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 BR and mortgage rescue scheme
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Starting Member

1 Posts

Posted - 02 January 2011 :  21:25:07  Show Profile  Reply with Quote
My husband and I have been advised that BR is our best option in our current situation. We have been clients of CAB since May and have been paying our creditors £1 token payments and since August have been paying 50% of our mortgage. We started the mortgage rescue process on the advice of CAB but because we were not in enough arrears we were not eligable. This will change this month as we will be 3 months in arrears and our ML has already agreed that they will support our application.
The issue we have is that we have been unable to save for BR fees as money is very tight, and have been advised by CAB to wait until after MR is completed before declaring BR. (We are in negative equity so it is likely there will be a shortfall unless ML agrees to write it off). My thinking is that I stop paying the mortgage completely for the next couple of months and save the money for BR fees. The dilemma is whether to go BR before mortgage rescue or to wait until after MR. Either way, the only way we will be able to save the £1200 needed for BR is to not pay anything towards mortgage. Really confused

forum expert

2826 Posts

Posted - 02 January 2011 :  22:35:23  Show Profile  Reply with Quote
the CAB are right in advising to complete before the bankruptcy.

Have a read of the thread and you can see some of the difficuties you may encounter

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Senior Member

United Kingdom
1399 Posts

Posted - 16 January 2011 :  16:11:27  Show Profile  Reply with Quote
Hi, sorry I did not see this post earlier. I say the following to assist, I hope:

I have worked on a number of MR schemes. I simply suggest that you speak to the person co-ordinating the MR process for you and yes, complete before you go BR

Good luck, Housing

"There are no problems - only solutions"
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