Gettingg Desperate

Rubie-blu · 30 July 2008 at 6:14AM

Hello

I posted a message yesterday, but I can't find it (so maybe I didn't do it right) so apologies if I'm duplicating myself......

I am in debt to tune of £43k and have a large mortgage. In theory there is some equity in my property, depending on how much it would sell for. Have been for debt management advice, and learnt from that about priority expenditure (whereas I always thought the credit cards were next in line to mortgage and bills, never mind the food etc). I'm not in arrears with anything but my living costs are funded by credit, sometimes use to pay mortgage, council tax and utilities if need to. From the advice i've been given it seems bankruptcy is heading my way (or a possible option at least). Although I love my house, I obviously cannot afford to stay and if it was just me i would give it up - but my son (ok, he's 16 so he's not a baby) and my mum (84, blind and virtually housebound) live with me, and i'm really worried about how it would affect them. I particularly don't want to uproot my mum. If i went bankrupt, how much notice would I have to give to get out of my house? How would I get rented accommodation with a bad credit name? I've asked housing association if they'd consider shared ownership on it but they said no. If anyone can give me a few pointers it would really be appreciated as I'm starting to feel a bit desperate now.

Thank you

Dez-Titute · 30 July 2008 at 6:44AM

Hi Rubie,
Yes you did post earlier follow this link and yuo wiil see the responses

http://forums.moneysavingexpert.com/showthread.html?p=12899969#post12899969

Cheers DEZ

k2nga · 30 July 2008 at 6:47AM

Hi Rubie,

Have you spoken to one of the debt charities as if not i think it might be a good idea. I can see why you think BR is for you and i personally would agree as you sound like you were doing what i was doing and the chances are it will only get worse.

I have to admit that on housing i dont have much of a clue but someone more experienced than me should be able to answer that question but i still think that you should contact the council and get yourself on the housing register.

I have just applied as i rent but they dont seem to care about your BR but you may have a special case with your son and you mum being blind i guess requires special needs which may help you up the ladder.

Private renting is the way most of us go. Most people try to sort out a rented property before BR as once you are paying rent and even though your landlord may be told by the OR you are unlikely to be turfed out as at the end of the day the landlord want your rent and it would be more hassle to get another tennant.

I have to admit that some agent do ask if you tell them your intention to go BR to pay 6 months upfront. So to prepare for this is you do decided to go BR i would stop paying all your creditors so you can save for this.

Hope this helps and im sure there will be more advice heading your way and of course welcome to the forum.

Gettingg Desperate

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