4 months into BR, an update and help wanted

Cash_Waster

Just a note to say life can get better after BR. After battling for 10 years me and the OH took the plunge in Feb after the caring banks and Northern Rock would not help us and we were desperate. The OH lost her job at crimbo, which suited us as she was pregnant.

So its now the end of June and we have a baby girl. We got rented accomodation of a lovely 4 bed semi in a nice area for a decent price. Moved in April, baby in May. OR was great, my OH got no orders or so on as she was on the dole. I lost my broken car but my OH was aloud to keep hers for us. Debts have been settled and only the house and secured loan to go.

Northern Rock have been really proactive. We stopped paying the mortgage in Feb and we have a court date for the end of July for them to repossess and hopefully then we are done!!! I have a £200 IPA, but hopefully I am just gonna go and reassess it as we now have the baby, hopefully I can get it down to vertually nothing. So the question is, if you can get you income to not have £100 excess, is the IPA order canceled, or do you have to keep reassessing for the next 3 years?

Another question, We got papers yesterday saying to defend the proceding, do we just write on it bankrupt? and let them get on with it? Whats with the £100 costs? I hoipe thats not what we have to pay, its them that want the house!

Last question, does the OR deal with the secured loan and so on as firstplus are now becoming threatening in there letter about bailiffs and the like?

So in a nutshell, fingers crossed everything is going to plan, new house, family and a little money in our pockets, but nowhere near enough. Its horrible feeling on the bread line. Our Credit is nearly all gone and for the first time since the pair of us steped foot in uni in 1994 we are free:T:T

My wife can now afford to stay home and look after the baby and I can provide for us which is the best feeling in the world, not having to think which credit card has got £40 left on it to get some shopping or petrol is priceless!!

So good luck everybody, chins up and for depressed people, I was desperate and depressed 5 months ago at the thought of all this and my failings to be able to provide for a family. Come July and everything goes ok with the house, I will be one happy guy. BR is a horrible option, but has saved my sanity:beer: Cheers all and have a good weekend. I might even be able to afford a 4 pack:beer:

peachyprice

Cash_Waster wrote: »

So the question is, if you can get you income to not have £100 excess, is the IPA order canceled, or do you have to keep reassessing for the next 3 years? I'm afraid once it's started it keeps running for the whole 3 years, but payments are suspended so you would still have to advise in any change of circumstances until the 3 years is up.

Another question, We got papers yesterday saying to defend the proceding, do we just write on it bankrupt? and let them get on with it? Whats with the £100 costs? I hoipe thats not what we have to pay, its them that want the house! You don't need to defend, just send the court a letter saying you're not living there and you're happy for them to grant immediate possession.

Last question, does the OR deal with the secured loan and so on as firstplus are now becoming threatening in there letter about bailiffs and the like? No, the OR won't deal with Firstplus, until the house is repossessed you are still liable and they can still chase you. They can't send bailiffs until they've been to court, so that's an empty threat, you'll just have to be patient and sit it out until the repo goes through, then you can tell them to get stuffed.

Hope that helps some.

thatsyourlot

I dont know any of the answers toyour questions but I just wanted to say "CONRATUALTIONS" on the birth of your little girl.

Im so glad that things are panning out for you better now.

All the best to you & your family in the future
xxx

Cash_Waster

peachyprice wrote: »

Hope that helps some.

Nice one, thats great thanks:beer::beer:

I pressumed thats the case, the only worry was first plus can get a court order for non payment before the house is repossesed. Just incase they get wind of the impending repossession and want a slice of the pie. Once the repo goes through, I pressume N Rock take there slice in full payment and the OR will get the probable £5000 left over. Does he then put it towards 1st+ and they have to cancel the loan like the rest of the unsecured creditors? Ta