Any advice appreciated please

choc_chip

Hi,

I have my hearing date on the 1st June. I've had advice from the CCCS and have been trying to ring the BR team but they always seem to be busy. Was really pleased I found this site the other day!!

There are 4 of us (2 adults and 2 children). Ideally my OH and myself would go BR but it's not possible in his job. I have a few questions, so I'll just go ahead and list them.

1) What do you think the chances are of us keeping the house? We bought it in Summer 2007, probably no or very little equity. The mortgage is in joint names.

2) We are looking at rental places just incase. Can my OH apply for the tenancy in his name only?

3) We have recently moved bank accounts to the Co-op, mines a cashminder account. How long do they freeze it for? Every penny that goes in is accounted for and I'm terrified we won't have money for food or nappies.

4) We have a joint loan on the mortgage (unsecured) and a joint overdraft from the previous bank. My husband also has a credit card and loan, which he is going to have to negotiate payments for. Will he be able to do this for the joint things? How do I put all of this on the SOA as the money goes in one pot (never worked out who pays what before), every penny is accounted for and the remainder after basic bills will be used to split between his creditors.

5) I'm supposed to be starting a new job the week after I go BR. Do I need to tell them? I think I'll be finished before I start if I do.

Thanks for reading. Sorry to babble. Any advice would be greatly appreciated x

fiveyearplan

choc_chip wrote: »

Hi,

I have my hearing date on the 1st June. I've had advice from the CCCS and have been trying to ring the BR team but they always seem to be busy. Was really pleased I found this site the other day!!

There are 4 of us (2 adults and 2 children). Ideally my OH and myself would go BR but it's not possible in his job. I have a few questions, so I'll just go ahead and list them. Is most of the debt in your name and not joint names?

1) What do you think the chances are of us keeping the house? We bought it in Summer 2007, probably no or very little equity. The mortgage is in joint names. You could keep the house providing you can afford to keep up repayments.

2) We are looking at rental places just incase. Can my OH apply for the tenancy in his name only?

3) We have recently moved bank accounts to the Co-op, mines a cashminder account. How long do they freeze it for? Every penny that goes in is accounted for and I'm terrified we won't have money for food or nappies. Before the day of BR, empty out the bank account just in case. It shouldn't get frozen but do it just in case. You're not in Brighton are you?

4) We have a joint loan on the mortgage (unsecured) and a joint overdraft from the previous bank. My husband also has a credit card and loan, which he is going to have to negotiate payments for. Will he be able to do this for the joint things? YES he will be able to negotiate a payment plan with them. How do I put all of this on the SOA as the money goes in one pot (never worked out who pays what before), every penny is accounted for and the remainder after basic bills will be used to split between his creditors.

Try filling out this SOA template and when you get to the end format it for MSE.
http://www.makesenseofcards.com/soacalc.html

5) I'm supposed to be starting a new job the week after I go BR. Do I need to tell them? I think I'll be finished before I start if I do. No need to tell them.

Thanks for reading. Sorry to babble. Any advice would be greatly appreciated x

Hi and welcome choc chip. I've made some comments in red above. Don't worry everything will be just fine!

tigerfeet2006

choc_chip wrote: »

Hi,

I have my hearing date on the 1st June. I've had advice from the CCCS and have been trying to ring the BR team but they always seem to be busy. Was really pleased I found this site the other day!!

There are 4 of us (2 adults and 2 children). Ideally my OH and myself would go BR but it's not possible in his job. I have a few questions, so I'll just go ahead and list them.

1) What do you think the chances are of us keeping the house? We bought it in Summer 2007, probably no or very little equity. The mortgage is in joint names. If you have little or no equity and you can afford to carry on paying it and the payment is not much larger than similar rental properties then there is no reason you won't be able to stay in the house. Your OH will be able to buy the OR's interest in the property for £1 plus around £211 fee's if there is little or no equity.

2) We are looking at rental places just incase. Can my OH apply for the tenancy in his name only? Yes, though you may have to be named on the lease.

3) We have recently moved bank accounts to the Co-op, mines a cashminder account. How long do they freeze it for? Every penny that goes in is accounted for and I'm terrified we won't have money for food or nappies. Co-op are very BR friendly and won't freeze the account. If you do have a problem a quick call to the OR who will fax Co-op and release the account. If you are under the Brighton OR though things are a little different.

4) We have a joint loan on the mortgage (unsecured) and a joint overdraft from the previous bank. My husband also has a credit card and loan, which he is going to have to negotiate payments for. Will he be able to do this for the joint things? How do I put all of this on the SOA as the money goes in one pot (never worked out who pays what before), every penny is accounted for and the remainder after basic bills will be used to split between his creditors. You don't put any of your DH debts on your SOA. You put your joint household expenditure down, any personal outgoings eg: mobile. Then your income and what DH contributes to make the books balance.

5) I'm supposed to be starting a new job the week after I go BR. Do I need to tell them? I think I'll be finished before I start if I do. No you have no need to tell your work, it is none of their business.

Thanks for reading. Sorry to babble. Any advice would be greatly appreciated x

You have not babbled at all. Any thing you need to know just ask, there will usually someone around at some point who will know the answer.

fiveyearplan

......Snap TF!

choc_chip

Thank you so much.

I'm not in Brighton. I've had the appointment hearing booked for 3 months now (earliest I could get) and now the day is fast approaching. I'm so scared but know this is the only way.

I thought about taking the money out the day I get paid but am too scared to. I thought the OR might question me.

We're waiting for the fixed mortgage rate to finish so will find out how much the new payments will be next month. I kind of want a complete fresh start, but if we can keep the house I guess it makes sense to do so.

fiveyearplan

Don't be scared to take all your money out. Tell the OR you took it out for your general living expenses for the month just in case your account got frozen. They won't question you about it. Anyway it is your money and technically your bank accounts become the OR's account the moment you are BR until such time as he says he has no interest in them.