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Mr and Mrs
Starting Member
United Kingdom
30 Posts |
 Posted - 25 October 2008 : 16:07:13
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Hi, This is my first time, so please be kind.
Me and my husband are facing up to the fact that we have to declare ourselves BR. This year we have gone from 2 to 1 income (my husband is in construction and the work hasn't just dried up, it has completely evaporated, so have practically no income at the moment). We have a motgage, which is almost 3 months in arrears,we do have PPI on this but it's taking ages to actually start paying out (we recently found out we have negative equity if we take into account the first and second charge - the value has dropped £24k in the last 6 months- it just gets worse), we have a secured loan which at the moment is up to date but not sure for how long, we have about £26k of various other depts. at the moment we are making token payments (as advicesed by CCCS) to all 26 of out creditors (ranging from £250 to £4000)but this just seems to be annoying them judging by the angry and constant phone calls, some are accepting our offer but most aren't.
I need some advice on where to go now, we have read loads of information on here, but i don't know what we can do for our circumstances, we have 3 young children, no money for BR fees, and moving would be expensive as well as upsetting for the kids. We know we'll have to, but we don't want to be forced to do it by the mortgage lender or the second charge lender until we can find somewhere else to live, resettle the kids in new schools (took us long enough to get all 3 children into this school) and move jobs etc..... plus it is so hard to rent somewhere if you are BR, as BR can't hold a tenancy, you have the moving costs and deposits etc.
HELP!!!!!!! need advice as me and hubby are at our wits end (and the old man is starting to get narky and hard to live with, LOL, love hime to bits reallY) -
Sorry to prattle on for so long, it just feels a releif to find somewhere to talk about this without feeling ashamed of our financial predicament.
Right, my next website to visit, is the Samaritans LOL
Thanks
Alexandra (or just Alex for short) |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 25 October 2008 : 16:31:30
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Hi Alex and Welcome
Firstly your not alone, by anymeans we have all been where you are now and i for one know you can get through this LOL
You are 3 months behind with your mortgage but if they are taking so long to sort out the money are they also going to pay out on the secured loan too.
Most of us stop paying the creditors prior to BR to get the fee together as its the only way, and if you can save the money from what would have been your mortgage you could also save for a house deposit prior to going BR.
In your case i dont know how that will work right now as your waiting on the ins to pay out.
BR is an option for you and certainly sounds like it could help to end a very stick situation. Are you able to give our main experts a call also on monday so they can go through your circumstances on a more one to one approach.
You can also get in contact with some utility companies to see if there hardship funds i think they are called can help you out with the fee, but if your on a low income or on certain benefits then the court fee may be reduced by £150 making the fee not £495 each but £345 each. There is more info in my blog on that.
If you decide you want to rent before then it now that you should be thinking about moving but if you want to stay in your house then thats worth looking into a bit more but it is down to you.
Do you have any Disposable income left each month now after paying your essential living costs.
Anyhow let me know if i can help anymore. Anf i know what you mean about the OH bless them i have one too and have been where you are right now;-)
LOL
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Mr and Mrs
Starting Member
United Kingdom
30 Posts |
Posted - 25 October 2008 : 17:26:22
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Hi Jo,
Thanks for coming back to us, yours is one of the pages I have been reading so I know you have had a hard journey yourself.
We were able to get insurance for the mortgage (with my husband being self employed it cost a fortune), but didn't need insurance for the secured as his insurance would kick in for the first and my wages could cover the second, but it's just taking so long for the mortgage insurance to start, him being self employed they want to know everything and more.If the mortgage PPi had stated sooner, we would have still struggled but not been so close to our limit - thats why the second charge is still up to date)
Money is so tight at the minute, even with us not paying the mortgage, we are really struggling, not sure how much we can afford to put aside each month for fees or to move, if i knew we had 12 month to save then we could just about do it (we know this is never gonna happen), but we have to go BR within the next 2-3 months (can't get much saved with the 3 little uns eating everything in sight and leaving every imaginable electronic appliance in the house on LOL, also, not not sure on who not to pay, eg, concil tax and direct debits for gas etc, i have been paying these but only paying the basic is hard.
I have taken down a helpline number shown on this forum and I will definitely give them a call on Monday.
I have applied to the British Gas trust fund and the Civil Service Benevolent fund for help with BR fees but reading other peoples entries on here, this isn't gonna be as quick or hopeful as we first thought.
