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fiveyearplan

I don't suppose it helps much to say that is £144,000 you will be paying back on that £50,000?

If you saved that amount per month you'd have £36,000 saved up by the time the bankruptcy falls off your credit file in 5 years.

davetheman

We have been takling debt for some years now, for different morgages and secured loans, has cost us so much. Just want a clean break. But yes am aware of secureloan amount, so high at around 9%, hence I want to stop paying the £100 ish on the PPI

fiveyearplan

I'm not trying to sway your decision in any way as previously I would have fought tooth and nail to keep my home (and in my situation I do think it is best to keep it) I have no secured loans and my mortgage is cheaper than renting something similar so we wouldn't really be better off renting. Recently however our fixed deal ended and the mortgage went up by £500 per month, the bank has kindly passed on the interest rate drop so monthly payment is now same as before. When it went up thats what got me to change my mind on trying so hard to keep the house. I'm sure other people are the same thinking they just have to keep the house. Every situation is different and all avenues should be explored before coming to a decision.

davetheman

Have been told very hard to rent if BR.

davetheman

also, we are on fixed rate which will run our in approx 2 and half years, so will be interested if I am BR

peachyprice

davetheman wrote: »

So with the correct amounts now, is paying the morgage and secured loan acceptable for myself, this will still balance left from my wages to pay towards my creditors

It's hard to say without knowing how it all fits into your SoA, and how much of an IPA you might be likely to pay.

davetheman

I will be doing my SoA shortly and will post for your comments

chelseabun_3

Hi dave,

Have been told very hard to rent if BR.

Not necessarily - our tenancy agreement doesn't have a BR clause at all, and it's with a major letting agent. So there are probably quite a few letting agents / landlords out there who don't have a problem with letting to BRs. The credit check would possibly be a problem, but again may not be a prob if you have a guarantor. Just a thought! CBx

Lensman_2

davetheman wrote: »

Have been told very hard to rent if BR.

Hi Dave.

Being a private tenant and facing possible BR from a shortfall on my (currently owned) flat myself, I have been doing some extensive reading here.

The long and short of it seems to be:

1. Some letting agents put anti BR clauses in the agreements. (Mine doesn't have one - phew!)

2. Those that will entertain it usually ask for:

• 6 months rent up front, with a demand for another 6 months when that dwindles and/or
• a guarantor who can cover 1 1/2 months rent

3. Private landlords that advertise in local papers usually don't to credit checks or worry about BR status.

Hope this helps.

Jim