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Nomoneynic
Starting Member
United Kingdom
32 Posts |
 Posted - 10 January 2009 : 21:08:46
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House safe or not.
Just reading through some posts I have just thought of something. We are in negative equity at the moment with house. We have a loan with Nottm B/S and a secured loan with First Plus. We are not in arrears and have never missed a payment with either. I thought we might be safe and keep the house but I get the feeling that either Nottm B/S or Firstplus could force us to sell house. Does this happen alot and how likely is it. I really need to get things sorted in my head. I need to get ready to move. I hope it won't happen but I am now not feeling confident at all.
Also I am worried I have not put enough info now in reasons for debt. I have basically put we found we were in situation where we were paying creditors every month and did not have enough to live on. I had to reduce hours to care for children and husband's overtime which helped us out got reduced. Does this sound ok or do they need to know more.
One more question I think we stopped using any credit around the start of Nov. Nobody received there Dec payments. Do you think we have gone too soon for Bankruptcy? I am worried sick and just want to give up now, give house back and just walk away from it all. I know this is not sensible and the debts would follow us. I just need some reassurance. I cannot stop crying about it all now. Friday is getting nearer and nearer have we done the right thing? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 10 January 2009 : 22:02:25
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Hi
It sounds like you are in a confused place and need some reassurance and guidance. Have you called the helpline or other experts for a chat.
You would probably feel a lot better for doing so.
Regarding the house, if you can continue to meet the monthly repayments it is very unlikely that you would be asked to leave the house. After all if you are in negative equity then the mortgage companies would lose money if it were eventually sold.
Give someone a call I promise you will feel better and more focused on the priorities afterwards
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 10 January 2009 : 22:06:02
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Hi Nic
I agree with Paul here i would give someone like the helpline a call on 0800 078 9367 if nothing else just to put your mind at rest.
Best of luck and please dont worry.
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
23 Weeks down
29 to go
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Nomoneynic
Starting Member
United Kingdom
32 Posts |
Posted - 11 January 2009 : 09:02:11
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I will do that tomorrow I think. The only reason why I am worrying about house is the secured loan part. Firstplus are cowboys and I think they will try and get us to sell. Oh well whatever will be will be (as my gran used to sing - god bless her)
Thank you.
Nic |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 11 January 2009 : 09:10:59
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Hi Nic
Best of luck, let us know how it pans out and i have started to sing that song now, whatever will be will be, the futures not ours to see, oh thats it i will be singing this all day now, ;-)
LOL
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
23 Weeks down
29 to go
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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pix1
Average Member
689 Posts |
Posted - 11 January 2009 : 09:26:59
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Nomoneynic,
If you are keeping up payments on your mortgage you cannot be turfed out by the company as it is the family home.
Important questions:
1)Have you gone bankrupt already?
2)Is there equity in your property?
If you have gone BR and want to get out of the house and the mortgage you may still be able to do so but someone needs to advise you whether or not you might face mortgage shortfall arrears if the house was repossessed and sold at a loss. I understand that if you make mortgage payments from the date of the bankruptcy order you can still be held liable for mortgage shortfall arrears in the future. Maybe not.
If you have not gone bankrupt yet it would be good to decide whether to continue making payments on the mortgage if you don't like the mortgage company. They remind me of the mortgae company my wife and I had, i.e., not a friendly high street bunch. might be good to get shot of them while your about it. But then you need to think about renting and what not, though it would be months before you have to move out.
This also might depend if your husband is going BR, too. Any debts, including in joint names, will be pursuable against any party who deos not go BR.
N.B. You can update anything you want at any stage simply by writing to the OR's office.
On a lighter note, I'm a football fan;
que sera sera
whatever will be will be
we're going to Wem b ley
que sera sera |
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John
New Member
United Kingdom
73 Posts |
Posted - 11 January 2009 : 10:38:32
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Oooh lets not go down the footie fan road pix.
In my house that song, and being a footie fan, is a contradiction in terms!!!!
Only messin'!!!!!
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Nomoneynic
Starting Member
United Kingdom
32 Posts |
Posted - 11 January 2009 : 18:33:28
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I have a mortgage with the Nottingham Building Society and then a secured loan with Firstplus. I just feel like I will have trouble from them. I have never been in arrears with any of them but I just feel like they will do something to cause hassle. We have negative equity.
Yes my hubby and I are both going bankrupt and are hopefully doing it at 8.30 on Friday. I am worried now after reading about spending up to bankruptcy. That is really the only other thing that is worrying me. I think I used a store card at the beginning of Nov for school uniform and I am not sure if it was just a little earlier for something from the catalogue. Obviously with Christmas coming up I did buy a few things. It was only at the beginning of Dec that we said enough was enough we were just living off some overtime which my hubby was going in every day begging for.
Does it look like we will get a BRO?
Thanks for advice everyone
Nic |
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House safe or not.
