Highlanders Diary

highlander68

Well it's been a while since I first posted, but here is the story so far....

NR Mortgage £125k
NR Sec/L £40k
Bank Loans £16k
Loans £5.5k
C/c1 £12k
C/c2 £9k
C/c3 £.5k
Car HP £9k
etc,etc....

Our N/R mortgage is due to expire OCt08 going up from 4.99 - 8.75% and from a combined income of @ £2700 per month we are down to @£700 pm as I've just lost my job of 22yrs, talk about being in the brown smelly stuff or what....:cool:

Anyway, We've been to the CAB twice and have been advised to go BR, told to stop paying creditors, but carry on the utilities and rates. The house has been on the market since early May and we've had no interest shown whatsoever, It was valued @ £185k, put on the market for £175k, when nobody came around (and I was still employed) Bank Of Ireland approved a 95% mortgage sent the valuers round and it had dropped further in value to £169k (not giving enough for the LTV 95%).

So we have decided to upsticks and move to the other end of the country to be in the vicinity of family which will help with our two girls aged 7 & 8, the plan is to rent a property which takes DSS payments and BR (Do I tell them) and have the house Voluntarily Repo'd, wipe the slate clean and start afresh.

We were living on credit cards before I lost my job and now they are just about maxed out, my work have agreed to pay me my next two months salary in cash as the bank is owed a lot of money.

Forgive me If the post sounds light-hearted, you would not believe the sleepless nights, pulling our hair out etc, the whole thing has been a nightmare and still is, we are so worried that the BR is thrown out, that the OR is going to into overdrive as I am now not working, that Housing Benefit etc won't be paid because we are handing the keys back as such, don't know if it's better to go BR in the area we are moving to or to do it where we currently reside.

Bit of a ramble, but any advice would be welcome.:eek:

DEBT_23

Im also handing keys back and going into rent for BR in 2 weeks. i dont have much family ( can count all on one hand) and im glad i live nr them tho they dont know im going BR ... anyhow back to your thread. i believe your doing the right thing to hand keys back and go BR. i know its hard going from mortgage to rent.. but its a fresh start and you will get your life back once BR !!
I see it as i can start saving also.. never saved in my life.no point when i was in debt. didnt have the money too.

Do what feels right... if it was me i would move closer to family..could you find work in a different area? it really would be a clean new start !
also as for telling the landlord bout going BR me i havnt tho im sure my OR will inform them. they did the checks on me last week and all OK.
I was advised on here to tell them but i just couldnt tell the agents from the shame in me. id rather pray and hope he never knows terrible i know.

Good luck and keep us updated.

highlander68

Thanks Debt_23

What a mess eh!, we will try to rent privately, just hope we can find something that fits the purpose untill Housing Benefit etc kicks in.

Hope yours goes OK

Purplekylie22

highlander68 wrote: »

Thanks Debt_23

What a mess eh!, we will try to rent privately, just hope we can find something that fits the purpose untill Housing Benefit etc kicks in.

Hope yours goes OK

If you can rent privatly short term tennacy then do that and put your name down for a concil house then once you go BR you can be in a council house and not have to worry about being kicked out or not accepting DSS plus you could get your deposit back to help furnish council house.

tigerfeet2006

You need to file for BR in the area where you have resided for at least 6 months. So if you move before you go BR then you will have to file back where you came from or wait 6 months in the new place to file.

All the best with it all.

highlander68

Well the ball has really started rolling, OH has found a flat for us to rent in Wales, landlord is private and has no problem with HB etc as long as he gets his money on time, driving down there tonight (nice 240 mile journey) to hand over the deposit and 1st months rent tomorrow.

Went online on Wednesday and cancelled all SO/DD's (that was difficult as I've never been late or missed a payment in my life) bu it was acting on the CABs advice.

Got paid in cash (as the bank are one of my creditors) and now I'm nervous as hell as everything normally goes out of my account on the 1st of the month, just waiting for the barrage of telephone calls and demanding letters to start.

Does anybody know of any stalling tactics to say on the telephone?

Keep asking myself "Are we doing the right thing and is it frying pan to fire or fire to frying pan!)

k2nga

I used to tell them that i was talking to a company about an IVA and i would come back to them and that did the trick some of the time although some used to ask who with as they would like to try and contact them.

It really depends on who you owe money to as northern rock got on my case within 4 days as like you i had never missed a payment and then others i were really surprised at as they took months to contact me and then sent letters before any phone calls started to come.

highlander68

N/Rock are quick off the mark, we have an unsecured loan @ £11k outstanding, normally goes out on the 29th, got a letter from them this morning.

get_me_out

I had a call from one of my creditors, and I just told them I was going BR on 14th. They said ok just send us the details when I have them.

The BR booking lady told me to do this, as my date is now less than 2 weeks away. It would take them long than that to do CCJ and would not get them anywhere.

tight_jock

get_me_out wrote: »

I had a call from one of my creditors, and I just told them I was going BR on 14th. They said ok just send us the details when I have them.

The BR booking lady told me to do this, as my date is now less than 2 weeks away. It would take them long than that to do CCJ and would not get them anywhere.

Once you are BR you tell any creditors your number and location and refer them to the oR if they call you.

You also refer and forward any correspondence or contact to your OR. The OR will do all the contacting from their end.

Really, when your judge puts the stamp on the page, the debts belong to the OR not you.
Take pleasure in telling any DCA`s this:T

You can also tell them that you are unable to pay them anything as you would be breaking the law if you did so.
:beer:

highlander68

Thanks guys,

Just got back from seeing the flat, met the landlord & he's fine with HB, didn't tell him about going BR, but hinted strongly at it. told him my property would more than likely be put up for Vol/Repo etc and he was fine with that, paid the deposit, months rent etc so now got to sort out the move! the plan is to have OH and 2 kids in the place in 3 weeks and I will stay in our house untill end of my notice period which is end Sept. What a roller coaster of emotions.