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Newbee with questions.

timb842
Posts: 17 Forumite
Grrrrr I have just typed out a thread and it was not posted as I lost my IE connection. Grrrrrrrrr
I am looking to go BR in the new year, I have an interview with CCCS on the 16th, with a view to BR.
I have a house that is in my Ex and I name. I no longer want it as its in NE about 50k and I have 20k unsecured debt incorporated in the mortgage 125% NR mortgage. I have also 33k usecured debt though loans and CC's. I have been staying in a room in London through work, but this is now at an end. I am forced to look for rental close to work as I cant afford to travel the 3 hour journey from the house I own.
I am looking now to rent a place so that my 2 children can come and stay with which will be close to work in london. The trouble is that the suitable rental market in london will mean that the rent is more than the mortgage by 125, is this acceptable as I could not stay in the house and pay the travel expenses, along with all the unsecured debt.
I would look to rent before going BR and have defaulted on the payments to save for the deposit and first months rent? Is this the right thing to do?
Any help would be greatly appreciated.
I am looking to go BR in the new year, I have an interview with CCCS on the 16th, with a view to BR.
I have a house that is in my Ex and I name. I no longer want it as its in NE about 50k and I have 20k unsecured debt incorporated in the mortgage 125% NR mortgage. I have also 33k usecured debt though loans and CC's. I have been staying in a room in London through work, but this is now at an end. I am forced to look for rental close to work as I cant afford to travel the 3 hour journey from the house I own.
I am looking now to rent a place so that my 2 children can come and stay with which will be close to work in london. The trouble is that the suitable rental market in london will mean that the rent is more than the mortgage by 125, is this acceptable as I could not stay in the house and pay the travel expenses, along with all the unsecured debt.
I would look to rent before going BR and have defaulted on the payments to save for the deposit and first months rent? Is this the right thing to do?
Any help would be greatly appreciated.

0
Comments
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Hi,
Defaulting on your payments is fine, you are going BR anyway.
If the cost of your house and travel costs adds up to more than renting then the OR should be fine with it.
If you don't want the house then you need to ask CCCS about voluntry reposession. Then any shortfall between house value and debt secured to it would also go into your BR.
Hope that is some help,
Good luck!
:beer:😬😬😬😬😬😬😬😬😬0 -
One thing, I don't know whether you're aware of, but when you go BR all the shortfall for the mortgage and secured loans and any other joint debts you may have will fall entirely to your ex.Accept your past without regret, handle your present with confidence and face your future without fear0
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peachyprice wrote: »One thing, I don't know whether you're aware of, but when you go BR all the shortfall for the mortgage and secured loans and any other joint debts you may have will fall entirely to your ex.
you make that sound like a bad thing........lol
quite true thoughNow we all know how it felt to play in the band on the Titanic...0 -
Hi Timb,
I assume that your ex & the children don`t live in the mortgaged property . Sorry if I missed that in earlier posts.
Any joint debt will go to your ex...unless they declare bankruptcy also.
Good luck on the renting search. Alternatively do you know anyone who can rent a room until you can save the deposit to get a suitable place near London.
Angexx0 -
Yeah I am aware that is the case, and no she does not live in the property. she Is in a mess with her new fella financialy and think thats the route she will take, unless she wants to buy my share.
I am still waiting to find out about the property I put the offer in on, fingers crossed. I spoke to the agent and she say's that the credit check they run is just to find out if i have any CCJ's or am BR. both of which I am not YET.. so fingers crossed, I was worried if they did a credit score as I am in a DMP and behind on the mortgage, to pay the deposit and first months rent. Fingers crossed eh.
Thanks for your responses0
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