OH going BR few questions we are unsure about?

Kimberley7979_2

My OH has debts of around 5 thousand them are loans with the AA but basically we cannot afford to pay them anymore. Plus he is over drawn on the bank.
We also own a house under his name which is on a 100% mortgage with Northern Rock which is in negative eq and also has a 10 thousand loan on top of it. None of the loans are secured.

He has called the CCCS and also been to the CAB and they both say his only option is to go BR.

We have filled in the forms online but are yet to send them in as we are unsure of a few things hopefully I can get some help here.

Firstly the car which OH owns ford focus y reg worth about 3 thousand as we have just had a baby and are now living with my parents as our house is unsuitable to live in OH needs to keep this as he is around 10 miles from his work and starts his shifts at 2.30am - would it make any difference if it was transfered into my name?

The house which is a tiny 1 bedroom place would it be better to hand keys in before going BR or just leave it as we have not paid mortgage since November 08.

Will OH wages still be paid to him?

Also we want to be able to rent once this is all sorted out will BR stop us from doing this with an agent and will everything have to be put into my name?

Thanks in advance
Kimberley

nev32

just bumping back to top. spmeone will hopefully be along to answer that for you. good luck.

maxmycardagain

Kimberley7979 wrote: »

My OH has debts of around 5 thousand them are loans with the AA but basically we cannot afford to pay them anymore.

Plus he is over drawn on the bank.

We also own a house under his name which is on a 100% mortgage with Northern Rock which is in negative eq and also has a 10 thousand loan on top of it. None of the loans are secured.

He has called the CCCS and also been to the CAB and they both say his only option is to go BR.

We have filled in the forms online but are yet to send them in as we are unsure of a few things hopefully I can get some help here.

Firstly the car which OH owns ford focus y reg worth about 3 thousand as we have just had a baby and are now living with my parents as our house is unsuitable to live in OH needs to keep this as he is around 10 miles from his work and starts his shifts at 2.30am - would it make any difference if it was transfered into my name?

Dont bother, the OR can check, all OH needs to do is state he needs the car for work, remember, its not worth £3000 to the OR, maybe not even £1500

The house which is a tiny 1 bedroom place would it be better to hand keys in before going BR or just leave it as we have not paid mortgage since November 08.

Hand the keys in, let nature take its course, dont sign any lenders paperwork tho

Will OH wages still be paid to him?

Yes, maybe liable to an IPO and/or a nil tax code

Also we want to be able to rent once this is all sorted out will BR stop us from doing this with an agent and will everything have to be put into my name?

BR can be an obstacle, some LL want 6 months rent upfront or a guarantor, or as you say, you could rent i your name.

Thanks in advance
Kimberley

Your most welcome...;)

maxmycardagain

Post a "after BR" (all debts wiped) SOA for a better appraisal of your situation too

JCS1

Check the price of your vehicle on Parkers website, are you sure it's worth £3k? I had a 02 reg Ford Focus that was valued at £2.2k when it was written off a few weeks ago.

fermi

JCS1 wrote: »

Check the price of your vehicle on Parkers website, are you sure it's worth £3k? I had a 02 reg Ford Focus that was valued at £2.2k when it was written off a few weeks ago.

Does seem a bit much.

Just checked and even one of the better versions from that time is only listed as:

Independent Dealer £2,810
Private Good £2,240
Private Poor £1,455
Part Exchange £1,625

For the OR disposing of a vehicle, they are only going to get the lower end of that range of values.