DMP, IVA, BR??? Which?

dancingfairy

Can you renegotiate paying the arrears off your mortgage? don't know whether you could show them your SOA and offer £50 a month instead of £100 as you are clearly struggling?
Also perhaps you could take on an evening/weekend job?
Perhaps there is a timebank/letts scheme near you - where you do jobs for people and then they can do jobs for you - ie you could cook a meal/do some sewing/walk their dog/ whatever then swap your credit for work on the house?
Anyway -don't know if any of the suggestions will help you but should give you some ideas.
df

anniecave

bikechic wrote: »

My intentions now are to not pay the next mortgage, use that £800 as a deposit and rent for another rented accommodation and then hand the keys back to mortgage lender when i've moved out. The plan then is to wait for the charging order debts to eventually return back to me in the form of unsecured debts when i will then be in a better position monthly to look at DMP, IVA or BR if applicable at that time.

That would be what I would do. It looks like it's the mortgage that's crippling you, and if the house needs work doing to it too, then just leave it all!

bikechic wrote: »

Yes, I do actually spend very little on food, sometimes dropping to £10 per week when I need gas/electric, or some extra fuel for the car and so on. It's always the food budget that gets hacked! I do batch-cook meals and freeze them, i do sometimes 'not' eat everyday too.. (not good) but I am actively reducing most things.

I would guestimate extra for your petrol, and include that in the petrol budget. Lkewise the elec/gas, and anything else you are including in there.
That way you'll have a more realistic groceries budget!

I'm assuming you take your own lunches to work and things like that?

Sounds like you are on the right track, I hope it all works out for you!

bikechic

dancingfairy wrote: »

Can you renegotiate paying the arrears off your mortgage? don't know whether you could show them your SOA and offer £50 a month instead of £100 as you are clearly struggling?
Also perhaps you could take on an evening/weekend job?
Perhaps there is a timebank/letts scheme near you - where you do jobs for people and then they can do jobs for you - ie you could cook a meal/do some sewing/walk their dog/ whatever then swap your credit for work on the house?
Anyway -don't know if any of the suggestions will help you but should give you some ideas.
df

Hiya, well - the 'threat' of having the house taken (as it's on a suspended possession order) kind of frightened me last year, so I wanted to pay it off asap, and that was the minimum amount the court would accept at the time, but the bigger picture is still the £689 mortgage on a regular basis - is crippling me.

I am registered with an agency for additional work, but as my employer is paying me to go to university to do a degree, i have to put some time aside for studying too, so social life is minimum at the moment and have to put reasonable time to study.

thanks for help - all welcome!

bikechic

Thank you!

I have a 'friend' who is buying a 2-bed apartment as we speak who knows I will be a long-term tenant for them thus providing them with a good investment.

This means i can move out in a 'managed' way.

What I would like advice on is:

1. What do I do with the creditors who have put charging orders on my property?
2. My understanding is that they won't get paid from the sale of the house from the repossession, thus will become a shortfall and will return to me at the point of sale as unsecured debts. My query is what to do with these in the meantime?
3.Also, other unsecured debts - when i've moved out and the house is handed back to mortgage company - what do i do with these debts and what is this minimum £1 payment that some people are making - please explain?

many many thanks
BC

rugbymum

Hi BC
I didn't want to read and run.
The only thing I can help with is the £1 thing. This is the payment you continue to make to ALL your creditors while it's hitting the fan! :rolleyes: Itshows them that you are accepting the debts and are willing to pay them but not in a financial position to do so.
Regarding the house: I think you're doing the best thing possible by walking away. It will save you a whole lot of stress & worry. There is no shame in renting, millions of us do it all the time! You also have the comfort of knowing that repairs & maintainence is someone else's responsibility!
Hugs & good luck.

bikechic

Thanks,

Do I accompany £1 with a letter? If so, is there a standard letter I can use?

bikechic

Hi, I'm looking at writing to creditors to do the 'Informal Arrangements' initially to attempt to get agreement to make payments.

Anyone got a step by step process to follow?

thanks

bikechic

1. Do I write to the original creditor or the solicitor/debt collector?

2. Do I write to request they write off a debt first, or send a letter about the minimum £1 payment first

please help - confused..