Going Bankrupt & Voluntry Respossesion

mrsthomas

Hi

Thought i would tell everyone what we are doing and see if anyone has any help or information to help us.

We have been in debt management for just over 2 years now and because two of the lenders have put 2nd charges on our home our car repossed due to one of these and the house in so much negative equity and as we can not afford to go on a IVA we have been advised to bo bankrupt.

We have looked at rental propertys and have secured one and have a move date of 25th March nt long now, we are stopping paying our mortgage to Northern Rock this month, and are going to ask them to take the property back.

Called the local court about a bankrupt appointment and they are approx 1 months time so making the appointment next week.

As we are unsure of the whole process can any one help us as to if this is really the best route to take?

How do we go about the voluntry repossesion, i have read a few threads and people mention a form the Northern Rock send you but no one signs this, can i ask why? what is in this form?

Any help would be appreciated.

I will keep everyone updated with our story on here.

tigerfeet2006

Hi and welcome to the board,

The piece of paper is a form that has a deed of acknowledgement in it. In effect you acknowledge that you will owe any shortfall. Have a read of this thread

http://forums.moneysavingexpert.com/showthread.html?t=1513787

mrsthomas

Thanks for the link, i thought it must have been some tuype of clause regarding the monies that would fal short after the sale of the property, do i stil tell NR that i want to give the house back or just wait for them to reposses it from us?

mrsthomas

I have another question. On the bankruptcy forms i will put the rental house down as our address, but do i still put the house i have mortgage on down even though we are asking Northern Rock to reposses it?

Martin_Templeman

Hi
You need to put every asset down and all monies outstanding but not as home address as you have moved.

mrsthomas

Thanks for that.

we are hopeing that everything goes smoothly, but because it is us it wont.

We worked out that we have about £280 disposable income will they use this to pay creditors back when we go BR?

mrsthomas

well thankyou all very much for the advise.

headoutofsand

mrsthomas wrote: »

Thanks for that.

we are hopeing that everything goes smoothly, but because it is us it wont.

We worked out that we have about £280 disposable income will they use this to pay creditors back when we go BR?

You will need to post an soa
as you may be able to claim more than you think
There is a link somewhere for this very purpose.

mrsthomas

Is the soa the large form that i need to take to the court to apply for BR.

Alos is it best to open a new bank account with the co-op before my BR or does it have to be opened after the BR?

nicniven

put a list of your expenses on here and we will all review to give you best advice it is very easy to forget something that is a necessity and you dont want to say only so much for something and then struggle later ie my food bills for two adults and one child were agreed by the OR at £420 as more than reasonable i originally asked for £400 after going to say £300 but with great advice from all including the OR i got £420 and it made life much easier and possible to survive.

Post these on and we will all help where we can. Yes they will set up a pyment plan with you but you will get a percentage of it as well for living expenses they NEVER take more than you can afford.

You will need to take in your BR forms at least 3 copies and your SOA is included in these.

mrsthomas

will work it out and post it on here very soon,