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Topcat001
Junior Member
United Kingdom
180 Posts |
 Posted - 25 April 2008 : 20:32:29
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I am currently thinking of sending my keys back to NR and starting fresh, but I know it cant be thet easy.......
I have a house worth 140000
NR Mortgage 115000 Interest Only payments
Nemo Secured 25000
NR Unsecured 33000
Black Horse 6000
Credit Card 2500
We are currently living on £120 per week for groceries,petrol etc.....
petrol is 40 pw, which leaves us approx (on a good month) 80 a week groceries, for 2 adults 1 child plus another child due October. My wife will be on SMP come the end of September.
I understand that its all our own doing, but i just want to Start again.
Can I declare myself Bankrupt, after renting somewhere to Live ??
Do the Baliffs take your personal possesions in Bankruptcy ??
What are my options before my Blood Pressure goes for a World Record!!
Any advise would be muchly appreciated |
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Topcat001
Junior Member
United Kingdom
180 Posts |
Posted - 25 April 2008 : 21:15:46
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What happens if I miss the payments on my mortgage and my house gets repossesed?........
Am I better off being repossesed, Bankrupt or IVA ??
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melanie_giles
Senior Member
1191 Posts |
Posted - 25 April 2008 : 21:16:26
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I think you also posted this on iva.co.uk - and I actually agree with Andy. Bankruptcy would appear to be the best option, and I can assure you that your personal possessions, so long as they are not of material value, will remain intact.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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Topcat001
Junior Member
United Kingdom
180 Posts |
Posted - 25 April 2008 : 21:23:01
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Thank You Melanie, how can I contact you I need to talk to someone about getting out of this situation as soon as possible
Thank you for your reply |
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pix1
Average Member
689 Posts |
Posted - 25 April 2008 : 22:40:09
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| It looks like you have no equity in the property so one option, if you can keep making the mortgage payments is to get someone else, wife perhaps or relative to buy your interest in the property. That way you might be able to keep the house. However, if you can't pay the mortgage you would probably end up losing the house in the bankruptcy. If you are not making mortgage payments put down the mortgage on the BR form as a secured creditor and also put it down as an unsecured creditor just in case there is some mortgage shortfall if and when the property is sold. That applied in my own case. |
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melanie_giles
Senior Member
1191 Posts |
Posted - 25 April 2008 : 23:09:18
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Topcat
Can I recommend that you contact Paul Johns who also posts on this forum. He will be able to guide you through the process of bankruptcy, either on a formal or informal basis.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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HELP Please
