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scared
Junior Member
United Kingdom
220 Posts |
 Posted - 06 October 2008 : 18:06:58
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My OH and I filed for BR in July. We are three months in arrears now on mortgage and secured loan. No equity in property so it will be repossessed.
We are hoping to rent a property soon, but don't know exactly when. My OH had a call from the secured lender today saying that if we pay £10 - £30 into our account, it will stop them taking any action for at least a month. Has anyone ever heard of this? I would think they have to go to Court for repossession anyway, and then does the Court give 28 days? Am just worried about the timing of all this. We haven't had any papers relating to repossession yet. Should we pay money in? My first instinct is not to pay anything at all and just await repossession.
Also, if you "hand back the keys", do the lenders have to go to Court for repossession anyway, or is this something different?
Any advice would be gratefully received. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 06 October 2008 : 18:16:41
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Hey Scared
I have not heard of this so cant help, but i would be interested in knowing if anyone else has and what happened.
Hope you get the answers soon.
Take care
LOL
Jo x
Your Mother Hen :-)
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Mother Hen's New Debt Free Life with Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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digman
Junior Member
United Kingdom
319 Posts |
Posted - 06 October 2008 : 18:16:58
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Hi scared ,
I think the reason they have said '£10-£30 will stop them for at least a month' is that aparently no court will accept a reposession claim from a lender until you are 3 full payments in arrears . I am presuming that by making the payment requested it would slightly bring you under the 3 payments rule .
Sorry , but cant help re the rest of your query .
No doubt if i am wrong one of the experts will correct me ,
Take care ,
Andy |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 06 October 2008 : 18:19:25
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Hi Andy
That seems logical as they may be trying to help the customer to stay put as to lose the customer they end up with no monies and in this current climate i think they will try anything to keep getting the dosh per month also could be that they think they are being helpful.
LOL
Jo x
Your Mother Hen :-)
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Mother Hen's New Debt Free Life with Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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scared
Junior Member
United Kingdom
220 Posts |
Posted - 06 October 2008 : 18:23:24
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Yes Digman, that makes sense. Might be an idea then.
Hey Jo - thanks for that. I'll e-mail soon! |
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digman
Junior Member
United Kingdom
319 Posts |
Posted - 06 October 2008 : 18:28:42
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Hi again ,
I suppose that if the time for moving out isnt right for you and a payment of £10-£30 will buy you more time its worth paying it .
Andy
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 06 October 2008 : 18:58:17
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Great advice Andy. Thought about becoming an expert?
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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digman
Junior Member
United Kingdom
319 Posts |
Posted - 06 October 2008 : 19:17:12
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Hi Julian ,
Thanks for the vote of confidence , very much appreciated .
I dont think my experience warrants that of ' expert status ' just yet as only just beginning my/our journey thru it all , but am just passing on the snippets of good info i have found out along the way where i think it is of use to other posters .
Andy
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Edited by - digman on 06 October 2008 19:17:53 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 06 October 2008 : 19:28:11
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Hi Scared
Hows the house hunting going on then?
Are you all ok. We are getting there, letters coming in from the OR slowly but not heard mouch from them. Still dont know if we will get a BRU but hey it wont be the end of the world if we do.
LOL
Jo x
Your Mother Hen :-)
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Mother Hen's New Debt Free Life with Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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scared
Junior Member
United Kingdom
220 Posts |
Posted - 06 October 2008 : 20:49:45
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Hi Jo - we have seen another property and have applied for that (having told the agent all about our situation), so fingers crossed. I think I told you about disaster with other property? If not, I will e-mail you about it. Re BRU, I doubt very much that you will get one, but, like you said, even if you do, it is not the end of the world.
xx |
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frosie90
Junior Member
285 Posts |
Posted - 07 February 2009 : 20:25:20
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I have similar situation to "Scared" and wonder what the outcome was? I am considering BK as an IVA is going to keep me in a state of panic and limitation for the next five years. I have approx. £37k unsecured debt, £7k of which is part of my mortgage. My house is in negative equity but has 3 years left on a fixed rate. I was stupidly given a lengthy mortgage period (33yrs) even though I am well in my forties so any hope of securing a manageable mortgage in 3 years has seriously diminished. I am in a reasonably well paid job and have never missed a mortgage payment nor any household bills. My credit card and loan bills are now taking me well over my income each month so I have ended up putting money on my credit cards to ensure I dont miss payments. I am currently being advised to take an IVA but feel that I will be very limited as to any disposable income remaining and the whole sage of getting into so much debt has not been reckless but a case of being hoodwinked and taken advantage of so it is a part of my life I would like to put behind me rather than being reminded every month for the next 60 months.
Basically what I am asking is what can I do about my house if I file for BK? It is in a state of disrepair but I cannot afford to do anything cosmetic let alone structural. I am considering looking to rent somewhere but need to know what best to do, miss mortgage payments and save for rent or wait??? Any advice will be gratefully received.
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 07 February 2009 : 21:36:35
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Can I ask why you feel an IVA will keep you in a state of panic and limitation?
Yes, you have to make payments for 5 years, but you are allowed to have a life, and as long as you choose the right company and the payments are affordable it is a good way of paying back some of your debt.
If you do go bankrupt, you will be expected to make payments for 3 years, and these are also based on your disposable income.
The glimmer gets brighter all the time |
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frosie90
Junior Member
285 Posts |
Posted - 07 February 2009 : 22:02:06
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quote:
Originally posted by kallis3
Can I ask why you feel an IVA will keep you in a state of panic and limitation?
Yes, you have to make payments for 5 years, but you are allowed to have a life, and as long as you choose the right company and the payments are affordable it is a good way of paying back some of your debt.
If you do go bankrupt, you will be expected to make payments for 3 years, and these are also based on your disposable income.
The glimmer gets brighter all the time
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frosie90
Junior Member
285 Posts |
Posted - 07 February 2009 : 22:11:40
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Hi, thanks for reply. State of panic in that they worked out that I would have about £18 disposable a week after essentials which although I should not scoff at this because I know there are people with far less but it does not allow me anything for remedial work around the house, daft things like a fish filter!!! I love my home but feel that I have stagnated as it is clean and tidy but needs so much doing to it. I don't go out and de-stress from a very stressful job so basically I feel that I am completely swamped by past mistakes etc. and look for a total new start. I am not looking at BK as a way of absolving myself of debt but really feel that my current situation is making me ill. I feel really confused about the whole house situation, mortgage, neg equity etc. The fish filter is just a flippant example but really things like my travel to work is the cheapest form so it takes me 3 hours a day (return) rather than driving (because of the associated costs with having a car) or using a train. I have really economised. My whole debt situation is due to being taken for a ride, helping others out at my own cost, a lesson that I have truly learned.
quote:
Originally posted by kallis3
Can I ask why you feel an IVA will keep you in a state of panic and limitation?
Yes, you have to make payments for 5 years, but you are allowed to have a life, and as long as you choose the right company and the payments are affordable it is a good way of paying back some of your debt.
If you do go bankrupt, you will be expected to make payments for 3 years, and these are also based on your disposable income.
The glimmer gets brighter all the time
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Edited by - frosie90 on 07 February 2009 22:33:08 |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 07 February 2009 : 22:28:25
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I have no idea how much disposable income you would have left if you went BR.
Why don't you ring a couple of other companies up? Visit www.iva.com and there are lots of reputable companies on there. The advice is free, they won't force you into anything you don't want to do and they will go through all the options available to you.
The glimmer gets brighter all the time |
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debtrider
Junior Member
494 Posts |
Posted - 07 February 2009 : 22:33:58
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Hi Frosie90
If you are going down the bankruptcy route and have never missed a payment on your mortgage but have no intention in keeping your house. I would advise to stop paying your mortgage now and save up to rent a place before going bankrupt.
On the other hand if you want to keep your house and feel you can get someone to purchase the BI in it then that would be the way to go. If your house is in negative equity then there should not be a problem. If there’s some equity in your house then you would need to get an estimate of how much and can anyone buy the BI.
If you have some disposable when bankrupt over £99 then you may be subject to an IPA for 3 years. If you have enough disposable income to go for an IVA then that might be the route to take. As far as I understand in an IVA most if not all of your disposable income is taken, and not so many expenditure allowances are made.
I enquired about an IVA, but after taking some advice there was no way I could afford the repayments for an IVA and unfortunately had to go bankrupt.
debtrider
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Help please
