Any advice please

silou

would still be grateful for help if anyone has any experience of the above. thanks.

tigerfeet2006

We have had a few people on here who have had a huge surplus when they have gone B, £700+ and they have had no problems. The OR is happy 'cos they have someone who can pay some money.

silou

Many thanks for that. At the moment the only surplus is 126pounds and thats what I pay to CCCS for my DMP but if I stopped paying the mortgage and moved into rented the surplus would be nearer the figure that you mention above.
Another question is that CCCS advised that if I waited to go BR till the house was reo'd and sold (ie when I know what the shortfall is) I should carry on paying my DMP but would this be showing preference to the other creditors over the mortgage company?
Thanks again.

deedee_3

I would have thought it would be showing preference.

To be honest I think your best bet is to stop paying the mortgage and DMP, put the money towards deposit and the bankruptcy fees, move into rented property, go bankrupt and then opt for voluntary repossesion. It will make life a lot easier for you in the long run and seems to be the method that has worked well for a lot of people on this board.

silou

Well I have now made my decision and will be going down the BR route. I realise when I read back over my posts on this thread that I completely neglected to mention that my lovely new partner moved in with us when I took the house off the market last year and his contribution to all the bills has made it possible for us to survive for this long BUT we found out last week that his fixed term contract at work won't be renewed so he'll be out of work at the begining of October (his work is linked to the construction industry so I suppose with the problems there we should have seen it coming). Anyway, that has pretty much made my mind up for me because I really can't cope with sleepless nights and wondering how we'll manage if he doesn't find a job quickly! I suppose at least now the OR can't really say that I could have afforded to carry on as I am (as CCCS suggested) because clearly I can't. I do wonder if things happen for a reason and as upsetting as it was to find out about his job it made my decision about what to do much easier so I suppose there is a bit of a positive side to it.
So I'll be cancelling DD's/SO's for mortgage, SL and DMP before the payments are due in October and saving that money for rental fees and BR fee.
I have a CCJ, though it doesn't show as such on my credit file, which wasn't included in the DMP (as it happened before I set up DMP) so should I stop paying that aswell before BR?
I reckon we'll need at least 2 months maybe 3 to save, especially if we have to pay 6 months in advance on rental property so lets hope we can hang on here for that long. Currently my main worries are that no one will let us rent a house with my credit rating (and bizarely partners isn't much better as he's never had much on credit) and how I'm going to cope when the inevitable phone calls from creditors and mortgage company.
I've told my parents, partners sister and a friend what Im doing and all have been very supportive so thats been incredibly helpful. Also the friend is my union rep at work and he's asked my boss (without giving names) whether someone going Br would affect their job, he believes not but will double check (don't know whether thats good news or not since I hate the job lol).
Sorry for the rambling but I find it quite theraputic to get everything written down so I may keep this as a kind of diary of what happens and my wafflings if thats ok.
Thanks for everyones help so far.

dalip

You now sound a lot more positive and yes i too am a great believer in "things happen for reason". Any problems just fire away. Take one thing at a time. Check out who has problems with renting to bc's before you go look at any possibles(suggestion pinched from merry)to save any dissapointments.Look into getting a guarrentor,just in case. Good luck.Dx

deedee_3

Have a read of these 2 very excelent diaries. They will take you through the thrills and spills of bankruptcy including renting.

http://forums.moneysavingexpert.com/showthread.html?t=596237&highlight=scarlett+diary

http://forums.moneysavingexpert.com/showthread.html?t=887297&page=45&highlight=merry%27s+diary

silou

Things been a bit mad at work (whats new!) so haven't had chance to post properly for a couple of days, Thanks both for your replies. Dalip, I am feeling much more positive now. Telling people makes it all seem so much more real but in a good way, if that makes sense! DeeDee, thanks for the links, Scarletts was one fo the first diaries I read on here and was V helpful. I hadn't picked up Merrys before but have sat and read some of it and will finish it later and it too is v helpful.
Next questions - when I cancel DD's/SO's what do I say to CCCS about the DMP and do I cancel the DD for my CCJ aswell?
Am dreading all the calls starting, seriously considering changing phone number, what a wimp!

dalip

Yes now you are in control of your debts by positive thinking instead of your debts being in control of you.Yes i know what you mean when i told my boss it felt like a weight had been lifted but at the same time so scary as there was no going back.Just tell cccs you can not longer manage the payments and are taking more debt advice.D

dodecanese

Hi Silou

I would carry on paying the CCJ for now. It will be wiped out by the bankruptcy but if that's not going to be for a couple of months and you stop paying it, you could end up with bailiffs or something in the meantime.

Pay the CCJ till you go bankrupt- then stop the DD.
As for CCCS, just tell them you're going bankrupt and ask them to shut the plan down.

I found CCCS ever so helpful- and National Debtline too, but I sometimes think that, because the counsellor isnt actually going through repo/bankruptcy they (obviously) don't really know what its like. Its hard explaining to someone whos not in that situation what its like to be giving up your home and declaring yourself bankrupt, even when they are non judgemental and trained.

All the best