BR and Reposession HELP please!!!

garyj123

Hi all , been here a few times now and had loads of good advice which to be honest could not find anywhere else. Anyway i have contacted the cccs before christmas and i am now paying my creditors the same amount each month what i can afford regardless of the letters they keep sending. Only one problem is one of the debts is about 20k now and rising and will last more than my lifetime so i am going to go br with advice i have been given. At the minute i am back at my parents house as we cant afford the bills and mortgage and i think we are going to hand the keys back to the bank. What i am stuck on is should i do a repo of the house then once sorted go BR or would it be best to go BR first before the house goes?? Also the form i got for a voluntry repo has got lots of small print on it about costs and things, would i be ok to just send the form back with the keys without signing it?? Someone on here did advise this but not really sure what to do and in what order??? Any help appreciated please.
Thanks a million
Gary

DON79

Hi Gary

Whether you do the repo before or after BR does not matter, either way the shortfall will be included in your BR.

Definitely do not! sign the vol repo form. They are trying to get you to confirm liability for the outstanding balance once repo'd. Therefore if you did sign this, then you would be liable even after BR. Do not even return it, just do your own letter advising you are doing vol repo and are returning the keys which are enclosed.

Hope this helps

Donna

Dez-Titute

There is no reason why you should move house you could have stopped their until evicted knowing you had somewhere to go....And obviously not paying mortgage..

However you seem to have made a descision that the house must go or at least the debt on the mortgage.....What have cccs advised?????????Repo can take ages in some cases up to a year and longer as Donna says don't sign anything that commits you

Take care DEz

LIC2009_2

DON79 wrote: »

Hi Gary

Whether you do the repo before or after BR does not matter, either way the shortfall will be included in your BR.

Definitely do not! sign the vol repo form. They are trying to get you to confirm liability for the outstanding balance once repo'd. Therefore if you did sign this, then you would be liable even after BR. Do not even return it, just do your own letter advising you are doing vol repo and are returning the keys which are enclosed.

Hope this helps

Donna

Hi,

I have moved out of my house and into rented accomodation and want to return the keys to the mort. co. Can anyone advise what to write in the letter? I am planning on going BR in a few months once I have saved the fees.

Thanks in advance.

beentheredonethatstilhere

Just litrally that you are returning the keys of such and such a property an dyou wish them to commence reposession proceedings which you will not dispute. Do not put your new address and phone no. on it, just get redirection set up for the next year. Send it so it is signed for, so you have proof it has arrived. The debt does not become unsecured until it is formaly repo'd and sold so they can chase you even after you have gone bankrupt but when it is sold and you know what the shortfall is you just inform your OR so it can go into the pot, even after you are discharged.

Don't forget to tell the council you have moved out and you will get 6 months council tax free on the property. If they haven't repo'd it when the 6 months is up then you will have to pay 50% of the CT on the property.

It would probably be a good idea if you can afford it to keep the buildings insurance up.