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jwmc77
Junior Member
United Kingdom
195 Posts |
 Posted - 07 October 2008 : 14:44:42
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how do they react to you making underpayments on your mortgage in the lead up to br...so to be able to save the money for court costs/deposits for rental property, surely they would have to just take what i offer?
j mcalindon |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 07 October 2008 : 15:45:45
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Hi jmwc77,
How do who react?
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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BankruptC
Senior Member
1030 Posts |
Posted - 07 October 2008 : 17:29:32
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Hi jmwc77,
I take it you mean how would the mortgage company react? If you plan to move into rented accommodation, then surely you don't need to pay the mortgage at all? We stopped paying ALL creditors, including mortgage and secured loan, when we'd decided to go BR and hand the keys back to the mortgage company.
C. x |
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jwmc77
Junior Member
United Kingdom
195 Posts |
Posted - 07 October 2008 : 18:34:57
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hi bankruptc,
when did you stop paying creditors, when you decided to go br or when youd been to court?? and did you literally hand your keys into mortgage co.
quick thought:: lets say i stopped paying everything now, how long realisticly could i hang on before filing for br?? (without anyone sending the heavys round)lol
j mcalindon |
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BankruptC
Senior Member
1030 Posts |
Posted - 07 October 2008 : 19:13:06
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Hi jwmc,
We stopped paying creditors as soon as we decided to go BR. This was July and we went BR in Sept. The creditors were 2 or 3 months in arrears by then. You usually have 3 months before the mortgage company starts to go for repossession. The best thing to do is to stop paying everything but priority bills (council tax, utilities etc), then use the money to save for your BR fees and rental deposit. You must stop paying all your creditors though, otherwise you could be seen as giving one creditor preferential treatment over the others, which is not looked on too kindly.
We moved into rented first, then went BR, then sent the keys back (recorded delivery) to the mortgage co with a covering letter explaining we were BR and could no longer pay. They took possession fairly quickly, and the OR is now dealing with them (we haven't hear a thing).
Hope that helps!
C. x |
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jwmc77
Junior Member
United Kingdom
195 Posts |
Posted - 07 October 2008 : 19:47:19
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and have you a monthy payment to make to the or?? if you dont mind me asking.
j mcalindon |
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BankruptC
Senior Member
1030 Posts |
Posted - 07 October 2008 : 19:53:37
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Hi jwmc,
Yes we will have. We're just in the process of negotiating it with the OR. Presumably you know how it works and how the payments are calculated?
C. x |
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jwmc77
Junior Member
United Kingdom
195 Posts |
Posted - 07 October 2008 : 20:05:34
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no... ive read that if you have anything over £99 left after bills then the or can take anything over 50%???????
i have a take home of £1500p/m and my wife will be out of work by then...what with rent and all other utilites ill be paying out £1200/£1300pm... do you think its likely that we will have to make payments??
j mcalindon |
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BankruptC
Senior Member
1030 Posts |
Posted - 07 October 2008 : 20:09:28
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I've replied on your other thread too. If you had £200 left, you'd have to pay £100 per month. How many children do you have? What are their ages? I'd be surprised if you'd have £200 left though if that's your only income. What about child tax credits, maternity pay etc?
C. x |
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jwmc77
Junior Member
United Kingdom
195 Posts |
Posted - 07 October 2008 : 21:07:38
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hi, the kids are 8, 5 and 5 months, yes she does get t/c but its measly, and yeah your right i probably wont have that left as that not taking anything like dentists and clothes into consideration...and let me tell you...its not cheep clothing 3 girls....4 including the wife.
MAC |
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mortgage company
