Br And My Home......

AAW_2

Hello there, I've finally come to terms that BR is my only option! I don't think I wanted to admit it as I couldn't bear to have my house taken from me. I have a seven year old daughter and a 4 month old son to different mothers and have them over to stay a couple of nights a week and couldn't survive if I had nowhere to have them.
From reading through this forum I am a bit confused and also quite upbeat about the possibility that I may be able to keep the house. ......... I have no equity!!! So am I right in thinking that I would be able to keep it?????
Also the mortgage I have with Northern Rock is split into:

£115,000 Secured
£21,000 Unsecured
House Value – Approx £105,000

If BR goes through what would happen to the £21,000 unsecured on my house???

I am not currently behind with any payments to all of my debts but I know I cannot keep borrowing from friends and family to continue paying loans, credit cards, car finance etc....

Thank you in advance for any help offered.

dancingfairy

You may find that bankruptcy is not your only option - have you considered a dmp? or IVA? Anyway best bet would be
a) seek free advice from CAB/National Debtline/CCCS etc as to your options
b) post your specific bankruptcy question on the bankruptcy thread - they are really nice over there and they will have more experience.
Anyway
Good Luck with it all
df

JCS1

Take advise from one of the free debt charities, and if you decide on BR then pop over the BR forum.

If negative equity, you can buy the beneficial interest from the OR for £1 + fees (approx £220 I think)

AAW_2

Sorry I thought this was the right place to post my question. Is there any way i can move it?

Thanks dancingfairy but I'm afraid it is my only option.........I think??

JCS1

have asked one of the Board Guides to move this thread to the BR forum for you. Please do seek advise first, if you do go BR the judge can refuse if you haven't taken proper advise.

fiveyearplan

I would be very wary of IVA. Several people on BR board started with one and ended up BR anyway and wished they'd declared bankruptcy in the first place.

AAW_2

Thanks - I'm seeing a financial advisor on Monday and plan on ringing the National DebtLine also. I've been through the figures that many times now that I'm convinced I'll be advised to do it. I just wanted to know from other peoples experiences if they know the answers to my questions.

MrsTinks

Have moved your thread for you
Best of luck!

fiveyearplan

Don't see anyone you have to pay for advice. They cannot give you any better advice (however much they promise!!!) than you can get from CAB specialist debt advisor, CCCS or National Debtline.

If you are paying someone for their services they advise what will make them the most money. PLEASE DON'T DO IT!!!!

fiveyearplan

Whatever you are advised come back here and see what people have to say. We've all been through this ourselves and know the pros and cons (actually living with them!) than people who have never been through such a thing.

AAW_2

Thanks for the advise but i'm not being charged. Its a friend of my parents, just going to look over things and give some advice. Even after seeing him i fully intend to see CAB and speak to National Debtline.