months in arrears.
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
 |
|
|
grantspants
Junior Member
United Kingdom
297 Posts |
Posted - 28 August 2008 : 22:07:18
|
U reckon TD? I hope so, because right now its playing like a broken record in my head! Just wish I could fast-forward time on this occasion.. |
|
|
|
BankruptC
Senior Member
1030 Posts |
Posted - 28 August 2008 : 22:10:22
|
Hi grantspants,
That's pretty much how we're doing it too. We're now in rented accommodation and are due to go BR in 2 weeks or so. Not had any mention of repossession from the mortgage co yet and we've already missed 2 payments.
Hope that helps somewhat.
CG. x |
|
|
|
Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 29 August 2008 : 01:14:52
|
hi
a mortgage company won't start reposession proceedings until you have missed 3 payments. After the 3rd missed payment it goes to their solicitors and there will usually be a court hearing within 4 - 6 weeks after the 3rd missed payment. They will be granted a posession order ( or if you attend and try to resume repayments a Suspended posession order )
If at this point you make no attempt to repay the mortgage they will go back to court ( 2 weeks ) to get a reposession order and eventually you will receive an notice of eviction.
In reality it would be 2 - 4 months after the 3rd missed payment ( minimum ! )
just a note about the new landlord - they may be reluctant to hold a house for you for 2 months because unless it is currently rented they will loose out.
The most important thing is to get the new home sorted out first. You can petition for Br after you are settled so the first financial committment is the rental deposit and month in advance - then when the family is safe you can save for the petition costs.
If you can stay in the house long enough you can get everything sorted.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
|
|
|
grantspants
Junior Member
United Kingdom
297 Posts |
Posted - 29 August 2008 : 08:17:08
|
thanks for all the help, not sure what to do really..
I'm not sure I can hold out for two months because my unsecured creditors are getting impatient now, how can I hold them off?
My main concern is that they try and file for a CCJ before I've got the tenancy agreement signed, thus ruining my credit file completely.
I've already got two defaults and some late payments on it already I've noticed (Credit expert website) and am worried about it ruining my chances for the new house. But my main problem is getting my rent and deposit sorted, because like a fool I let the august mortgage payment go out. Kicking myself now! Anyway i am desperately trying to get the rented place sorted out but time is running out.....
thank u all |
|
|
|
BankruptC
Senior Member
1030 Posts |
Posted - 29 August 2008 : 10:39:26
|
Hi grantspants,
No other advice really other than I know what you're going through. We worried we'd have the same problem, but luckily we got into rented before the more serious things hit the credit files. Even if it does happen, all will not be lost. You could then look at private rentalswho don't do a credit check, or speak to the letting agencies and see what they say. Some smaller ones (like ours, luckily) are quite open and accommodating when you explain yoursituation.
My fingers are crossedfor you that you get it sorted.
Take care,
CG. x
|
|
|
|
grantspants
Junior Member
United Kingdom
297 Posts |
Posted - 29 August 2008 : 10:49:59
|
thanks C.G, I seem to be worrying about everything right now, and think i'm getting on my wifes wick. But the truth is, all i'm really worried about is that she's ok you know.
Some good news this morning tho, I have had a call from the letting agents to say that I've passed the checks, all I have to do is agree on a date with the landlord.
Things are looking up  |
|
|
|
BankruptC
Senior Member
1030 Posts |
Posted - 29 August 2008 : 11:00:14
|
Oooh fantastic grantspants! I remember when we got the call to say the same thing-it's such a relief!
My husband was just the same-worrying me and our little one were ok. He feels guilty about this all, even though we're both going BR and are in this together.
You'll get there hon and you'll soon be able to put this chapter behind you and move on.
SOOOO glad to hear about the flat-it's such a worry.
CG. x |
|
|
|
debtfreejo
Junior Member
213 Posts |
Posted - 29 August 2008 : 20:36:17
|
Hey Grantspants,
That is good news about the new home. We are looking tomorrow at a rented place but not too worried at the moment if we dont get it as we are still just about affording the mortgage, but i was looking to move out within the year after BR and its been nearly a month now.
My inspection of the place is 2pm tom, so i will let everyone know what happens etc.
Good luck and take care
JO :) |
|
|
| |
Topic |
|
How long have I got?
