Giving back the keys?

Charlie23

Hi i need some advice please. I currently have a 100% mortgage with Northern Rock. I think the house is worth about the 110% but i don't think we could sell it in the current market. There are also quite a few problems with the house which we just can't afford to fix. We are looking at giving back our keys to our mortgage provider as we are about to start missing payments on things. I also need to give up work (stress and not coping with working full time) most of my money is taken in childcare so wouldn't make too much change but there will be less money.
So what we want to do is give our keys back, rent a smaller house and start a DMP.
My DH went to CAB the other day and they wouldn't advise us as they want us to stay in the house (it's falling down in places).
Are we completely mad? i understand that there are people being reposesed and they don't want to be and i feel lucky that (at the moment) we are not in that place.
Any advice appricated
Charlie

deedee_3

Give National Debtline a ring in the morning and discuss this with them.

If NR sells at a loss then any outstanding monies will still fall to you to pay and I believe they can chase you for up to 12 years for the money.

If you go into a DMP how long will it take you to pay back?

Main recommended sources of help:

• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)

Others:

• Business Debtline - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan

ems08_2

Not an expert here , but if you plan to go BR rather than a DMP....the shortfall will be included.
but you need to discuss your options first.....national debtline was a great help to me .

em xx

Charlie23

didn't really want to go br we 'only' have unsecured debts of £25000 and my dh is a civil servant so worried about implications to his job. (£20000 in his name)
I will give national debtline a ring tomorrow, Thank you

deedee_3

Good luck and let us know what NDL say tomorrow.

There is very few jobs that are affected by bankruptcy so it may be an option. But if a DMP is the right way to go then they will help you sort it out.