Implications of voluntary reposession

LilyBart

Hi Panickymum,
Well done on passing the credit check. Just to reassure you, our little one loves the new rented house and was very excited to have a new bedroom to arrange. He has also blossomed since Billy and I have gone through BR and are no longer totally stressed out by bills and hissing at each other all the time. BR doesn't solve every problem - we still hiss because we're hissing sort of people - but drawing a line under an uncontrollable situation and moving on (and out) has had a good effect on our family.
Good luck with the move
Lily

deedee_3

If it was me I would change your phone number when you move house and not give them your new address and just keep paying the £1 untill you get your bankruptcy date.

Congratulations on getting the rented house I am sure you will feel better once you have moved in.

LilyBart

Just realised I didn't address the question you asked! DeeDee is spot-on. Use the move as an excuse to change your phone number. It's worth paying for the Post Office to divert your letters, just so you don't feel bombarded the whole time and can focus instead on moving and preparing your petition. I discovered that nearly all of my creditors completely ignored the change of address anyway, though it didn't stop them from cashing in the token payments! Hang on in there, it does get easier.
Lily

Entry_Leveller

tigerfeet2006 wrote: »

If you are BR then any shortfall will go into your BR

Hi tigerfeet,

reading this thread I was wondering if you or anyone knows- how long does it take for any shortfall like this to become apparent? i.e. can the mortgage company chase a discharged bankrupt for this shortfall- if for example they dont sell the repossessed house until a year or so later (once your discharged)? Or does it get 'eaten up' by the BR no matter when the house is sold by the mortgage company?

Thanks
EL

fiveyearplan

EL it doesn't matter when the house sells, the shortfall goes in your bankruptcy and they cannot come after you for it.

DavePig

Hi all

Reading this thread has brought out all my emotions!

I will cut a long story short - my wife and I have gone bankrupt, our house is mortgaged and in negative equity so the OR won't take it. We moved into rented accommodation prior to going bankrupt, and haven't paid the mortgage now for a few months.

I will be handing the keys back to the mortgage company.

But I have a question - several of these excellent posts have mentioned NOT signing any of the mortgage co's paperwork - why is that?

Thanks in advance

Dave

deedee_3

Because they usually put a clause in that says you will be responsible for any shortfall:eek: . As a bankrupt you are not but if you sign there will be problems and possibly a fight and it is just not worth it.

fiveyearplan

I had the same thing with my car, I wouldn't sign the papers saying I would be liable for shortfall so they had to take me to court. I'm still waiting for them to pick up the car and take it to auction (I'm going to go and bid for it - hehehe!).

DavePig

deedee wrote: »

Because they usually put a clause in that says you will be responsible for any shortfall:eek: . As a bankrupt you are not but if you sign there will be problems and possibly a fight and it is just not worth it.

Thanks for the speedy reply:beer:. I am off to the bank tomorrow to do the deed, I will make sure I don't sign a thing! Cheers