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    help for brother - suggestions welcome!
    • #1
    • 5th Dec 12, 10:53 AM
    help for brother - suggestions welcome! 5th Dec 12 at 10:53 AM
    I have found out at the weekend that my brother has missed some mortgage payments and has had his house repossessed. He has to be out by next Wednesday.

    Obviously there is going to be a lot of things that need to be sorted out and we are in the process of helping him clean the house out, but to be honest he doesnt really understand how things work, he thought that by giving back the house keys he would be made bankrupt. so i am trying to help him get sorted with some of the financial stuff, which isnt easy as he is a very private person so i am going to have to try to help him as best as he will allow.

    first thing i have told him is that he needs to get a new bank account as his current account is with his mortage provider (have looked about and yorkshire building society seems ok. i am hoping that you guys can give me so other ideas as to what else i need to make sure he does?

    the property is in joint names with his ex wife but she has now moved to america with her new partner, i presume that they will still go after her as well as my brother for the shortfall from the mortgage.

    sorry if i am rambling, just a bit worried about him. any suggestions, or information on what will happen next are gratefully received!
    Start Debt Feb15 - £13,004/£11,324
    Paid off so far £1680
    Loan 1 -£2968 Loan2 -£3300
    OD 1 - £550 OD 2 - £400
    Def1 -£360 Def2 - £2969 Def3- £777
    Emergency Fund £2.82/£1000
Page 1
    • RAS
    • By RAS 5th Dec 12, 11:46 AM
    • 27,611 Posts
    • 46,839 Thanks
    • #2
    • 5th Dec 12, 11:46 AM
    • #2
    • 5th Dec 12, 11:46 AM

    Please get your brother to speak to Shelter urgently. There are some documents that it is important that he does NOT sign.

    Also go over to the bankruptcy forum here as some people there have had houses repossessed and then gone BR to remove their liability for the shortfall. This is why not signing certain documents matters.
    The person who has not made a mistake, has made nothing
  • davek1
    • #3
    • 5th Dec 12, 1:50 PM
    • #3
    • 5th Dec 12, 1:50 PM
    sadly they may not go after the ex-wife, as she is out of their reach. I assume it was a joint mortgage? If so then they are both joint and severaly liable which in real terms means that each is responsible for the full amount (not simply half each). Given your brother is in the UK he is a much easier yarget for the mortgage company to pursue.

    In terms of basic bank accounts this gives an overview of those available

    I use the co op cashminder and find that absolutely fine. I have used Nat West Step account in the past and that was a good account as well. Most accounts give on line access and allow the setting up of standing orders and direct debits.

    Your brother really needs to get some advice regarding his debts and one of the free charities may be able to help
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