Is it possible to go bankrupt without losing your house???

peachyprice

For £200 probably not, if it were £500 cheaper that would be a different matter.

Even so, they wouldn't usually actually make you move out, but they can disallow the full amount on your SoA, it would be up to you to decide whether it's worth scrimping back on other areas of your SoA to pay the shortfall towards the mortgage and SL, for example cutting back on your food and clothing budget.


HTH

fooman

Well my mortgage and secured loan were £1700 a month :eek:

Changed them both to intrest only for 12 months and now pay £1200 and the OR was happy with this,

Took in account there were 6 of us living here. Wife has 3 part time jobs local and cannot drive and walks to work.

He said it would be too much distruption to us all to move into rented even tho i could rent a house a few miles away for about £600 a month, said we would have a letter in the next couple of weeks for my wife to buy the BI off them for a £1 :j

Guess i had an understanding OR :beer:

So you could also change to intrest only till you are discharged to make the payments cheaper and keep the OR happy.

Mummy4

Went BR last Oct with OH, I was discharged March 09, OH AD in a few months-and counting.We had neg equity of 20k incl mtg 100k, and secured 65k @ £1400 pm. Similar properties for a family of 6 rent £1200.No IPA, got to buy BI for a £1,now just learning to live within our means-very hard-bus journeys 90 mins instead of 20 in car to work, v.tired both working f/t with 4 kids under 14.Said goodbye to clothes/hols/meals out-but can sleep.

Worried to death about losing house for 6 mth prior to court date and 4 mth after, but advice was sound. Paid £200 for professional valuation before we decided BR was right option,and took a long time to consider all possible effects-urooting family from friends etc, but if you get advice it is worth it.

9 mths on- both less stressed, still worry about going to supermarket and gas bill, but know we have money to pay priority bills and if careful and not extravagant can live a debt free life.

S x

SouthCoast

What will happen to my home

http://www.insolvency.gov.uk/guidanceleaflets/guides.htm#1