can we be forced into BR

harl

advice please thanks in advance .
i lost my job 12 mths ago , we have been to court over missed morgage payments ,so the morgage is our priorty, unsercured loans and credit cards have somehow managed to put their debt, on the house (via )the land registair . the house is up for sale we have been told by the court that if we miss just one morgage payment the the house will be repossed within 28 days .now we have a letter from barclays saying that they are going to force us to go BANKRUPT . in the mean time i am back at work but just about able to keep the morgage going, (and Oh yes and paying tax to keep all theese banks afloat ).

hadenoughnow

harl wrote: »

advice please thanks in advance .
i lost my job 12 mths ago , we have been to court over missed morgage payments ,so the morgage is our priorty, unsercured loans and credit cards have somehow managed to put their debt, on the house (via )the land registair . the house is up for sale we have been told by the court that if we miss just one morgage payment the the house will be repossed within 28 days .now we have a letter from barclays saying that they are going to force us to go BANKRUPT . in the mean time i am back at work but just about able to keep the morgage going, (and Oh yes and paying tax to keep all theese banks afloat ).

It is rarely seen that a creditor petitons for your BR but it is possible, are you sure it isnt a standard threat letter you have received? have a chat to CAB, CCCS or NATIONAL DEBTLINE about it. The debt companies only register their interest in an equity on the property should it get sold, the Bank always have first charge. Also if you do go BR and your house is negative equity, providing you can keep up the repayments you should be able to keep it, but the other debts will all go away.

debt_doctor

Hi,

How much equity do you have in the property ?

DD

maxmycardagain

what do you WANT to do is the key question

no point asking loads of questions till youve decided

do you want to keep the house (bearing in mind any orders on it or secured debts do not die with BR) and can you afford the repayments

harl

hi thanks for the reply , when the house went on the market it was priced at £145.000 , we have since reduced this to £140.00 , we have had offers of £12.00 less ,than the asking price we can not sell at this price .£10.000 morgage arrears , and £92.000 left on the house .

fiveyearplan

harl wrote: »

advice please thanks in advance .
i lost my job 12 mths ago , we have been to court over missed morgage payments ,so the morgage is our priorty, unsercured loans and credit cards have somehow managed to put their debt, on the house (via )the land registair .

Hi Harl. The debt doesn't get secured unless it goes to court. Has this happened?

harl

the credit cards and bank have sercued the debt on the house we are trying to sell , and then they will get thier money . but theese debts were never sercured on the house. we dont want to go bankrupt , they say they are going to force it on us .

harl

we can just about keep the morgage payments up . i was not happy that unsercued loans,are now placed on the house ,but we accept that we will have to pay as soon as the house is sold .ibut they say they can force us to go bankrupt .

peachyprice

I'm a little confused here, could you clarify some things.

Did you have CCJ's that were made into charging orders or have you changed your debts into secured loans yourselves?

Are these CO's/secured loans with Barclays?

How much does the secured borrowing come to?

To answer your question re bankruptcy, yes, anyone you owe more than £750 can make you bankrupt, but rarely do.

fiveyearplan

harl wrote: »

the credit cards and bank have sercued the debt on the house we are trying to sell

How did they do this? They would have had to take you to court to get the debt secured, it can be a lengthy process - you would have been given CCJ papers and would have had the chance to defend yourself. Are you sure the debt has been secured? Did you receive such papers?

Once they get a CCJ they then have to go to court again to get a charging order (this may change soon so that they can do it all in one but has not yet changed to my knowledge).