Thanks!!

LilyBart

Hi,
Unless you're thinking of giving it up for voluntary repossession, or waiting until it's repossessed, yes. If you want to keep it, you have to keep paying for it. Before you make any huge decisions on this, read some threads (search for "vol repo") and do check out the rental market in your area. If the mortgage is not significantly more expensive than renting, you have to think about things like moving costs. Plus with three kids at school, you have to think about whether moving would impact on catchment areas etc.
Hope that helps.
Lily

DON79

It depends if you are giving the house up for voluntary repossession or if you are just waiting on them starting repo proceedings. If you are doing either of these then there is no point paying the mortgage. then you can either voluntarily hand the keys back once you have got somewhere else to live and move out. Or you can wait for them to start repo proceedings whilst you are still living there and then it has to get to court which can take 4-6 months I believe. and with the government urging lenders not to repo too quickly, then it may take 6 months+ before they start repo proceedings.

It's not stupid and there have been others on here who have stopped paying the mortgage and all creditors bills to save for the BR fees and have still be in the house when repo proceedings started so you can do this. and then when it gets to court, the judge won't always tell you to vacate straight away, depending on circumstances, they can allow you a certain amount of time to find somewhere else to live.

hope that helps, sorry, not expert at these things.

DON79

snap Lily

blind-as-a-bat_2

deedee wrote: »

In that case you can up the housekeeping to at least £500. Which I think just about covers your income.

That is as an OR would probably look at it.

Are you both going bankrupt?

You could push housekeeping to £550 as there are three kids £400 is for two adults. £500 is two adults, two kids, so allowes £50 per kid in effect, it wont matter if you have a small minus, it will offset anything they may disallow, and if they dont reduce anything and question it, just say you are "addressing that issue"

A small negative is not a bad thing, but dont push it too far or it can cause problems;)

LilyBart

Snap indeed!
Edit: realised I was repeating myself...

DON79

Bat, you have gone all dark, mysterious and sinister! :eek: like the avatar! time for a change?

blind-as-a-bat_2

DON79 wrote: »

Bat, you have gone all dark, mysterious and sinister! :eek: like the avatar! time for a change?

Yep reflects my mood better at the moment, i have four avatars, but if it changes to this







best leave me alone, it means im having a realy realy realy bad day:p

DON79

:eek: ooh! scary! :eek:

:rotfl: ok get the hint, know what the signs are now! :rotfl:

LilyBart

Eeeek! I've never been able to see anyone's avatar. Kind of glad about that now.

So_Sad_Angel

Ooooh scary Bat !!! :eek:

(...must admit that I rather liked the naked man avatar!!!:D ...still a bit cold this time of year!!)

Lily...to see avatars go to `user CP`,
edit options, thread display options & then tick show advatars......could add you own if you wish.