At the moment, we don't have enough income for our basic needs, let alone have any disposable income, thats why CCCS wouldn't touch us, we couldn't afford to enter into DMP, and since then they have pretty much been no help, they have just thrown a load of booklets and leaflets at us and left us to it.
My husband is in the process of claiming back PPI for his bank loan and bank charges (these add up to 1000s, how would bankruptcy affect any payments paid back to us, we are hoping that any PPI re-imbursements for his loan will go straight to his loan and reduce the am-ount we owe them but is there a chance that we will get actual cash from the bank charges and use these for our BR fees. If not, what happens if we get them back after we go BR.
We are slightly unsure as to the best time to move, hubby is hoping to stay here as long as possible to make it easier on the kids, where-as I am tempted to run away and find somewhere else to live before we are BR and before anything shows on our credit files, for agents and stuff, not at the stage of arguing about this yet as i'm too easy going, but we would appreciate some outside advice (a new view always help).
Your going to be sorry you answered our first question as I have a million and one questions and think of new ones all the time. Like I said I will call the helpline number as well but hope you don't mind me coming to you as well.
Alex |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 25 October 2008 : 17:41:51
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Hi Alex
Thats what i am here for to help and guide you through one of the most difficult times in your life, and i can help because i have been there and got the T shirt.LOL;-)
Anyhow, i can see what your saying with regards to the money to go BR. Lets hope that the funds come in sooner rather than later, but in order to keep your home you must keep up all payments or make arrangements to pay these back otherwise you risk losing it, that said though if it does go and before BR then this will be included in your BR along with the secured debt as then it becomes unsecured.
Have you any family or friends that you trust enought to help with the fees. The piece about getting your money back in bank fees etc if you get it before it will be yours and yes it is a good idea in reason to pay off some on the loan you had if thats how they pay you, if not and it is before BR keep the monies and use towards the fees and also moving.
Whilst it is more difficult to find a rental place once BR it is not impossible and there are private landlords out there that are sympathetic towards people that are BR.
I do know where your coming from though, my BR was in August and it was a hard thing to do but now i am so much happier. We will be aiming to keep our home as we can just about afford the payments but you do need to actually speak to an adviser and find out mre of your options.
Its best to have a plan of action and stick to it, that way you wont drive yourself insane.
I have 3 kids too so i know how they eat everything and how hard it is also.
LOL
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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huntersrishon
Junior Member
189 Posts |
Posted - 25 October 2008 : 18:21:06
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Hi Alex
Welcome - try not to let it get you down to much. We have all been where you are and this forum is an absolute blessing. You should be able to get most of your answers through the brilliant experts here.
We plan on giving our house up - we had all credit checks for a house done prior to BR.(although we will now be renting through a friend and not an agent) From what I have read and been told it is better if you can sort that prior to BR.
This may not be an option but with 3 children could you not get a council house in a good area?
We went BR on Thursday so we are still new to it all but it is a massive releif. I also thought we would never want to rent but we are feeling releived that we will be going in to rented - not really tied - no paying for broken boilers etc.
Keep your chin up and definately speak to the experts.
Take Care
Dee  |
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Mr and Mrs
Starting Member
United Kingdom
30 Posts |
Posted - 25 October 2008 : 18:45:18
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Thanks to you both for replying. I know we will work our way through this, it's just so hard at the moment trying to gather all the informtion to make a proper and realistic plan of action.
Just read on one of the posts on here that someone rented a flat just before they went bankrupt (my plan) and since they have declared BR, due to a clause in the tenancy agreement, they may have to give up the tenancy, they couldn't ask the landlord about BR before they moved in, in case it gave him wind of their financial difficulties.
Seems as though every time we open a door, another one shuts. if it was just the 2 of us, we would just up and out and worry about it all along the way, but with little ones we have to be a lot more responsible, this is our mistake and we don't want the kids to suffer,
I am definitely gonna give the experts a call on Monday. I am suffering from information overload tonight, everywhere i look i'm getting conflicting information.
Gonna play the lottery again tonight, nearly won it last week, only 6 numbers away from winning LOL
Alex |
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kazy1
Junior Member
United Kingdom
120 Posts |
Posted - 25 October 2008 : 18:50:25
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Hi Alex and welcome.
Firstly your 3 children will be fine my 5 haven't noticed a thing apart from me not being stressed and food in the cupboard!!! kids are tough[;)
Not sure about br not being able to hold a tenancy though as my oh and i have just got another house nearer the kids school and when i told the agency that i was br all he was intetrested in was as long as the rent was covered it was ok plus we do have someone who will gaurantor (not spelt right!!) for us.
