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Voluntary Repossession

jimbob84_2
jimbob84_2 Posts: 13 Forumite
in Debt-free wannabe
Hi,

Just wondering if anyone has any advice for my situation.

Ive been made redundant from my contract, im self employeed and have outgoings of £2200 a month before I buy food or petrol and basically there is no work paying this amount of money in my industry anymore. So ive been looking into Bankruptcy and been listening to other ideas to try and sort my situation out. Im in negative equatiy and have a secured loan on the property too.

I spoke to a estate agent who advised me off the record to hand the keys back and basically disappear. Is this possible does anyone know? Can't the courts catch up with you?

If anyone needs more info to be able to give me better advice then please ask as I'll happily provide further details.

Thanks for any info that anyone provides for me!

Comments

  • jamespir
    jamespir Posts: 21,456 Forumite
    seems illegal to me
    Replies to posts are always welcome, If I have made a mistake in the post, I am human, tell me nicely and it will be corrected. If your reply cannot be nice, has an underlying issue, or you believe that you are God, please post in another forum. Thank you
  • jimbob84_2
    jimbob84_2 Posts: 13 Forumite
    That is what I thought too, but was told that it happens more then people know. Does anyone have any legal knowledge on this subject?
  • RAS
    RAS Posts: 36,410 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    hi

    I strongly suggest that you wander over to the bankruptcy and living with it forum and post up there.

    If you go BR and do the repossession correctly, the short-fall becomes part of your BR. Alternatively, if you can afford to live in the house after your BR (you will get housing support after 3 months) then you may be able to stay there.
    If you've have not made a mistake, you've made nothing
  • jimbob84_2
    jimbob84_2 Posts: 13 Forumite
    Sorry im new here ill post it over there!

    Thanks for the advice also!
  • RAS
    RAS Posts: 36,410 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Do not apologise.

    Just those who have been around a while sometimes know where the best place is to start.

    PS Welcome - it will be OK in the end.
    If you've have not made a mistake, you've made nothing
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