Ask a CCCS counsellor a bankruptcy question

azzazeal

I have found myself in a situation where i cant afford to make my mortgage payments, i have been trying to sell property for last 2yrs to no avail. Is there anyway I can give the house back to the mortgage company as i am terrified i will be kicked out of home as missed payment on monday and so far had 2 letters from mortgage company. First payment missed in almost 5yrs. I can pay min payments off my loan and credit card. But panicking if I keep missing payments, i will get declared bankrupt. Wondering if that would be for the best? mortgage is 125k, debt is 22.5k via loan and credit card, I earn 33.2k per annum and still cant pay everything.

Can i walk away from my house and try and find somewhere to rent before i lose my house? Its unsustainable at the moment and feel sick with worry at whoever calls at door or rings the phone, I know it is early days I just cant help but worry about the situation not
getting any better. Please help, CAB cant see me till 15th june and the questions are buzzing in my head. Thankyou in advance.

pstandforpaul

Hello, I really need some advice on where I stand with two unsecured loans that I am not sure were included in my bankruptcy order.

I was made bankrupt on the 25th July 2007, discharged on the 25th July 2008.

I had an unsecured loan that was taken out on 12/11/2003. I defaulted on 19/10/2005.
Equitable charge created by an Interim charging order dated 05/07/2006 in favour of
Alliance and Leicester Personal Finance Limited.

Credit card (HFC BANK) which was taken out on 10/06/2003. I defaulted on 31/10/2005.
Unilateral notice in respect of an interim charging order dated 28/10/2006.
Beneficiary: HFC Bank Limited

I am really not sure what to do and I am starting to worry again that I might have to either try and raise the money to pay these debts or go through the bankruptcy process again.

Any advice is more than welcome.

Kind Regards

P

victoryhill

Hi All,

Would the fact that we have previously gone bankrupt ( discharged 2009 ) affect our ability to claim PPI on our credit cards, loans ? All but two of our cards were included in the bankruptcy estate and had outstanding balances but over the years we had paid them off and run up totals again a few times over 10 years.

All of the unsecured/secured loans that had PPI attached ( about 5/6 in total ) had been paid off before we went bankrupt.

Thanks.

System

pstandforpaul wrote: »

Hello, I really need some advice on where I stand with two unsecured loans that I am not sure were included in my bankruptcy order.

I was made bankrupt on the 25th July 2007, discharged on the 25th July 2008.

I had an unsecured loan that was taken out on 12/11/2003. I defaulted on 19/10/2005.
Equitable charge created by an Interim charging order dated 05/07/2006 in favour of
Alliance and Leicester Personal Finance Limited.

Credit card (HFC BANK) which was taken out on 10/06/2003. I defaulted on 31/10/2005.
Unilateral notice in respect of an interim charging order dated 28/10/2006.
Beneficiary: HFC Bank Limited

I am really not sure what to do and I am starting to worry again that I might have to either try and raise the money to pay these debts or go through the bankruptcy process again.

Any advice is more than welcome.

Kind Regards

P

Hi pstandforpaul and thanks for your post.

I’ve already answered your query in the private message you sent.

I hope this helps

Kind regards

Mat

System

victoryhill wrote: »

Hi All,

Would the fact that we have previously gone bankrupt ( discharged 2009 ) affect our ability to claim PPI on our credit cards, loans ? All but two of our cards were included in the bankruptcy estate and had outstanding balances but over the years we had paid them off and run up totals again a few times over 10 years.

All of the unsecured/secured loans that had PPI attached ( about 5/6 in total ) had been paid off before we went bankrupt.

Thanks.

Hi Victoryhill and thanks for your post.

We’re not sure on how the creditors would view any claim in the light of your bankruptcy.

However, as you’ve now been discharged and it wouldn’t have a detrimental affect on your bankruptcy. You could attempt to pursue a claim and see how you progress.

Please let us know how you get on.

