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jw3
Starting Member
1 Posts |
 Posted - 05 January 2010 : 11:44:23
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I have set up a dmp for my and my hubby's credit cards. We owe around 100,000 unsecured and experienced financial difficulties when my hubby lost his job end 2008, despite for applying for 500 jobs he is still uneployed and worse still in March 2009 I broke a verterbrae in my back and have just discovered that there is not much that can be done for me. The pain and restricted movement make it impossible for me to work and although I have been paid up to know by my amazing emplyers they can no longer continue to do so. The only income we will have coming in is disability and carers allowance not enough to be able to continue to pay the DMP.
I have managed to keep all mortgage payments up to date and am desperate not to loose my house, I have two kids and don't want them to go through that upheavel if there is any other way, one has a serious heart condition which any stress can effect.
Is there any way out for us other than bankruptcy. The house may have a very small amount of equity, no mre than 5000. The DMP is up to date and I have only been paying £145 |
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RHB
Senior Member
1159 Posts |
Posted - 05 January 2010 : 11:56:51
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| Will you be able to keep up with the mortgage if your husband doesn't find work? |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 06 January 2010 : 09:24:40
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Hi JW
sorry to read about your predicament, our thoughts are with you
the DMP is set at a nice level for the amount of outstanding debt.
as long as you can maintain the mortgage payments, it is likely that you will be able to stay in the hosue even in bankruptcy. If you cannot keep the payments up I would suggest contacting Richard Housing
Due to your childs health conditions and the regular hospital visits that you may have to make the OR will allow you to keep a car (upto a value of about 2K)
as a last roll of the dice you may consider asking your mortgage provider for a 6 month holiday payment, this will give you time to arrange your bankruptcy.
for the peace of mind and support try and speak to one of the experts on this forum (paul @ reviva or Mel @ John Giles)
good luck and regards Richard |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 06 January 2010 : 15:01:25
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If there is equity in the house, then it is possible that the OR will want to realise this.
However, I believe they usually give you 12 months grace if you have young children.
If there is little or no equity, then you will need to find someone to buy the beneficial interest which costs £1 plus £211 costs. That will effectively take the house out of BR.
However, I would suggest that you get the house valued.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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any way out for us other than bankruptcy?
