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thepembos
Starting Member
United Kingdom
3 Posts |
 Posted - 28 December 2009 : 22:11:51
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| We are having to go bankrupt - is it deemed unethical if we stop paying our mortgage so that we can try and get a deposit together for a rental property? We are a family of five. We know that we will loose our house if we don't pay - its gone beyond that now. |
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Snow Dog
Junior Member
112 Posts |
Posted - 28 December 2009 : 22:20:55
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Hi, if I remember rightly, the only time we missed our mortgage payments was in the two months or so before we went bankrupt. We also did it to get a deposit together for a rental property as we had decided to go down the route of voluntary re-possession on our house. However..the government have supposed to have brought measures in so that people can stay in their homes...so maybe not all is lost. (the measures weren't in place when we went BR).
Someone with way better knowledge of this than me will hopefully be along soon to help you though. Best wishes with everything.
Helen. |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 28 December 2009 : 22:21:13
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Hi and welcome to the forum,
A few questions to try to assist you and yours:
Is the house/flat in joint ownership?
Is there any arrears owed at present
Is there a second charge against the property?
Is there any equity?
Generally:
Are you planning for both of you to petition for BR?
Have you thought it through and have you sought advive from an insolvency expert?
Are you both working?
You say you are a family of 5 - how old are your dependents?
I and others will be able to offer more detailed commenst if you can answer the above.
Fist piece of advice is do not panic and take matters a step by step
Regards, Richard
"There are no problems - only solutions..." |
Edited by - Housing on 28 December 2009 22:23:41 |
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thepembos
Starting Member
United Kingdom
3 Posts |
Posted - 29 December 2009 : 11:18:33
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Hi,
Thanks for your reply, please read bel;ow to give you a better idea of of postion.
Is the house/flat in joint ownership?-- HOUSE JOINT OWNED
Is there any arrears owed at present -- £7K WE HAVE A COURT ORDER TO PAY £100 PER MTH.
Is there a second charge against the property? - YES £105K PICTURE FINANCE.
Is there any equity?-- NO NEG - £125
Are you planning for both of you to petition for BR?
YES BOTH PLAN TO GO BR.. £1010.
Have you thought it through and have you sought advive from an insolvency expert?.. YES I WILL EXPLAIN ..
OUR DEBT MANAGEMENT COMPANY-- INDEPENDENT DEBTLINE HAVE SPOKEN TO PICTURE AND BEEN ABLE TO REDUCE THE AMOUNT WE OWE FROM £105K TO £24K. WE NEED TO PAY £200 AMTH FOR 10YRS AND THIS IS FULL AND FINAL SETTELMENT.
WE HAVE UNSECURED WE ARE ENTERING A DM FOR AT £50 AMTH, THIS IS CURRENTLY AT £51K.
WE ARE AWARE THAT IF WE ENTER AN IVA WE NEED £300 AMTH TO PAY, OVER THREE YRS, OR ONCE IN IVA £15K WILL REMOVE DEBTS.
OUR PROBLEM IS WE HAVE NOT ENOUGH MONEY COMING IN AND TO PAY THE ABOVE, AND OUR MTGE IS GOING UP IN MARCH WE ARE PAYING £1750( BEFORE ANYTHING ELSE AND LIVING COSTS ARE £1200 AMTH, SO WITH A JOINT INCOME OF £2700.
THE MAIN ISSUE IS MY WIFE IS FINDING IT A STRAIN, WORKING LONG HOURS AND NOT BEING AROUND FOR THE CHILDREN. WHO ARE 13 AND 10.. OLDER ONE IS 19 UNI AND TRAVELING ETC..
IF MY WIFE LEAVES WORK WE ARE NOT ABLE TO KEEP UP WITH ALL PAYMENTS, AND AS IT STANDS NOW WE HAVE NO QUALITY OF LIFE, AS WE WORK ALL THE TIME.
BR IS THE OPTION.. OR FIGHT ON???
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RHB
Senior Member
1159 Posts |
Posted - 29 December 2009 : 17:25:30
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| Since you cannot pay the mortgage & live then the only option probably is to go BR & rent somewhere more affordable. |
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We are having to go bankrupt -