I hope this helps.

Kind regards

Mat

StepChange_Pavan

azzazeal wrote: »

I have found myself in a situation where i cant afford to make my mortgage payments, i have been trying to sell property for last 2yrs to no avail. Is there anyway I can give the house back to the mortgage company as i am terrified i will be kicked out of home as missed payment on monday and so far had 2 letters from mortgage company. First payment missed in almost 5yrs. I can pay min payments off my loan and credit card. But panicking if I keep missing payments, i will get declared bankrupt. Wondering if that would be for the best? mortgage is 125k, debt is 22.5k via loan and credit card, I earn 33.2k per annum and still cant pay everything.

Can i walk away from my house and try and find somewhere to rent before i lose my house? Its unsustainable at the moment and feel sick with worry at whoever calls at door or rings the phone, I know it is early days I just cant help but worry about the situation not
getting any better. Please help, CAB cant see me till 15th june and the questions are buzzing in my head. Thankyou in advance.

Hi azzazeal and welcome to the forum.

It’s usually important that you maintain your mortgage payments, although I’m not sure whether you want to keep the house if you’ve been trying to sell. I’d recommend that you prioritise your mortgage for now and try to keep this up to date even if you can’t make full payments to your loan and credit card.

Before we can advise on your best course of action, we would need to look at your situation in more detail.

The first thing to do is visit our online debt advice service Debt Remedy (http://www.cccs.co.uk/ref/drcu) to help you find a solution to your debt problem quickly.

Debt Remedy will assist you in completing a financial statement with information on your household, employment, income, expenditure and debts. From this the service will automatically determine your options.

To help you fill in the form, it’s best to gather together information about:
• Your income
• Your expenditure
• The creditors you owe money to

You’ll receive a downloadable advice booklet providing a tailored solution for you based on your current circumstances and advice on ways you may be able to improve your situation.

If you’re not confident with computers or would like to speak to an advisor then you’re welcome to ring our free Helpline on 0800 138 1111. We’re open Monday to Friday 8am - 8pm.

If you phone us it may be possible to refer you directly to a counsellor for immediate advice. Alternatively, we will arrange for an appointment to be booked at a time convenient for you.

You’ve taken the first step to sorting out your money worries and we can support you with free and impartial advice along the way.

Kind regards,
Pavan

vines68

Hi

Need advice on my ex-wife's bankruptcy and effects it has on the house we both own. The property is standing empty and the moment and im still paying the mortgage which is in joint names. I understand that the Official Reciever has applied for a Register of Restriction at the land registry office which they have now obtained.
My ex-wife has also had Purchase order's placed against the property of over 50K. The outstanding mortgage is currently 160K and the property recently valued at 180K.
If after three years of the registered bankrupcty if there is still not enough equity in the property, do the purchase orders in her name get written off or do they stay?
I'm also now considering bankruptcy myself as im paying a mortgage on an empty property just to keep an interest for a bankruptcy that has nothing to do with me. are there any other options for me?
If i did go bankrupt, would i still have to pay the mortgage?

debtinfo

You could sell the property

vines68

debtinfo wrote: »

You could sell the property

The purchase orders on the house prevent me from selling.

Loan_Voice

Hi all,
Lurked for a while, not sure how to use these thread thingies but time to give it go anyway.
First up, a question; Thinking of going BR and would like to know how the OR/ Trustee will treat my expenses. I live with my oh (not married- tried that once didn't like it) who owns the house and has done for over 10 years before I came on the scene. Oh pays all of the bills/ shopping directly with me paying just £600 a month by way of contribution, pathetic I know, but it's over 80% of my take-home pay each month. Soa asks about partners income which we are not prepared to disclose as its me going BR not my partner- so its my income verses my outgoings, will they treat my contribution as an allowable expense at full value? I have read somewhere that if a partner’s income is not disclosed the household expenses are apportioned 50/50 is this right?