Voluntary Repossession

jimbob84_2

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!

nervousmother

Yes you can hand the keys back but can you disappear for 12 years? thats how long the mortgage company have to catch up with you. The secured loan people will not stop until they find you and will probably get you quicker. You are only putting off the inevitable.
Talk to one of the debt charities. If your not wanting to go BR you have other options, it may be possible once you get a decent job to offer 'full & final settlement'
If you need any help or advice we are here. PS the estate agent sounds like a right &*%$

Sammy3008

Can't really advise on this one, as not sure, but if you can, try to speak to National DebtLine Freephone 0808 808 4000 or your local CAB.

Sorry I can't be anymore help.
Best of luck in whatever you decide.

jimbob84_2

hmmmm yeah don't think Ill be able to disappear for 12 years! I think your right about that estate agent!

If I was to declare myself bankrupt, how long does it take? Ive read that it can be blocked if they feel that you have been dishonest?

I have also thought about going bankrupt as its extremely unlikely that i'm going to get a decent paid job at the moment. How hard is it to get a rental if im made bankrupt? or should I try and get a flat before declaring bankruptcy?

Sorry for all the questions, just abit unsure of what action to take and how to deal with my issue best!

Thanks

nervousmother

If you can sort out rented before you go bR it is better, it is possible to get rented once BR with the help of a guarantor or 6 months rent upfront.

As for how long it takes that depends on how quick you can get a appointment, although they do ask if you have taken proffessional advice so you know the implications.
Have you been dishonest? in what way? if you go BR and it turns you have acted illegally you may be slapped with a bankruptcy restriction order this extends the bad points of BR for so many years depending on the offence. (cant get credit over £500 without telling them you are BR cant be company director or stand for MP)
BR is a long and emotional journey, you will be able to get a bank account with either the co-op or barclays (as long as you dont owe them money) if not a post office account.
It is the best thing for many people as it gives a fresh start but make sure you take advice.

tigerfeet2006

As suggested the first thing you need to do is talk to the debt charities, links and numbers in my sig.

And I second what NM says

ETA: Make sure you read the Bankruptcy Help sticky as there is a lot of good info. on there.

jimbob84_2

No I haven't been dishonest with any credit ive obtained. Should I contact a solictor and have a free hours consultation?

nervousmother

I dont see the point unless it gives you piece of mind. check tigers sig as that has details of the people you should be contacting. It will be those companies the judge wants to hear the names of.

RAS

Read the stickie at the top of the fromt page.

Speak to one of the debt charities or the Insolvency Service first as tiger suggests.

Then read som eof the case studies here. Then think about it a bit. You do need advice from a debt charity, you do not need a lawyer.

payingtheprice

Hi Jimbob,

Your in exactly the same situation that we were in 2 months ago.

Unless you have got a rented property GUARANTEED DO NOT Go thru voluntary repossession. A bankrupt usually has to provide a guarantor on the rental property and this is a big thing to ask of relatives. When the mortgage company start repossession procedures contact your local council/housing association. They will help you if your legit and you DONT give VOLUNTARY REPOSSESSION. CAB and Debtline will also advise you NOT to give the property up also, as they did with us.

I would advise that you do things the way we did, after following CAB advice and reading cases on here.

We had numerous credit cards, mortgage and secured loan (Negative equity). We went Bankrupt and included everything in the bankruptcy, because we couldnt affford to pay the mortgage, the mortgage company are repossessing the property and once the property is sold we will no longer be liable for the mortgage or the secured loan, no matter how long it takes to sell (confirmed by out OR).

we were at rock bottom before we went BR, and although we arent out of it yet, we are starting to see light at the end of tunnel, we also wanted to 'do a runner' but realistically you cant hide forever and there are solutions even if you have to go Br, its not the end of the world.

HTH

Angiepange

Hi,

payingtheprice wrote: »

Hi Jimbob,

Your in exactly the same situation that we were in 2 months ago.

Unless you have got a rented property GUARANTEED DO NOT Go thru voluntary repossession. A bankrupt usually has to provide a guarantor on the rental property and this is a big thing to ask of relatives. When the mortgage company start repossession procedures contact your local council/housing association. They will help you if your legit and you DONT give VOLUNTARY REPOSSESSION. CAB and Debtline will also advise you NOT to give the property up also, as they did with us.

I would advise that you do things the way we did, after following CAB advice and reading cases on here.

We had numerous credit cards, mortgage and secured loan (Negative equity). We went Bankrupt and included everything in the bankruptcy, because we couldnt affford to pay the mortgage, the mortgage company are repossessing the property and once the property is sold we will no longer be liable for the mortgage or the secured loan, no matter how long it takes to sell (confirmed by out OR).

we were at rock bottom before we went BR, and although we arent out of it yet, we are starting to see light at the end of tunnel, we also wanted to 'do a runner' but realistically you cant hide forever and there are solutions even if you have to go Br, its not the end of the world.

HTH

Please can I ask what help have you been offered by your council/housing association ?

From my research I understand that you could be on the street with your belongings on the day of eviction before the council will offer you any where to live and then could be bed and breakfast for weeks? Tough to handle with 2 kids and pet dog! I suppose it depends on the area?

Ive got appointment with CAB next week and its our house situation that i am really worried about.

Angie x