Newbie considering BR

jellygirl_2

fiveyearplan wrote: »

Hi Jellygirl. So, you have £11,000 unsecured debt. Would you like to stay in your house? If so you would need to continue paying the mortgage and secured loan. I wonder why neither of the debt charities mentioned BR to you? Did you list your unsecured debt because you look insolvent from what you've said above? Didn't they offer any advice?


Also, do you have any idea how much you'd have to pay for rented property in your area?

Hi FiverYearPlan,

yes I have 11k unsecured which is credit cards and an overdraft. I would like to keep my house if possible - mortgage balance is 81500k - house is probably worth about 85k or possibly less now, but have secured loan which has balance of around 20k - If I went BR then would only have mortgage and sec loan to pay which would leave me around £600 left for living - Im on my own and no dependants so I think i could manage on this. I have a 10yr old car worth about 1200 trade - am concerned this could be taken as work is 9 miles and 2 buses away. But then I think, if br then perhaps should get rid of all debts and make clean break...try and rent nearer work...rented is around £500 pm.

jellygirl_2

So_Sad_Angel wrote: »

Try Nat Debtline again also....spend this time getting very knowledgeable about what is best for you. CAB are brill but very busy....but worth a call for an appointment if you can.

Usually CCCS will have given a further appointment..they do a more in depth review & then send out in writing their recommendation.

It is quite normal to `not know what to do`...but speak to as many people as you can....have you done CCCS debt remedy online??...that gives an immediate response.

Angex

Yes will try National Debtline again - just waiting for their paperwork to come through the post. I did CCCS Debt Remedy online and it said I should immediately open another bank account and transfer priority payments, get salary paid in there - the summary stated I have nothing left out of monthly salary to pay the unsecured debts and didnt suggest any method of resolving this. Thats why I think BR is the only way to pay these unsecured debts - perhaps I could still keep my house as not behind on payments (mort and sec loan). Thanks for the suggestions, people are so helpful on here:o

fiveyearplan

If you want to keep the house and you think you can keep up the payments on mortgage and secured loan then work with that aim in mind. This is the one time that negative equity is a bonus! At least you know the OR won't want to sell your property.

So now to deal with whats best for your other debt. If you have BR in mind find the relevant court, phone them and see how they operate. Some you have to have an appointment with and others you just go in.

http://www.hmcourts-service.gov.uk/

Once you know what court then you need to get the forms. I downloaded them and printed them out - you can do them online but I preferred to print and fill in by hand.

I think there is a sticky on the front page of the BR forum where you can find the forms.

Next just ask away anything you are unsure of and go trawl through this forum for other people's experiences. The better informed you are the easier it is.

jellygirl_2

fiveyearplan wrote: »

If you want to keep the house and you think you can keep up the payments on mortgage and secured loan then work with that aim in mind. This is the one time that negative equity is a bonus! At least you know the OR won't want to sell your property.

So now to deal with whats best for your other debt. If you have BR in mind find the relevant court, phone them and see how they operate. Some you have to have an appointment with and others you just go in.

http://www.hmcourts-service.gov.uk/

Once you know what court then you need to get the forms. I downloaded them and printed them out - you can do them online but I preferred to print and fill in by hand.

I think there is a sticky on the front page of the BR forum where you can find the forms.

Next just ask away anything you are unsure of and go trawl through this forum for other people's experiences. The better informed you are the easier it is.

Yes I think thats the way I want to go - try to keep the house and go br for the 11k unsecured. I have been advised to open a Co-op Cashminder accout and transfer dds etc - my current bank account (with £2500 OD) is with the same bank as my mortgage - I wont be paying the OD back or their credit card (£3200)

fiveyearplan

Good idea to get your banking sorted out now.

peachyprice

jellygirl wrote: »

my current bank account (with £2500 OD) is with the same bank as my mortgage - I wont be paying the OD back or their credit card (£3200)

That won't be a problem at all, HSBC were our biggest creditors and our mortgage it with them, it's made no difference what so ever. Our bank account is now with Co-op.