Take each day as it comes and now learn to relax and enjoy your family you deserve it.
Both of you will get through this .Once i had made the desicion it was a huge relieve iwas also going to suggest private landlord.
Good luck
Kazyxxx |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 25 October 2008 : 18:57:49
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Alex
As we have all said it will all come good in the end and there are places that will take you before and after BR so dont worry.
Most people are human and as long as the rent is paid as Kazy has said then it wont really be an issue.
The clauses are usually found in the agents renting agreements and as i said look for private.
Your kids like all of ours wont notice a thing apart from the new spring in your step, you owe it to yourselves to make the most of now and you will get through this along with all of us.
Chill out tonight, wait till Monday and give us a call, then Monday night let us know how it all went.
Give those kids and your OH a big kiss and a cuddle and remember blood is thicker than water and the debts can wait.
Best of luck
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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kazy1
Junior Member
United Kingdom
120 Posts |
Posted - 25 October 2008 : 19:03:10
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well said needafriend/Jo???
can't wait to you reveal all  in the next couple of weeks its like eastenders!!!
Kazy |
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Mr and Mrs
Starting Member
United Kingdom
30 Posts |
Posted - 25 October 2008 : 19:07:50
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ideally, our initial plan is to speak to the mortgage lender and ask them if we can come to some arrangement, for example reduced payments or something (already on interest only,as well as the PPI eventually kicking in). we're hoping the lenders will go for this, given that we are in negative equity at the moment, and we live near the 2012 olympic site so hoping that the value will only go up, the mortgage lenders will only loose out by making us leave now at a loss. At this stage, if they are not willing to accept our suggestion, should we mention BR to them or still keep it to ourselves?
we will keep up the payments on the secured, the unsecured depts will have to wait in line for a while. We will somehow manage to get the fees together and either in Nov or Dec, go BR. We will try and ride everything else out until next summer (school holidays) and then see about selling this place (if we can, still got to do a bit of research on this) and then renting somewhere else. I know it will be harder but not impossible to rent somewhere if we are BR.
happy for any views |
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Cakietin
Junior Member
United Kingdom
278 Posts |
Posted - 25 October 2008 : 19:25:23
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Hi Alex
Sorry to read about your situation. Just to let you know my husband and I applied to have our fees paid by the British Gas trust as well as Severn Trent Water. unfortunately neither could help us with the fees. I was told that they are overwhelmed with applications at the moment and are only approving 2 a month. Sorry to burst your bubble but we waited 6 weeks to hear this then had to find another way to raise the fees. As we are on benefits we ended up borrowing it from the Social fund. Not ideal but it is a means to an ends.
Hope you find a solution.
Kindest regards,
Amanda |
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Mr and Mrs
Starting Member
United Kingdom
30 Posts |
Posted - 25 October 2008 : 19:40:16
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British Gas doesn't sound too hopeful, i am putting more hope on the civil service benevolent fund which i have been paying into for the last 8 years, if not, who knows.
Take that step when we have to. Nothing can stop tomorrow coming so lets see what it brings. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 25 October 2008 : 19:48:24
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Well said Alex. Lets see what tomorrow brings :-)
Kazy
I like to keep people on there toes, so you will just have to wait a while longer and see what my little secret is!
Not long now..................
WATCH THIS SPACE.
All you need to know is that i will always and i mean always be here for you all, no matter what and if you ever want a chat about anything ask admin to exchange emails and we will sort something out.
LOL
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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huntersrishon
Junior Member
189 Posts |
Posted - 25 October 2008 : 20:32:50
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Hi Alex
Out of curiosity is it the London olympic site or the Weymouth /Portland Dorset sailing site.
We live near the Dorset one.
Dee |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 25 October 2008 : 20:50:26
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Hi Dee
We are not far from the Weymouth one either, be interesting to see where Alex is too.
LOL
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Mr and Mrs
Starting Member
United Kingdom
30 Posts |
Posted - 25 October 2008 : 20:55:02
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yeah the London site.
In an ideal world we would have sold just before kick off to the Games and made a few quid for a deposit on a new place but now with my work coming to an end the way it has dont think thats going to happen. hey i'm Ray btw the other hf. Found this site a few weeks back and must say its a great place to empty ones head of the ins and outs of this mess. its better to share is what i've heard.
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Edited by - Mr and Mrs on 25 October 2008 20:56:32 |
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BR - where do we start
