I'm very worried a the moment, my husband and I have booked our court dates for 2nd July. Our house is in negative equity by about £7k, have had it valued this morning. My husband is on job seekers and I work full time and bring home approx £1760 per month. Of this my mortgage is 500 and secured loan 320.
We can along with my husbands benefits and child allowance manage to live albeit tightly on that amount. The reason we are going bankrupt is our credit cards are sky high and we can no longer pay them. We've taken advice from national debtline.
I know in theory, because we are in negative equity that the OR should sell our beneficial interest for £1 plus fees, but will they have a problem with the fact that we are paying 820 per month for mortgage and secured loan anyway.
Has anyone else any experience of this. We have a 1 year old child and I have lived in this house for 24 years and it would break my heart to lose it.
If you can afford to continue with the mortgage repayments/secured loan then there shouldn't be any problem. Depending upon where you live it could cost £820 or more to rent a property for the 3 of you.
Hi Everyone,I'm very worried a the moment
Posted - 15 June 2009 : 21:15:03
