Just been to CAB.....

jay09

....but i'm still unsure of a few things , please can someone help.
From the advise we got and other advise we think the best option is bankruptcy.
We currently have a mortgage and a loan secured on the house (also credit cards and overdraft). We have got somewhere to rent and move in in a week or so. We have had the house up for sale for the past 6 months which was if sold then we would have probably been able to pay a large amount of the debts of and could have avoided BR.
The person at CAB said if we had made the decision to move and rent that would be ok, but to only pay priority things, this been our new rent and whatever we could pay towards the mortgage/loan.
We are now not able to get another interview at the CAB until march. If BR is the option would it not be better to go ahead and do it straight away and try and stop anymore debt building up? The CAB person said no rush?

I am in full employment but i'm now on basic hours and the threat of been made redundant. I have recently been in the process of starting up a small business to try and generate some extra cash and have a van on HP, this would become the only vehicle in the household. Would be able to keep the van and finance agreement as the payments have always been paid and in no arrears. Will the OR be ok with this even though the business is not registered yet.

Sorry for all questions but as you all know these are worrying times

pink-lint_2

hi ,

you can still keep your house when you go br as long as you can afford the mortgage payment and secured loan payments.

but if your going in to rented and giving up your house with secured loan ,then why pay the mortgage + loan?

priority is rent, council tax, and utilities .

not to sure about your van or your buisness though

good luck pink

jay09

Thanks pink
I did say to the Person at CAB and as you say why pay the mortgage/loan if we are walking away. She said to pay them as much as you can at the moment because there is no rush to go BR. I personally think we should do it as soon as poss, plus there will be less chance of getting further into debt and maybe getting CCJs

pink-lint_2

if you are going down the br route and into rented , you will need money for bonds and stuff for rented and also fees for br ,

if you stopped paying all debts including the mortgage then you could save the money for the bonds and fees.