taking turns to go BR

lee316

Well, me and my OH cannot afford the fees we need in one go. I was wondering, would it work if one of us goes BR first, say this month, as we could just about scrape the fees monthly, and another one after.
Also how would that impact on debt in joint names? I gather if OH goes BR first, all debt in joint names would roll over onto me?
Would this be too complicated re forms, and can we do it that way to begin with?

skylight

It will not be too complicated for forms. The information will be the same whether you go BR at the same time or together (even together you still need two forms/fees etc).

As you rightly said, all joint debt will roll on to the one not going BR until that person goes BR. But does it matter? Are you paying anything now anyway? Getting hassled? So for one of you to put up with it for another month or two isn't really going to be any different to now.

Although - our joint debt. I am BR (Feb 08) and OH is not. Since my BR date the joint creditors have not contacted him at all. So he is not going BR. He is not paying towards those debts and they are not chasing him, so why spend the money in him going BR? Now this is not the way it is for everyone, but going BR seperately is not any worse or better than doing it jointly. Don't worry about it.

If you have a property etc then it may be a good idea to go BR as close together as possible as a mortgage lender will chase.

lee316

Thank you skylight, yes I can see it now, and the only joint debt is the mortgage and secured loan, which we didn't pay for monts now anyway. We know that we will deffinitely loose the house at some point, so we are prepared for that, even though no idea what to do after.