Getting Even More Desperate

blind-as-a-bat_2

Rylynn wrote: »

On the food bill mine is around £400 per month, and yes maybe this can be cut down but surely you are allowed a certain amount on housekeeping?

on that subject Ive been watching our food bill, there has been a rise of 20-25% on a lot of items, true some supermarkets are doing some good offers to compete, which if you can use whats on offer can offsett this rise, but in reality thats still left about a 15% in about the last six months.

Not sure if others are seeing the same, but i digress from the OPs thread, sorry

shadowdragon

blind-as-a-bat wrote: »

on that subject Ive been watching our food bill, there has been a rise of 20-25% on a lot of items, true some supermarkets are doing some good offers to compete, which if you can use whats on offer can offsett this rise, but in reality thats still left about a 15% in about the last six months.

Not sure if others are seeing the same, but i digress from the OPs thread, sorry

Its a very valid point especially if the OR would question the amount. We shop around and rotate between different supermarkets to get the best deals.

Rubie-blu

Hello again - thank you for all your replies.

Lula, forgot to explain mobile phone and hair is based on me and my son. It might seem extravagent i spose, but he is on a contract? I don't know how to get out of this as we're both on 18 months contracts and I know I'll have to pay the remainder of the contract if I cancel - I would go on pay as you go.

I've accepted the house has to go, can't see anyway around that, and if I thought I could sell it and pay off at least some of the debt, then I would - but my redemption fee is £7,900 and with the additional fees I reckon it would cost me about £13k to sell. There's no way I'll get market value for it in the current climate!

My other half takes home just £300 more than me - I though it was fair contribution.... He just said he was going to stay with his mum to have a think about things. I'm sure he will be back - he can't not. I think it was just a bit of a shock - you know that people who don't have debt can't understand how people with debt sleep at night, i've been asked that question a few times.....

blind-as-a-bat_2

OK your options as i see them from your post

IVA, on those figures you dont have enough disposable income, even if you cut back you will still strugle to get accepted for one

DMP, on those figures you dont have enough disposable income, even if you cut back you will strugle to get agreemant from your creditors for more than six months in the presant climate, and if they realise you have equity of say 30-40K they may even risk petitioning you for BR in the near future.

BR, if you declared yourself you would need to find the money to buy equity back off the OR, so would make keeping the house difficult at best

If you sell the property you wont clear your debt, but it may shrink it to a manageable level

Long term the last two are the only viable ones if your prepared to lose the house

Rubie-blu

Yes I shop around and have largley shopped in Lidl and Aldi in the past but notice that they're no cheaper anymore than the main supermarkets. The figure of 455 is was cab said was reasonable based on 4. It is now my aim to stick to £35/person/week.

Thank you BAAB - i have accepted that the house needs to go - in reality should have probably gone a long time ago and maybe I wouldn't be here now. Do we live and learn? please tell me we do, as this is an expensive lesson!

So, is it better for me to wait until someone makes me bankrupt or do I just do it myself? I am not in arrears with anything yet, do I cancel DDs now? I am without the £700 so far this month, and have cut up all credit cards, so no access to any money. Also can anyone give me any guidance on the GE capital loan (i haven't listed in soa cos my mum pays it but its in my name)?

blind-as-a-bat_2

Rubie-blu wrote: »

Yes I shop around and have largley shopped in Lidl and Aldi in the past but notice that they're no cheaper anymore than the main supermarkets. The figure of 455 is was cab said was reasonable based on 4. It is now my aim to stick to £35/person/week.

Thank you BAAB - i have accepted that the house needs to go - in reality should have probably gone a long time ago and maybe I wouldn't be here now. Do we live and learn? please tell me we do, as this is an expensive lesson!

So, is it better for me to wait until someone makes me bankrupt or do I just do it myself? I am not in arrears with anything yet, do I cancel DDs now? I am without the £700 so far this month, and have cut up all credit cards, so no access to any money. Also can anyone give me any guidance on the GE capital loan (i haven't listed in soa cos my mum pays it but its in my name)?

As that loan is in your name it goes into your BR, if that is the end result, forget who pays it, its your debt.


As you have a lot of equity there is a chance a creditor may risk it, but it most likely will have to be sold to a DCA first so time wise you may have quite a wait.

there are a few ways you could play this, and there are many ways your creditors will react, but i dont see what choice you have but stop paying all non secured debts.

The mortgage though is a sticky one, if you stop paying that they wil start repo prosceedings, but it may take anything from 2-6 months before they do, then it can take months before they get a judgment.

You need to decide what you are going to do, re housing, sell up or give up, and then you need to sort another roof over your head out.

I cant make those discisions for you, but we can help guide you through the route you decide to take.

Rubie-blu

I was just goin to give keys back to northern rock - CAB says I'm still liable for payments even if I do that, so not sure its worth it. Does the house not get dealt with by OR? One of the other posts I read said he/she sorted out rented accommodation before br, but I couldn't afford to do that I don't think - unless I stop paying the mortgage. I can't yet bring myself to cancel anything, because that starts the process off doesn't it - and I'm really scared of that.....

blind-as-a-bat_2

Rubie-blu wrote: »

I was just goin to give keys back to northern rock - CAB says I'm still liable for payments even if I do that, so not sure its worth it. Does the house not get dealt with by OR? One of the other posts I read said he/she sorted out rented accommodation before br, but I couldn't afford to do that I don't think - unless I stop paying the mortgage. I can't yet bring myself to cancel anything, because that starts the process off doesn't it - and I'm really scared of that.....

Thats the hardest bit, but i dont see you having a choice if you want to be able to buy food etc, to put it bluntly.

If you dont cancell the DD then you will risk going overdrawn and being stung with charges etc which wont help

But before you do cancel anything, are any of your debts with the same bank your money goes into?

Rylynn

Can I ask how old your children are? You are paying for your sons contract? is he not old enough to get a paper round? I also understand from reading here the OR can cancel contracts you then do not have to pay them off they go into your BR is that right blind as a bat?

I agree with BAAB, you need to decide what you are going to do, and is the house in joint names?

If your partner takes home £300 more than you do why is he only contributing the amount he is, and yes they will want his whole income taken into consideration but I assume they also have to take into consideration his expenses ie a car? again is that right BAAB?

Are the debts and mortgage all in your name only?

skylight

If you give the keys back to NR, then you would be liable for the shortfall in debts. BUT Is the property solely in your name? If so then those debts will entirely fall into your bankruptcy if you decide to go down that route. If in joint names, the debts fall solely to the other jointee. (as will any other joint debts)

You are also liable for any bills - council tax etc until the legal repossession has taken place. However, these debts will also fall under bankruptcy eventually, but its best to sort them out first. IE council tax - pay it or once moved out, tell the council (phone and writing) the property is empty. This will give you an exemption for some months and make things simpler for you by doing this.


If you wanted to go down the repo route, then you do have a few months. They will start chasing you after 2 or 3 missed payments, this money you could save for rented accommodation.


Your OHs contribution does seem a little low, but it could be fair. He is allowed to service his own debts and obligations if you go BR afterall. Be aware that the OR may well question this.