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bc73
Junior Member
United Kingdom
192 Posts |
 Posted - 31 August 2008 : 13:18:57
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Hi everyone!My husband and I have finally,finally decided to go BR than carrying on with our DMP.
We wishh to hand back the keys after BR.I am only one month arrears on our mortgage to be able to afford fees for BR.
I havent sorted any rented accomodation as we want to migrate maybe 2nd week of October.will the mortgage company allow us to stay in our house till then?or will they ask us to move out?I havent informed them what I intend to do.please help!our appointment will be next week.
I know reading from here we need to be at least 3 months arrears before repossession takes place.but will the OR allow that?or perhaps the mortgage co if they are informed by OR that I have gone BR?Any informations will be highly appreciated.Im a bit in a panick!Many thanks! |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 31 August 2008 : 13:36:33
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Hi BC73,
I cant see why not it takes a while to get a repossesion order, you have to miss 3 payments, then it will go to court, if you dont agree a repayment plan, then a few weeks later they will go for repossesion.
Good luck
Hope i helped
JO
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 31 August 2008 : 13:37:53
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And the house is a secured debt and as such the OR is not really interested until the repossesion order comes in and the it becomes unsecured then gets added to the BR providing you add it into the SOA.
JO :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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bc73
Junior Member
United Kingdom
192 Posts |
Posted - 31 August 2008 : 13:49:19
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Thanks jo!so Ill just sit back and wait to go BR for now.(sigh)
also,May I ask as well pls ,I took out a loan in june.I already made two payments.and the 3rd is coming out tom.have sent them a letter that Im going BR.Should I cancel the direct debit now or leave it?will they still carry on taking money even if Im informed themm that I go BR?and will that be considered fraud as well if I only made two payments?if they took out DD tom then that will be 3 payments.will that be considered as preferential payment?as Ive informed them Im goin BR?I havent heard from the company though.i sent letter fews days ago.
thanks |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 31 August 2008 : 13:58:10
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Hi if you can i would say let that payment come out.
It would look better with regard to 3 payments on a new loan.
I dont really know if they would consider that as preferential maybe John or one of the other members could clear that one up.
Anyhow good luck.
Jo
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 12 September 2008 : 12:10:27
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Hi BC73,
If you don't want to wait the 3 months, you can always perform a voluntary reposession. This is telling your lender you wish to surrender the property ... a little more in depth than just handing the keys back, but in essence the same.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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Handing back keys
