Urgent Help Needed

Queen

Hi received letter from sols about RBS unsecured loan they want a payment of £350 per month and will still apply for a charging order, was seriously thinking of going BR but after speaking with CCCS BR Department they have advised that its not such a good idea until I know how certain things are going to with OH job with his illness, lady advised that they would probably not let us go BR with a surplus of £25 as this means we would not be able to meet priority debts if things changed with income and if we went BR now this would not include mortgage or secured lending, she also advised that the OR may still sell property even though no equity because our living costs are so high and to go into rented a lot cheaper each month. Also within the last 5 yrs we sold another property some of equity was paid to my sister-in-law for inheritance that she did not have when we purchased my OH parents home when they were terminally ill to keep a roof over their head, we rented our property out and we all lived together, even though there was no inheritance as such we agreed that she would receive £15,000 in 2 payments of the lady said they would want to know about this and may want money back or issue a BRO

peachyprice

Queen, if you don't go BR now and RBS get a charging order you will have even more secured lending that cannot be included if you decide to go BR at a later date, sorry, but that is really bad advise, the advisor really doesn't seem to have taken on board that if you wait you will be increasing your secured debt.

Also, you WILL be able to go BR with a £25 surplus, that is complete bullsh!t. Blind-as-a-bat took a long time going through your I&E with you and gave you a good working budget.

They are highly unlikley to sell your property just because you can get a rental cheaper. They'll only do this if you are living in a house much bigger than you need.

I'm very disturbed, you are the 3rd person in the last day or so who has had advice not to go BR from CCCS when it's the most sensible thing to do.

Queen

Sorry cann't find the thread with the I&E from Blind as a bat but since then this has changed mortgage gone up a lot gas doubled, really worried that they may ask my sisiter-in-law for the money bck

peachyprice

I think they can ask her, but if she hasn't got it they can't make her pay it back. They can't force her into debt to raise the money.

Queen

so what do they do she doesn't live in this country

peachyprice

They write to her and say 'can we have this money' she writes back saying 'no I haven't got it'.

Queen

then what happens what the HELL do I do, CCCS its the worst thing I can do going BR, I thinks he means that because of the uncertainty of income is it best to waite a few months to see what happens as if we went BR now and could not afford mortgage and secured these would not be included in BR to waite and see and include everything if we do go BR in 3 or 6 months time, she said that the charging order is nothing to worry about really as she think we should sell or hand keys back go into rented and then BR to include everything, BUT I DON'T WANT TO SELL OR GIVE MY HOME BACK

blind-as-a-bat_2

If you want to try keep the house, the CO is a very big deal, if i where you i would get a second opinion from say CAB

CCCS do seem to be shying away from recomending BR of late, even when its the most viable option

I dont think your getting the best advice to be honest

Queen

Hi PM charging order would be £22,000 + costs and £10,000 in cc and overdraft, OH diagnosed with illness that cann't be cured just controlled which does not seem to be happening, if he doesn't return to work then we will have to let house go very soon, once back at work we can keep head above water with mortgage and essential providing mortgage rate does not increase but nothing left for creditors, so if the OR does not make us sell the house we still have a slight issued with money we gave to sister which was a verbal agreement between us my OH father who died in 2001 and my sister in law, that she would receive some money as inheritance from the sale of our first property that we brought the only reason we rented this out was because all this was only a short term situation initually my OH had noth other option both had terminal illness no life insurance and sadly died within 9 weeks of each other sorry to ramble on but its hard to explain without letting you know the facts thanks

panickymum

Hiya Queen

As the others say you probably need to get some more advice but I wouldn't worry about your sister's money. If she hasn't got it, well, she hasn't got it has she and there's nothing she can do. I'm not 100% sure of the implications of having a charging order to be honest. Am I right in thinking that your options are
1) stay in the house, don't go anything and take a CO?
2) stay in the house, go BR and take your chances with the OR, but you don't want to lose the house?

(sorry if I'm stating the obvious I'm only just picking this up!)

You can afford the mortgage and essentials now right? So if you go BR and the OR lets you keep the house (and there seems no reason why they shouldn't as the difference between rent and mortgage isn't huge?) then you can concentrate on your OH getting well without the worry of debt.

But if you let them put a CO on the house and avoid going BR will you not then be in the hands of the creditors, as it were?

By the way, I went BR with a surplus of £2.50 so it's not true that they won't let you go BR with a small surplus. Like you, if anything major happened now, I too could not afford my mortgage payments but, if i buy the BI, that will be my problem. The OR has advised I take financial advice on this.

Sorry I'm not much help but hopefully it helps you to talk. BR can be overwhelming and the more advice you can get the better, in my humble opinion.

x

dodecanese

Hi Queen
Dont know if this will be of any use to you- its just what happened/is happening to me regarding my property.

I went bankrupt in March- I had about £10 surplus after all essentials, and an absolutely HUGE mortgage/sec loan. CCCS bankruptcy team never said anything like they said to you- they recommended the big B in fact, and said it was unlikely I would lose the house- which is in neg equity. I was aware some ORs can try and make you get rid of the house if the mortgage is high- I rang CAB, National Debtline and even my local ORs office and the general consensus was I "should" be ok.

Anyway, had interview and the OR was ok with mortgage payments. Recently got an IPOQ form as slight inc in salary- OR now seems to be going down the route my payments are too high on the mortgage and they want an IPA based on me renting. I havnt bought the BI and, to be honest, I agree with the OR re the house- its crippling me and I hate it (leaky roof). So Ive found a nice little rental and Im handing back the keys. There will be a shortfall- OR/several others have advised Im not liable for it and it will go into the bankruptcy.

NDL did tell me if I wanted to stay in the house I could let the OR take me to court and fight it out there- and the OR was not guaranteed to get his own way. But Im letting it go.

Most people with high mortgages dont seem to have had this- think my OR must be strapped for cash/not hitting IPA targets. I dont really care as I dont want the house, but the sell/go into rented can happen (must stress tho I think Im a rare case, and my mort is a lot bigger than yours).

The Charging Order is worrying- if it goes ahead before you go bankrupt it wont go into the bankruptcy (unless of course you bin off the house and let it get repossessed), and of course youll be in quite severe neg equity.

My personal thoughts on are you probably will be ok re your house/OR letting you stay there. I think Ive been a bit unlucky (or lucky- as the case may be).

Hope it all works ok for you