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Mark.cr
Starting Member
6 Posts |
 Posted - 07 November 2009 : 16:45:14
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| My home is valued at £155000. I have £140608 remaining to pay on the main mortgage. I have a second secured loan of £33614. I owe £6000 worth of credit cards. I have recently been summoned to pay outstanding council tax arrears of £670. The worry is making me ill. I also need to move out of my house for personal reasons due to separating with my partner. I have a 6 year old child and worry that I cannot provide for him. I am a teacher and bring home £2200 per month. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 07 November 2009 : 17:10:34
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hello Mark
welcome to the forum
well done for posting and putting your hands up in the air .. No detentions or letters home for bad Questions you will find most people on the forum helpful
if you are anything like me you will have thousands of question, concerns and worries.
your head may be spinning from all of the what if scenarios, letters from creditor and telephone calls.
can i suggest speaking to one of the experts at the earliest convenience, once you have shared your whole story they can share with you various options to debt.
you can then make an informed choice the one that is best for you and your son
good luck in the path ahead,
regards Richard
PS mark if your are an English teacher i apologise for all my spellings and grammar |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 07 November 2009 : 17:26:20
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Hello Mark
First, welcome to the forum
As Richard P has said, the forum has experts that wil assist you and there are enough of ius that are BR that will share experiences.
We have all stressed and many of us (I include myself) are on medication for depression/stress
You have a lot going on and I wish you well - I am an ex estate agent - if you need some suggestions about your house.renting post back with some more detail about the mortgage/any arrears for example etc - I will be happy to try to give good cyber advice,
My best regards, Richard
"There are no problems - only solutions..." |
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RHB
Senior Member
1159 Posts |
Posted - 07 November 2009 : 17:28:29
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| Is all your debt in your sole name? |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 07 November 2009 : 18:55:09
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Hello there, and may I welcome you to the forum, the best advice i can offer is for you to speak to an Insolvency Practitioner and go through all your options with them. You can find many listed on www.iva.com a comparison site where you can make your selection, contact and discuss, but make sure you deal with one which provides a 'free advice' service and will go through ALL your options with you not 'push' you down a particular route. Alternatively you can contact one of the experts here on the site, (via the experts button on the left hand side of the screen)if yo wish you can email me direct and i will be only too happy to go through everything with you and arm you with the information that you will need to make an informed decision.
There are many routes and solutions out there but it is important you choose the one which is right for your particular circumstances
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 07 November 2009 : 23:14:41
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Hi Mark
from what you have said it looks like you have mortgages to the value of £174,000 with a house valued at £155k.
if you owe £6k of credit cards and council tax arrears you shouldn't really be lloking at bankruptcy at this point as it only resolves unsecured debts.
You really need to prioritise probabky in this order
1. agree a payment arrangement with council tax ( magistrates court fine - they won't agree a term until it has gone to court)
2. You need to decide what is happening to the house. If your partner is to remain then the mortgages need ti be paid otherwise posession / reposession will start ti occur after 3 - 5 missed payments.
3. You are unlikely to be able to sell the house because the second charge holder won't release their charge unless paid in full at time of sale.
4. Unsecured credit cards probably put into a very modest debt management plan until you know what you are doing.
5. Once you have decided on whether to keep the house or not then you need to make choices about the debt.
If the house is handed back or reposessed there will be a shortfall and you may be able to deal with this and your other debts by an IVA or bankruptcy.
First and foremost decide what is right for you, what you are trying to achieve and then work backwards to the solution.
If you want to try an IVA then you NEED to speak to Melanie.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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RHB
Senior Member
1159 Posts |
Posted - 08 November 2009 : 08:36:50
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| Sound advice there, the real issue is whether or not your partner/wife can keep up the payments if you move out. Is your son going to be living with you? |
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Mark.cr
Starting Member
6 Posts |
Posted - 09 November 2009 : 15:03:40
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Thank you everyone for such sound and unexpected advice. Great to know there are so many good people out there. I am now beginning to see some light at the end of this very dark financial tunnel! Thanks also for all the offers to advice me further and for the advisory contacts. I will emailing them with more detailed explanations of my predicament shortly.
Thank you again
Mark
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Mark.cr
Starting Member
6 Posts |
Posted - 09 November 2009 : 15:06:04
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quote:
Originally posted by RHB
Sound advice there, the real issue is whether or not your partner/wife can keep up the payments if you move out. Is your son going to be living with you?
We have agreed on shared residence. My son lives wth me about 60% of the time as my ex works some weekends and I also take care of him in the summer holidays. I kept the family home on to avoid unsettling him too much during the separation. However, I just can't afford to keep it going any longer.
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Mark.cr
Starting Member
6 Posts |
Posted - 09 November 2009 : 15:17:32
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quote:
Originally posted by Housing
Hello Mark
First, welcome to the forum
As Richard P has said, the forum has experts that wil assist you and there are enough of ius that are BR that will share experiences.
We have all stressed and many of us (I include myself) are on medication for depression/stress
You have a lot going on and I wish you well - I am an ex estate agent - if you need some suggestions about your house.renting post back with some more detail about the mortgage/any arrears for example etc - I will be happy to try to give good cyber advice,
My best regards, Richard
"There are no problems - only solutions..."
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Mark.cr
Starting Member
6 Posts |
Posted - 09 November 2009 : 15:28:10
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Hi thanks for the advice again. The secured loan comapny have said that if I sell the house the mortgage company get first bite at the apple then the secured loan issue a shortfall agreement whereby I pay back the remainder of the outstanding loan but on a higher interest agreement over less years! Does this mean that I can neither sell the house or declare bankrupty? Would I need to sell the house and then declare bankrupty on the shortfall once it is not tied into the house?
Thanks again
mark
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RHB
Senior Member
1159 Posts |
Posted - 09 November 2009 : 15:57:29
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| I personally think the best option would be to hand the keys back & go bankrupt, any shortfall would be included. |
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Topic |
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My home is valued at £155000.
