We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
i need advice
rockinfreakapottamus
Posts: 24 Forumite
hi all
me and the wife have around £50000 of debt and have been paying this off slowly with a dmp through payplan , since setting up the dmp we have had a baby and my wages have dropped by £10000, this leaves very little to pay the dmp so im thinking the only way out is to go bankrupt.
we have mortgage on a house but we rent this out and live in rented accom as the house is in neg equity and is not worth selling because of the shortfall and we have had to moved due to my wifes work which is nowhere near this house. i really want to get rid of the house with vol repo ,should i just stop paying the mortgage and advise them that this is what i plan to do ,?? what happens with the shortfall does this get cleared by the bankruptcy??
also should i stop paying the dmp and save the money , i have enough in the bank to cover the fees will any extra be taken from me when i go bankrupt?
what happens to all the direct debits that go from the bank accounts when you go bankrupt ? can i open a account informing them that i intend to bankrupt myself ,and not have this frozen when the time comes??
sorry for all the questions but im just confused and need to get my head around it all
cheers :beer:
me and the wife have around £50000 of debt and have been paying this off slowly with a dmp through payplan , since setting up the dmp we have had a baby and my wages have dropped by £10000, this leaves very little to pay the dmp so im thinking the only way out is to go bankrupt.
we have mortgage on a house but we rent this out and live in rented accom as the house is in neg equity and is not worth selling because of the shortfall and we have had to moved due to my wifes work which is nowhere near this house. i really want to get rid of the house with vol repo ,should i just stop paying the mortgage and advise them that this is what i plan to do ,?? what happens with the shortfall does this get cleared by the bankruptcy??
also should i stop paying the dmp and save the money , i have enough in the bank to cover the fees will any extra be taken from me when i go bankrupt?
what happens to all the direct debits that go from the bank accounts when you go bankrupt ? can i open a account informing them that i intend to bankrupt myself ,and not have this frozen when the time comes??
sorry for all the questions but im just confused and need to get my head around it all
cheers :beer:
:beer:the glass is now half full :beer:
0
Comments
-
you should seek PROPER advice from CCCS or national debtline of the CAB soon.
Id guess the property you own will be taken anyway once you go BR, most BTL seem to.
Shortfalls are included in BR, are debts+mortgage joint? if so your OH will have to go BR too
Usually ALL accounts get frozen and if so its a pain to get unfrozen, best to get new accounts post-BR
Is your tenant aware of your plight?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards