Contacting CAB

mr_&_mrs_2

Hi All

We will def be declaring b/r after speaking with debtline we have considered this to be our best option.

We have been unsucessfuly been trying to contact the CAB & we would like to ask the following:

Do we need face to face contact with the CAB or other organisation to enter into b/r as we are aware that we should seek advice first or can we do this via telephone (when we can get through)?


Any advice on whether to declare b/r before or after repossesion, we have a joint mortgage and we are both going for b/r, should one of us go first?

Thanks all

We really do appreciate your help...

So_Sad_Angel

Try this CAB site for general info ..it has a very comprehensive BR site

http://www.ned-cab.org.uk/debtselfhelp/bankruptcy.shtml

My understanding of repo implications are that as long as you put in on the forms as secured debt then any shortfall will be included in your bankruptcy ...whether it is repo before or after you petition BR.

HTH,

Angex

k2nga

I only spoke to national debtline when i decided that BR was my only option and i just put down that on my forms and put down my case number in case they wanted to check.

skylight

You do not need to speak to anyone on a face-to-face basis. A telephone interview would be fine. You have already spoken to the National Debtline and if you want to follow their advice, then you are under no obligation to discuss BR or your finances with any other organistation if you do not want to. It will not affect your BR process - you have taken professional advice through NDL.

Most people here tend to give up the property before they declare BR. It may not have been repossessed at this stage, but they have sent the keys back along with a letter stating voluntary repo (etc). They do this so that its easier to rent somewhere else first. - for several reasons. Your credit file is in a bad way now - after BR it will be in tatters, and letting agents do a credit search. Secondly, due to the stress. Its stressful enough as it is, and trying to do it all at the same time is probably just too much for normal folk so doing it in stages is easier.

Others do not move out until they are evicted by the court. This saves them money - not paying mortgage or rent allows them to save up to rent elsewhere. You need a thick skin for this though. Creditors know where you live and neighbours will find out (people knocking on the doors etc). It can be tough.


The thing with mortgages is that you will be chased for payments right up to when the property is re-sold. Until that point it is not actually a debt. So if you went BR today, moved out tomorrow, but the place was not sold/repo'd until August, you are still "liable" until then. You will still be chased, but thats all they can do. Being BR will mean they cannot touch you, they can only chase you. Once its sold, its then known what the shortfall to the mortgage is and at that point it is then a proveable debt that can be included in your BR - even if you went BR 1 year or so before. Make sure you sort out council tax exemption and turn off utilities when you leave and hand over the keys - you are also liable for these debts too until the property is sold, it just hassle you do not need.