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More questions

Good morning everyone

Few mor questions, house is may be in negative equity, if it is how do i fill in section 4, list of secured creditors, last two boxes and also section 8.1 the third and second from the end, CCCS helpline said if it was in negative equity I would put a plus in one of the sections and I minus in another section.

These forms are driving me mad, stressing out big time. I don't think I can go on much more, 4 weeks to go and I am stressed, crying, unbearable to live with.

What does the judge look for in the forms, what makes him decide to take me BR. I don't know what I will do if he sends me away because forms are wrong.

Comments

  • skylight
    skylight Posts: 10,716 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Home Insurance Hacker!
    OK. Section 4.
    List of Secured- You need to detail here your mortgage provider and details of any secured loans against your property. So for mortgage, you would place Amount Owing £120k (A), Present value £100k (B) and net amount owing is therefore £20k. You list each secured individually here. (This bit is the plus figure, you do not put a minus here as you actually owe this much)

    List of unsecured - this is EVERYONE else you owe money to, bank overdrafts, credit cards, loans, etc etc. The last 2 boxes are date incurred, I personally put in an approx date of when I took out the card DO NOT WORRY if you do not know the exact date. The last box wants to know if you owe that to an employee, if its a credit card then NO etc - unless you do owe money to employees from a failed business then all of these would be no.

    8.1 - The TOTAL amount owing to each secured creditor is how much you have left to pay to the mortgage company and and the secured companies. So, if your property is valued at £100k you put that in the second from start box (A), and if you owe £120k on the mortgage and £20k on a secured loan that £140k goes in this third from end (B). The net value is therefore -£40k (remember the minus number as you are in deficit in this example)

    Does that help a bit??
  • Hi skylight, yes that does help, thank you.

    Can I ask you another question, on the bit where you have to say when you experienced trouble, do I have to put a month or a brief sentence, I have been struggling for a couple of years on and off, as i could not tell my husband what mess I was in. His wages were really up and down, so when credit was offered I took it to keep on top as best I could and make life look normal. Was offered a loan in may from my bank, just out of the blue, offered me a set amount, was sinking fast at this point so after debating for two weeks, took it when I had a pile of bills looking at me, fooled myself again thinking it will get better, money is now gone and could not pay all creditors in sept, there is a lot, what they wanted. So do I put sept or do i put a few years. I do not want to get looked down by judge and he refuse it. My husband knows the whole truth and marriage is tense, he has been good about it, but I hit a low yesterday when we rowed because I needed to talk about the paperwork and he shut off, I know I am taking about it night and day but I don't have anyone else to turn to, no family around for support. I suppose I have made my bed so must lie in it.

    Any advice is most appreciated
  • skylight
    skylight Posts: 10,716 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Home Insurance Hacker!
    Why don't you put down what you just told me?? I put "early 2005" as a starting point on mine as I know around when it started but there is not an exact date. And have been fighting it since then. Just explain everything as honestly as you can. You may find that you have to repeat yourself to the judge about this bit (as they want to know why you want to be BR) and you will have to repeat it to the OR too in your interview. I would suggest that you put in words like "regret" etc so that you can show them that you know its not a trivial matter. I did tell my judge that I couldn't believe I had been so stupid (which was also true) and that it was a harsh lesson I have learnt. Because I have.


    A judge is not likely to refuse a petition - unless you are not insolvent (which some petitioners are!). The clerk at court is likely to go through the forms either on his own or with you on the day anyway. He just checks for anything glaringly obviously wrong.
  • Hi nida,

    Please try not to worry about the judge - if you show that you're insolvent then he will make you BR, and the experience of most people on here is that he's kind and non-judgemental. It's not his job to tell you off, just to check that you are aware of the consequences, and that you can afford to live after the BR.

    I'm sorry to hear about your husband - it's a very tense time, and I guess he's trying to come to terms with it. But even tho the debts may be in your name, they're really his too if they were for living expenses. Doesn't mean he's liable in law if they're in your name, but he is a bit responsible too!

    OH and I had a conversation about when we (well, he) first got into trouble. I wanted to put May this year, but he said he wanted to put a few years ago when he first started struggling. I guess it's really up to you - if you were managing to pay the debts until recently then you could put Sept, but it sounds like a couple of years may be more accurate, especially if you were taking out more credit to pay debts. It's a very familiar story to the judge and the OR (unfortunately!:o), and you shouldn't get told off for it.

    Hope that helps! Good luck with the forms - they're nasty, aren't they! CBx:D
  • dalip
    dalip Posts: 7,045 Forumite
    NIDA i had the same trouble. I talked non stop about "what if's",stressed about forms,OR court,everything actually:D . My OH did not go bc,had no idea how it was affecting me,did not help with the forms,did not understand why i was stressed as he shut off too.All he kept saying was it will be fine,dont't ask me, how should i know:mad: . Also like you i had no family/friends to talk my fears over with. It is a very lonely place to be sweetheart so you take comfort in the fact that it will soon all be behind you. I am now so much stronger/happier and you will be too. Trust us here when we say it gets better,,it's not so bad and soon you will wonder what you were ever worried about.

    In answer to your question what you have put here looks good.Dx
    Free impartial debt advice available from: National Debtline - Tel: 0808 808 4000 | The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 | Find your local Citizens Advice Bureau
    Laugh at yourself and others laugh with you.Laugh at others and you laugh alone. BSC No 107:D
  • skylight
    skylight Posts: 10,716 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Home Insurance Hacker!
    What I have so far neglected to mention, is that any joint debts, the liabilities will now fall solely to your husband. You have been told that??

    So any debt on your mortgage/secured loans will fall to your husband if you go BR and you are jointly named on the mortgage/secured loans?? Are you both hoping to keep the property? Are you in arrears with the mortgage or secured loans? If not, then your husband should hopefully be offered the beneifical interest if there is no arrears and no equity.
  • Thank you again

    yesterday my husband was home and after the row I didnt want him to see me on here in case we argued. We have 2 accounts in joint names, one which is 91.00 overdrawn, the other is 1000.00, I realise the debt will fall on to him. The mortgage is in joint names and yes we are hoping to keep it. The house is probably in negative equity and the mortgage lender wants £13,000.00 if we sell before August 2009, :eek:

    When I spoke to CCCS bankruptcy helpline, the lovely lady said that if I put last year, it may not look good as I accepted the loan this year and I did pay for a holiday out of it for my husbands 40th, he believed me when I said we could afford it. He knew I had debts as I partly confessed August 2007 when he reluctantly remortgaged. I have asked him, now everything is out in the open to help me run the house, I know it will resort back to me. All I want is for him to know how much his priority bills are and share the running of the house with me. This mess I am in makes you focus on everything that brings you to this point and sort it out.
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