better to have no life or be bankrupt?

tigerfeet2006

gtanny wrote: »

robPw2: food has been ok with my OT its just that now ive lost my OT i need to re-allocate some funds.

gas and electric has just gone up as i was getting behind with payments, they were nearly half of what they are now 3 months ago.

tigerfeet2006: i have a TV, internet and landline as a 3 for £30 with virgin, plus about £10 on calls a month. also have £30 as i have an 18 month mobile phone contract i got 11 months ago, asked about cancelling but they want the full 9 remaining months rent in full. Well if you want to get rid of your mobile and go for PAYG then default on it and put it in BR. Put the package down as phone. Also put down £12 TV liscence.

the buildings insurance is with contents insurance also, sorry i should of noted that.

No problem but please check what it includes and if it has accidental damage. This is useful if you are BR and short of a money.

surely i wouldnt be paying the mortgage and secured loan payments either as i would lose the house and end up renting (tbh if i went BR i wouldnt want to keep the house i would rarther have a change of location and make a fresh start) If you don't want to keep the house then stop paying the SL and Mortgage and save the money for rent payments and deposit and BR fees. How much is a suitable house for you roughly?


My partner was working part time but lost her job when they cut staff, it worked out of very little benefit due to travel costs, meals and childcare it was worth less then £100 a month. also she has been told by the job centre that as i earn over a set limit (i earn about 24k pa with OT) she isnt entitled to any benefits.

With the new circumstances get her to go back and check what is what. Also check https://www.entitledto.co.uk for some idea of what can be claimed.

Get her on to these boards and have a mooch around to find ways of making a bit extra here and there. Start with the DFW board and freebies and competitions. Make the boards your friend, there is so much info on them.

fiveyearplan

What is the cost of rent in your area? Currently you are effectively paying £721. If rental is less then you'd have a good savings and not have to worry about buildings insurance either (contents would still be a good idea though), then you'd need to put groceries and all your other allowable expenses like £25 for haircuts.

Is your gf on the mortgage/secured loan - if so she would also need to go BR.

So_Sad_Angel

Hi Gary.

Welcome & thankyou for your posts. I hope that sharing your situation is helpful....you now know you are not on your own.

Right....the house costs you 450 & 271 a month. I know you say you don`t want it anymore & to be honest when you are up to your neck in debt its easy to see that viewpoint but in neg equity & reasonable monthly cost....you would likely be able to keep it.

Thats if you want of course. If you stay the mtge debt & S/l remain with you...the rest of the debt goes so affordability would return.

If keeping the house is not an option then look & compare rented , let the mtge & s/l fall into your bankrupcy ...then you may as well not pay the mtge anymore & start saving for rent + bond. Its a slow process ...I`m with NR & Picture & neither have started repo after 10 months now!!!! yet I moved out in June 08.

Hope that helps,

Angiex

BTW Hi Tiger :hello: were your ears burning?? only thinking not seen you for a while!

tigerfeet2006

Hi sweet,

Needed to spend some time with my family and give myself a break as I noticed I was getting a bit . But I will be back posting, maybe not quite as often, on that note I am off to joinn my boys in the bath :rolleyes: ie they are in the bath and I am outside but will get just as wet .

dalip

Yes and i am now as your box is still full:o Don't you want to talk to me TF?

Sorry again gtanny

debt_doctor

Hi,

Are you trying to save the house or looking to rent instead ??

DD

gtanny

the house we have atm is very small for our needs (3 bedrooms but no real "space" as such, needs new windows & doors, and the conservatory roof leaks). my sister & brother-in-law rent for less than £400 a month in a bigger 3 bedroom house and also dont have the issue of repairs as im currently redoing my bathroom after a leaking pipe (had to sell a few things to pay for it).

just wish i asked this last week as ive just paid gas electricity etc... by direct debit on the 28th with a few more (mortgage & secured loan) coming out on the 1st but i know its too late to cancel them aint it? (im sure its 3/5 days notice)

So_Sad_Angel

dalip wrote: »

Yes and i am now as your box is still full:o Don't you want to talk to me TF?

Sorry again gtanny

TF must be a popular lady Dalip!!....

Well done Tigerfeet on prioritising your family...I`m glad to hear it!!

Also gtanny - in many way BR will be the start for a new life for you rather than struggling with unsurmountable debts that you have no realistic chance of paying.

Congratulations on your impending wedding....& look forward to a life where you can spend time with your family rather than endless o/t & being away from them.

skylight

Online banking - you can log on and cancel them now. Or telephone banking - it "technically" takes a few days but usually this is enough time. Don't do it on a whim though. Its a big decision to make and if you change your mind next month or so then it will be difficult to catch back up.


Are the mortgage and secured loans in your name only or in GFs name too? If only in your name then the shortfalls will eventually be included in your BR - if in both names and only you go BR, then your GF (As other joint party) will be chased for the shortfall.

So_Sad_Angel

gtanny wrote: »

just wish i asked this last week as ive just paid gas electricity etc... by direct debit on the 28th with a few more (mortgage & secured loan) coming out on the 1st but i know its too late to cancel them aint it? (im sure its 3/5 days notice)

Hi,

If your direct debits went yesterday 28th then that is Sat...the actual debiting day on your account will be next working day which is Monday. Therefore they can be cancelled & Bank will send them back `instruction cancelled`...Payments can be cancelled right up to & including the debiting day with most Banks ( cancel as early in the day as possible & if same day make sure payment is returned).