ok so im goin thru with it..BR

DEBT_23

ok so i have decided to go thru with it in march. i have posted on here before with the whole shudnt i should i. i have spoken to n.debtline n cccs etc.
im in f/t employment i earn £1100pm
i have --
£21k unsecured
£12k secured
£75k mortgage tho im in negative . would struggle to sell at £65k !
i live with my partner and little one tho she doesnt work with having the little one.
80% of my debt was takin out when i was 18-20 im now nearly 25 !! i want a new start and this debt cleared !
i am going to try and keep the house.. tho i kno it aint going to be easy !
a few Q's please.
1) how easy is it for me to keep this quiet from loved ones??
2) which paper wil it be in. if im going to wigan crt ?
3) do i stand a good chance of keeping my house ?
4) how soon after BR will the debt letters/threats stop ?
5) im in arrangments with arrears on secured loan and mortgage, if i keep to these arrangments like i am doing will that all be fine with the BR and trying to keep the house . ?

k2nga

1) how easy is it for me to keep this quiet from loved ones?? Do you need to i did this in the first instance but then thought why and told people and recieved alot of support which has really helped me get through it. If not i suppose if they dont read the London Gazette or you local paper you should be fine really but there is always a chance.
2) which paper wil it be in. if im going to wigan crt ? Sorry i cant answer this one but you could by both papers. I am told annocements on BR are normally a Thursday.
3) do i stand a good chance of keeping my house ? Im sure someone else can answer this one better for you than me.
4) how soon after BR will the debt letters/threats stop ? It can take 6 to 8 weeks for them to stop as the OR's might not send confirmation to your creditors for that time but if they call you can just give them your BR details and warm them about repeat calling as thats Harassment once you have given the BR details. I just told all mine and they stopped straight away.
5) im in arrangments with arrears on secured loan and mortgage, if i keep to these arrangments like i am doing will that all be fine with the BR and trying to keep the house . ? Someone else will better answer this but i guess this will be for the OR and you to decide post BR.

peachyprice

If you are in negative equity and can afford the mortgage and secured loan payments it's highly likely you will be able to keep your house. The OR would have no interest in the house and would not make you homeless for the sake of it.

You will be able to continue paying the arrears whilst you're BR as the mortgage and secured loan aren't included you are still allowed to pay arrears to them.

The only reason an or may have for asking you to move out of your house is if your mortgage and s/loan payments are considerably higher than renting a smiliar property in your area, although this is less likely where an family is involved.

DEBT_23

my mortgage is alot cheaper than rent. i can afford secured debts etc.
anyone shed any light on which paper it will appear in?

nervousmother

DEBT_23 wrote: »

my mortgage is alot cheaper than rent. i can afford secured debts etc.
anyone shed any light on which paper it will appear in?

Know what you mean! our mortgage has just dropped to £230! it was £700 two years ago so some drop! rents for this type of house in this area are around £750/800

It will appear in the london gazette & maybe a local paper, check your local papers to see if they put in the BR notices. Mine went in

peachyprice

DEBT_23 wrote: »

my mortgage is alot cheaper than rent. i can afford secured debts etc.
anyone shed any light on which paper it will appear in?

That's great news.

It's usually your local weekly paper, although it could be the one local to the court rather than where you live if it's in a different town.

philnicandamy

bit out of date but have a read here

http://www.insolvency.gov.uk/freedomofinformation/oros/Advertisingcontract/newspaperlistwithcodes.htm

nervousmother

Our court was in a different county to the one we live in, it still appeared in our local newspaper though.

peachyprice

You never can tell where they'll put it :rolleyes:
Another one of those inconsistencies of BR :rotfl:

headoutofsand

If you don't mind me asking. Is it such a big deal about the paper? There seems nothing to be ashamed of going BR anymore. I am a very popular chap round here but will not fret over the paper, why should I, I did my best with the business for years but then change came and that was that:beer: