What is the truth

curlybabe_2

I am really worried

about to move into our rented house and give our house back to the bank

secured against our house is
Mortgage
2 Loans - welcome & first plus
3 charging orders

Plus other debts every totals about £160,000
if we sold our house we would get about £70,000 but all everything secured against it is £120,000 due to really high interest charges

A friend of mine has just told me that because they wont get half of the money back as the bank will sell for just enough to get there money back £39000.00 I am going to have to be BR for 6 years and I will have to be paying a lot back each month.

is this correct, CCCS are closed and people have told me to close the door and forget about this place i'm really confused now

Cheers

Curls

peachyprice

Your friend doesn't know what she/he is talking about.

You'll be BR for 12 months max. You'll only have to pay an IPA for 3 years if your surplus is over £99.

The BR and IPA has NOTHING to do with how much the house is eventually sold for.

Tell your 'friend' to get their facts right before scaremongering about something they obviously have no knowledge of.

HTH

LilyBart

Curls, Peachy is right. The amounts involved have no bearing on how long you're bankrupt (1 year max) or how long IPAs will last (3 years max). It's a difficult and stressful process, and some lenders will try to imply they have special powers to make your life miserable, but the law exists to protect you too. If your surplus income (ie income beyond that which you need for day to day living) after bankruptcy exceeds £99 pcm, you will pay a percentage of that for three years. If it doesn't, you won't. Just be aware that some repossessions move quickly, and others drag on for a long time, and good luck with the move.

fiveyearplan

Hi Curlybabe - Welcome to the board. I echo what peachy and lily have said.

dodecanese

Hello
I've not posted on here for ages ( house moving/BT issues).
Just to really reiterate what others have said, your friend is completely wrong.
I went bankrupt March 08, got discharged Sept 08 and handed keys back/went into rented Oct 08. All OR said was let them know once house had sold and they would add any shortfall into my bankruptcy- the main mortgage lenders were pretty good. Even First Plus have been quiet- they rang twice. First time were pretty snotty but second call I just said again I was bankrupt etc etc, and the girl was quite nice.
The house is still on the market- looked in local paper this week and it's been dropped in price by £32k:eek:
It is pretty daunting handing back the keys- but it does get better

curlybabe_2

Oh didn;t think you could be discharged until the house was sold as they wouldn't know what the total was?

dodecanese

No, the debt exists at the time of bankruptcy. So when the house sells and the shortfall is known you just need to ring the OR and they include it in your BR.
It can take ages for a repoed property to sell- Ive been dicharged 10 months now and my old house is still up for sale.