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Advice for Jvic28?
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Jvic28
Posts: 1,596 Forumite
Hi Everyone,
There's such a vast amount of information here I was wondering if someone could give me some quick answers.
I am currently on a DMP but have just found out I'm pregnant and I live in a one bedroom flat. Not ideal circumstances I know. My boyfriend has suggested I go bankrupt and he'll get a mortgage or rent us somewhere bigger. Plus it would also free up money I'm using towards my monthly payments.
With property prices as they are I have no equity in my property. Will I be able to go bankrupt?
Also, do I owe enough to go bankrupt?
I have absolutely no idea how this works.
There's such a vast amount of information here I was wondering if someone could give me some quick answers.
I am currently on a DMP but have just found out I'm pregnant and I live in a one bedroom flat. Not ideal circumstances I know. My boyfriend has suggested I go bankrupt and he'll get a mortgage or rent us somewhere bigger. Plus it would also free up money I'm using towards my monthly payments.
With property prices as they are I have no equity in my property. Will I be able to go bankrupt?
Also, do I owe enough to go bankrupt?
I have absolutely no idea how this works.
DMP Mutual Support Thread Member No 190
17/05/08 - Total on DMP: £10025.70
07/05/14 - Total on DMP: £1666.20 DFD: July 2017!!
Baby Tomos born 5th June 2009 - 6lb 5oz :j
Weight Loss Target - to lose 60.8lb by NYE 2015 - 37.6lb TO GO
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Comments
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Hi Jvic .. probably should really have started your own thread for this rather than post it here, as more people will see it!
Maybe Fermi will move it for you
Quick point though .. before you can go bankrupt you should speak to one of the debt charities .. CCCS, National debtline or make an appointment at your local CAB.:hello:Save a little money each month and at the end of the year you’ll be surprised at how little you have.An eye for an eye only ends up making the whole world blind0 -
Thanks. I'm currently with CCCS for my DMP. I just wanted to get an idea of what I was talking about 1st. Thanks for making me my own thread whoever did that. Just throwing around a lot of ideas 1st really.DMP Mutual Support Thread Member No 19017/05/08 - Total on DMP: £10025.7007/05/14 - Total on DMP: £1666.20 DFD: July 2017!!Baby Tomos born 5th June 2009 - 6lb 5oz :jWeight Loss Target - to lose 60.8lb by NYE 2015 - 37.6lb TO GO0
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It was Fermi that moved it for you
Are you struggling with your DMP or do you foresee issues with the baby on the way? (congratulations by the way)
What level of debt do you have compared to your income?:hello:Save a little money each month and at the end of the year you’ll be surprised at how little you have.An eye for an eye only ends up making the whole world blind0 -
Maybe not the best things to plan for at the moment but congrats.
Did you make many of the changes that we suggested on your previous soa.
I think if I remember you had a surplus amount each month to throw at your debts. Did any of the companies accept stopping the interest on the debts.
Piece of advise don't go buying loads of baby clothes etc your baby will never wear them. 7 vests, 7 sleepsuits, 2 cardigans that's basically it.
You'll get hats and mittens etc in with your bounty packs if you can get them.
Go to nct baby sales and see if you can get reusuable nappies cheaply.
I only used them for the first 3months but they saved me a fortune.0 -
My Debt is only £9950 and my payments on my DMP are £132. My mortgage payments are currently £409 (+£100 a month service charge) on a variable rate so can change (it's quite a high interest rate as I have bad credit). I just suspect this will be too much once the baby arrives. Trouble is I have -ive equity I should imagine so there wouldn't be anything to share out if my flat was repossesed. And what happens if the flat is repossesed and sold at a loss. Does that get written off or am I chased for that? So many questions. I know if I spoke to CCCS I'd get all the answers straight away but I like to be armed.DMP Mutual Support Thread Member No 19017/05/08 - Total on DMP: £10025.7007/05/14 - Total on DMP: £1666.20 DFD: July 2017!!Baby Tomos born 5th June 2009 - 6lb 5oz :jWeight Loss Target - to lose 60.8lb by NYE 2015 - 37.6lb TO GO0
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Oh, and my income is £1099 a monthDMP Mutual Support Thread Member No 19017/05/08 - Total on DMP: £10025.7007/05/14 - Total on DMP: £1666.20 DFD: July 2017!!Baby Tomos born 5th June 2009 - 6lb 5oz :jWeight Loss Target - to lose 60.8lb by NYE 2015 - 37.6lb TO GO0
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TotallyBroke wrote: »
Did you make many of the changes that we suggested on your previous soa.
I think if I remember you had a surplus amount each month to throw at your debts. Did any of the companies accept stopping the interest on the debts.
They have all stopped interest pretty much. No idea about Natwest as they don't send statements and Sainsburys Charge me £1 odd a month but other than that all ok.
I just think £509 for a one bedroom flat plus £132 for the DMP every month along with everything else is going to be too much plus not ideal being stuck in a one bedroom with no garden etc with a baby.DMP Mutual Support Thread Member No 19017/05/08 - Total on DMP: £10025.7007/05/14 - Total on DMP: £1666.20 DFD: July 2017!!Baby Tomos born 5th June 2009 - 6lb 5oz :jWeight Loss Target - to lose 60.8lb by NYE 2015 - 37.6lb TO GO0 -
TotallyBroke wrote: »Go to nct baby sales and see if you can get reusuable nappies cheaply.
I only used them for the first 3months but they saved me a fortune.
I'm probably being a pleb but what are nct baby sales?DMP Mutual Support Thread Member No 19017/05/08 - Total on DMP: £10025.7007/05/14 - Total on DMP: £1666.20 DFD: July 2017!!Baby Tomos born 5th June 2009 - 6lb 5oz :jWeight Loss Target - to lose 60.8lb by NYE 2015 - 37.6lb TO GO0 -
If the house was repossessed and you went BR then the shortfall would fall into your bankruptcy.
Just a thought, no idea how feasible (sp.) it is though, have you thought about trying to rent out your flat and move in with your boyfriend?
That way you could hold on to the flat and still have it when (hopefully) the market starts to pick up?
As I said this is just a thought.. i've no idea of the legalities or practicalities of this, I only say it as I pay £625 rent for a one bedroomed flat :hello:Save a little money each month and at the end of the year you’ll be surprised at how little you have.An eye for an eye only ends up making the whole world blind0 -
The flat is a shared ownership with the housing association and it's in the lease that I can't rent it out. Otherwise, that would be a very good idea.
So If I went bankrupt all my debt would get written off including any shortfall in my flat sale.
Trust me, this is not the route I want to take, but I don't want debt repayments and a one bedroom flat haunting me for the 1st ten years of our babies life.DMP Mutual Support Thread Member No 19017/05/08 - Total on DMP: £10025.7007/05/14 - Total on DMP: £1666.20 DFD: July 2017!!Baby Tomos born 5th June 2009 - 6lb 5oz :jWeight Loss Target - to lose 60.8lb by NYE 2015 - 37.6lb TO GO0
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