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nigel72
Starting Member
3 Posts |
 Posted - 02 November 2009 : 22:21:40
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| we ave debts of over 140,000 2 4 different creditors house is now only valued at 105,000 but been advised to put it on market at 110,000 but this still dont help our situation we r now being taken to court 4 26,000 by 1 of our creditors which is a secured loan on property we are stuggling to pay mortgage let alone this 1 we did offer them 100 from out of the house keeping but they turned this down we just dont know which way to go and r concidering bankruptcy plz advise |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 03 November 2009 : 00:00:03
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hi and welcome to the forum
have you any equity in the house
if you declare BR your unsecured debts get wiped but not the secured ones
if you were not paying your unsecured debts and there is no equity in the house could you afford the secured loan/mortgage
if yes BR could well be the way forward for you
if there is equity in the house the OR will most likely want to sell it to release the equity but if you know someone who could buy it for you that is an option
if you don't want to stay in the house no problem , whenyou declare BR any shortfall from the sale of the house would be covered in the BR
if you post some more details of your situation more detailed advice can be given
if yes BR
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
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nigel72
Starting Member
3 Posts |
Posted - 03 November 2009 : 09:37:46
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quote:
Originally posted by nigel72
we ave debts of over 140,000 2 4 different creditors house is now only valued at 105,000 but been advised to put it on market at 110,000 but this still dont help our situation we r now being taken to court 4 26,000 by 1 of our creditors which is a secured loan on property we are stuggling to pay mortgage let alone this 1 we did offer them 100 from out of the house keeping but they turned this down we just dont know which way to go and r concidering bankruptcy plz advise
we ave no equity in the house if the house was 2 be sold it may just pay off the mortgage the value of the house as gone down from 130,000 to 105.000 so if the house was only to cover the mortgage wat wud happen to the other secured loan we ave tried to hold onto the house 4 a yr now and its really pulling us down i ad to take a cut in wages which resulted us to this i look forward to hearing from u thx
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 03 November 2009 : 10:57:36
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| You cannot sell your home with a secured loan upon it if the original mortgage will only just be covered due to the selling price unless you have other means of paying off the secured loan. |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 03 November 2009 : 11:26:11
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as daniel has said the house cannot be sold by you unless all loans secured against it can be cleared.
if you declare BR then you have a choice.
if you want to keep the house with neg equity in it.....
the OR will offer your Beneficial interest BI back to you both for £1 plus cost of £211 you keep paying both mortgage and secured loan and your unsecured debts are wiped
if you don't want to keep the house
stop paying mortgage and loans etc save for rental deposit and BR fees declare BR give the keys abck to the mortgage provider, do not sign any shortfall clauses!!!!!!!!!!!!!! they will sell the house and any shortfall will be included with your other unsecured debts in BR
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
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CMJ
New Member
96 Posts |
Posted - 03 November 2009 : 17:46:54
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I will get automatic discharge tomorrow, and can honestly say the hardest part of the last 12 months was making the decision to go BR !! It sounds as though you are struggling to pay debts therfore are insolvent so my advice is to make the appointment and go BR. You will after that feel like a great weight has been lifted and be able to sleep again.
This forum has been a god send to me, I know I wouldnt have made it through without the support you get on here, from the silliest of questions to general things everyone offers any advice and support needed.
BR is probably the hardest decision you will make but I am living proof we came out smiling.
We were able to keep our car on finance as we needed it for work.
We have bought back the BI for £211 in our property as we were in negative equity.
We have been given no IPA.
We can now sleep at night, feel much less stressed like a different person!!, no more creditors hassling us, we have also learnt to live reasonably well within our means and have the total satisfaction that everything we get is paid for, looking forward to my 2nd xmas where all is paid for up front and not in the new year.
Most of all we will never take on credit again, and although BR was due to credit crunch and hubbys company going under he now has a new job and we are living again.
So please don't worry anymore just make the date at court and go for it I am sure it will not become a regret.
Good Luck
Michelle |
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nigel72
Starting Member
3 Posts |
Posted - 03 November 2009 : 19:34:24
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hi all thx 4 all ur replys they ave been a big help 2 us both. now all we need 2 know is it best declaring br r selfs or do we need to do it throu a company that deals with it. look forward to ur replys thx
nige
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CMJ
New Member
96 Posts |
Posted - 03 November 2009 : 21:29:19
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Hi Nigel
Myself and hubby declared BR ourselves, and found no probs, it is personnal choice this website can offer a lot of answers to any questions you may have.
Good Luck |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 03 November 2009 : 21:39:59
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i cannot deny it can be done yourself but i chose, as do a lot of others , to have a company make sure everything went according to plan and keep control of the situation, having Paul Johns at RevivaUK (he is one of the experts who post on this forum )(link through the left side of the page or www.revivauk.co.uk ) on the end of the phone to answer any concerns and make sure i was ok was invaluable and for what they do , they are NOT expensive as some "dodgy" companies are!!!
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
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we ave debts of over 140,000
