Help With The Br Form

LESLEY75

I have been scanning through my BR forms and notes and notice it asks to list my assets. I obviously have furniture for the house and I have a car which is loan to me by my mother as my partner took the car when he walk out some months ago.

I guess they can not touch the car but what about my furnishings will they take them if so what can i do to protect my furnishing as its all i have left to start again in rented property.

hadenoughnow

LESLEY75 wrote: »

I have been scanning through my BR forms and notes and notice it asks to list my assets. I obviously have furniture for the house and I have a car which is loan to me by my mother as my partner took the car when he walk out some months ago.

I guess they can not touch the car but what about my furnishings will they take them if so what can i do to protect my furnishing as its all i have left to start again in rented property.

dont worry about your furniture, normal day to day furnituer need not be listed on your forms, if you high value antiques that would be different. And the car could not be touched, but let the OR know you have use of it, as you will probably be listing the costs of running it on you SOA

nervousmother

They wont take anything from your house unless you have antiques, or have recently bought a 50" plasma tv, most household goods have little resale value and they are not interested in them.
I know its an emotional road your on but try not to worry too much, this board is a great help and support

LESLEY75

hadenoughnow wrote: »

dont worry about your furniture, normal day to day furnituer need not be listed on your forms, if you high value antiques that would be different. And the car could not be touched, but let the OR know you have use of it, as you will probably be listing the costs of running it on you SOA

Hi

I dont have any antiques and most of the furniture is 2nd hand. Even though my mother has loaned me the car I have to pay for the insurance and fuel, mot etc. and minor repairs.

nervousmother

like hadenoughnow says, let the receiver know you have use of the car, and put down the running costs as your expenses.

you have nothing to worry about with household stuff.

LESLEY75

nervousmother wrote: »

They wont take anything from your house unless you have antiques, or have recently bought a 50" plasma tv, most household goods have little resale value and they are not interested in them.
I know its an emotional road your on but try not to worry too much, this board is a great help and support

Hi

I new to this site but the details under your message is that your siutation. If so i have my mortgage with NR and they are so unreasonable and not prepared to listen. I have not paid them since 3 Dec and I have not heard from them about none payment.

I have no intention of paying them any more monies and i intend to stay in the property for as long as I probably can beofre I go BR in order to save monies for bond and BR fee.

Tell me a little about your story with NR.

It is all a little un nerving and get quite anxious. Doctor now put me on tablets as I started to have panic anxiety attacks to the point I black out.

SCAREY TIMES AHEAD....

nervousmother

erm, Northern rock swear words to me

Its a long story but here goes, a few years back my hubbys business was doing brilliant, he had two companies at that point and we had joined the buy to let market too, we had two terraced houses that we rented out and a 4 bed house we lived in, My brother and his wife wanted to move to this area and we decided to let them live with us, We bought a beautiful 5 bed house with a swimming pool and all moved in. We then rented out our 4 bed home, rhe rent more than covered that mortgage. The mortgage on the new property was about £800 a month not a problem. Then my brothers wife left him and he went to pot and lost his job, we supported him for a few months, we came to the end of our deal with northern rock, they had promised us we could re-do it but when the time came they wouldnt. the mortgage went up to about £1600. That was about 2.5 years ago, hubby didnt discuss things with me and i thought all was ok, one of the companies wasnt doing so well (a computer firm) and he sold it for the price of the stock involved. concentrated then on his other business, but no way could we meet the mortgage, brother then moved out. hubby was paying alot of our houshold bills on credit cards hoping things would pick up, we had the house valued at around £400k and put it on the market for £360, no interest we kept dropping the price (if it had have sold at that all debts would have been paid off) hubby became a pain but i didnt know at the time what was on his mind and we split up. He gave the tenants notice to move out of the 4 bed so he could move in, i stayed in the 5 bed with our kids for about 3 months, me and hubby got back together and I moved into the 4 bed house with him. We had to stop paying the mortgage to northern rock but reduced the price again, We eventually had a offer of £260k but northern rock refused to let us sell, they said with interest we now owed them about £290k, we asked if we could rent it out but they refused, the other debts had mounted up also, Hubby had threatening letters last year to pay his tax bill or IR would make us bankrupt (ironically) we then sold one of the terraced properties to pay the inland revenue, his current business was affected by 'the credit crunch' but still gave us an income of about £1.5k a month, I got a job last march that earns 12k a year, It took northern rock 1 year to re-possess the property, they told us they would achieve the best possible sale, now today with interest and charges we owe them £310k. I saw our house for sale on the internet begining of december for ....... £194k! that ment we would have a shortfall of £116k, we looked into things and found they could come to us for up to 12 years for the money, probably just as we would get straight and get decent equity in this house. We had no other option other than to go bankrupt.
We went BR on 6th jan, we are hoping to keep the house we are living in, it currently has about £14k equity(cant believe how much this has dropped either) less the fees and mother in law has offered to buy the Beneficial interest. The other terraced property has dropped invalue also, it has a tenant in it, valued at just 50k and the mortgage is £52k not sure what will happen to that, the rent we receive is about £320 and we pay £220 mortgage so gives a bit extra income,
It is scarey, We have not even spoke to the OR yet and our case has been passed on to a trustee, I get a Telephone interview on the 2nd feb, hubby has to go in and see them.
Daft thing is, if it wasnt for Northern rock we would have carried on paying the other debts struggling along, I had even considered getting a second job anythign to get out of the mess, but owing that much money out we would have worked for the rest of our lives and had nothing....

LESLEY75

I would agree with the NR being a swear word.

I have even made an appointment to see my MP about how unreasonable NR are and that it dont make good business sense for NR to force people to bank ruptcy by not accpeting lower payments or coming to some agreement.

NR then take on the debt so how are they planning on paying the government back with the money they have borrowed.

Surely to let their customers have reduced payment and holidays is better then taking on the debt.

I am right in what I am thinking surely its a case of NR having more common sense.


I do feel guilty and unsure as I have never missed a payment with anything and it dont feel right. Been too much of the good person and feel bad but Sod them I taking advantage of free living like my solicitor said to do being I have no choice but to go BR so may as well try and get some money together while i can.

nervousmother

The problem we had is that NR were struggling themselves, their problems had not come to light at that point, they took on the policy of not re-newing mortgages in the hope of people going elsewhere thus reducing thier debt.

They forced us into this situation, if there is any advantages for you take them with both hands, save up you will need the cash soon. :j

I doubt anything more will be done about how they acted, stupid thing is with the mortgage rates now dropping how they have we could have afforded to stay maybe until the market picked up... oh well, this year is a new start all round :beer: