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mum-t
Starting Member
7 Posts |
 Posted - 21 November 2009 : 20:10:41
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this bankruptcy is a headache - we got an secured loan on our house the mortgage is being paid but the secured loan is not allowed in our outgoings by the O/R so is now 3 months behind - do we wait for the loan company to repossess or do we hand the house back to the mortgage company and walk away hopfully any shortfall will fall withing the bankruptcy as it does not end until Aug 2010 and we have an IPO till 2012
just dont know what to do ? should we have a consultation with a solicitor the CAB just gave us leaflets which is more confusing |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 21 November 2009 : 20:17:03
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see my earlier post in reply to yours - see if that assists and then, if you want, come back and see if we can make some suggestions for you, Richard
"There are no problems - only solutions..." |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 21 November 2009 : 21:20:49
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i would suggest that you talk to an insolvency expert as oppose to a solicitor
there are professional experts that advise on this forum (link on the left hand side of the page)
Paul Johns from RevivaUK www.revivauk.com or Mel from Jones Giles www.jonesgiles.co.uk are both highly respected professionals in the industry and they would no doubt be able to advise you well
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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RHB
Senior Member
1159 Posts |
Posted - 22 November 2009 : 08:28:04
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TBH, if you can't afford the mortgage & the secured loan you may be better to let the house go & find something more affordable to rent otherwise you could still be struggling financially despite going bankrupt.
What exactly was said about the house when you had your interview? |
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mum-t
Starting Member
7 Posts |
Posted - 22 November 2009 : 09:08:26
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the O/R has a charge on the house for the next 3 years so can sell within that time
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mum-t
Starting Member
7 Posts |
Posted - 22 November 2009 : 09:24:08
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the O/R allows us to pay the mortgage but because the secured loan is an asset it is not allowed in our outgoings we had to find the money elsewhere
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Jane.l
Average Member
511 Posts |
Posted - 22 November 2009 : 11:56:46
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I find that outrageous, if you wanted to keep the house, the OR should be allowing you to pay the mortgage and secured loan or you will be repossessed
You either pay both or give the house up and pay none of them. The house is the asset if it has any equity in it, not the loan.
How much equity is in the house? |
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In 2 Deep
Junior Member
United Kingdom
161 Posts |
Posted - 23 November 2009 : 08:55:20
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MUM-T,
Im reading your post with interest. I have never heard of the OR refusing to take consideration of a secured commitment - maybe Paul or Melanie can assist.
When I went BR, we had a NR mortgage and a Picture secured loan. The secured element was never opposed by the BR, and in fact the OR insisted we ensure payment is made to NR and Picture to secure our property - to this day we are still in the house.
i would challenge this decision - they (OR) are not beyond reproach.
gd luck.
Treat EVERY Penny as a prisoner. |
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mum-t
Starting Member
7 Posts |
Posted - 23 November 2009 : 20:25:05
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just dont know what route to take, stay and get repossessed by the loan company and try and get a council house or hand in the keys and try and rent privately but that is costly to get all the credit checks done even though the estate agents know that we are bankrupt - need someone to tell us what to do and that all will be ok. how i would love to win the lottery !!!
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 23 November 2009 : 21:22:54
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i reiterate that you would be best placed to take professional advice... initial phone advice by the Professional forum experts is FREE and very worthwhile.
give one of them a call
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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In 2 Deep
Junior Member
United Kingdom
161 Posts |
Posted - 24 November 2009 : 15:56:08
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MUM t,
I would concur with Chester. Ensure you get professional help from ne of the forum experts - it is free after all.
Ensure you post back, and let us know the outcome.
Gd luck.
quote:
Originally posted by chester2005
i reiterate that you would be best placed to take professional advice... initial phone advice by the Professional forum experts is FREE and very worthwhile.
give one of them a call
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!!
Treat EVERY Penny as a prisoner. |
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mum-t
Starting Member
7 Posts |
Posted - 24 November 2009 : 18:26:19
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been trying to get through to talk to them on the 0800 number but keeps me on hold and then cuts off will have to keep trying
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 24 November 2009 : 18:31:39
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try Paul Johns at RevivaUK 08454 751851 he is one of the Forum experts that post on here
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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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 24 November 2009 : 20:48:17
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The others are right, you really need to take professional advice. Give Paul or Melanie a call and they will be able to advise you.
Good luck, and please let us know how you get on.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
28 IPA payments made, 8 to go - in single figures! |
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this bankruptcy is a headache -
