Is bankruptcy the right option for me?

LOUISE22_2

ooo and whats a quiet repossession?

LOUISE22_2

I think the CCCS said that they wouldnt take into account the loan the friend took out for us, it like if you had a guarantor. So i would have to keep up with the payments out of any living money left over..

LOUISE22_2

Also, am i better to declare myself bankrupt whilst still at home in the mortgaged property or should I leave, rent and then declare myself bankrupt?

shadowdragon

Hi and welcome, may I ask what a payday loan is and how come you have three of these?

Are both yourself and your OH going BC? if not your joint debts will transfer over to your OH. and if only you going wont make much difference IMO as the big debts are joint (the 25k one).

MammaCas

Hiya

Our monthly payments on the mortgage and sec loan were £1500 which was just way too much, plus the secured loan put us into negative equity by about 20-30K. So we decided it just wasn't worth the struggle to try and keep it. I do know that if your repayments aren't too high then you may be able to keep your house, but CCCS should be able to advise better. In our situation, we rented a nicer house, same size for £575 per month - no comparison really......

So, we left the house at beg Feb 2008. In hindsight, we could have stayed there much longer and saved more money, but the stress and thought of 'home visits', the phone calls etc., made us do it as early as possible. If I could have been hard faced enough, we would have been able to save more money....

So, we privately rented, and having enough money to pay 6 months upfront meant we were able to negotiate a cheaper deal. Once we had settled into the privately rented place, we went BR about 8 weeks later.

The 'quiet repossession' means that the mortgage company decided not to take it to court because I had written a letter saying I would not be contesting the repossession and that I had sent keys in. I did NOT, however, sign any forms they sent to me because I didn't want to be liable for any debt in the future. The OR assured me that my secured debts would become unsecured once the house is sold and that they would fall into the BR.

HTH

xx

LOUISE22_2

Thanks ShadowDragon - The paydoan loans have been going for agers, the first one was took out to pay for MOT and then the other to try and cover the first one then my husband took one out.. it comes out of your wage everymonth repaid in full, which you can never afford so you do it again to cover what you lost, and then you have to keep doing them but your getting less and less each time because of the fees. We will both be going BC.

LOUISE22_2

But not together - we want to do seperate bankruptcys, as we dont want to live together anymore

LOUISE22_2

Thanks for your reply, i cant tell you how helpful your being to me MammaCas!!! I didnt even know you could just give your keys back!

shadowdragon

LOUISE22 wrote: »

But not together - we want to do seperate bankruptcys, as we dont want to live together anymore

Im really sorry to hear that I would get on to one of the debt charities ASAP and tell them the situation and take there advice (which you will have to do before declaring BC anyway).

MammaCas

LOUISE22 wrote: »

Thanks for your reply, i cant tell you how helpful your being to me MammaCas!!! I didnt even know you could just give your keys back!

Hiya, your welcome.

It is still classed as a repossession though - just so you are aware...

Def speak to CCCS about it, they were good with me.