Repossession advice please

Feelingfoolish_3

From what you say and sound like I would get rid sooner rather than later, these things take time anyway but it is your decision, you could be left with a heck of a shortfall but from what you say it sounds like you need to release that particular noose.

And yw, any little I can help is pay back from the help Ive received from this forum

sevens74

I'm going to be left with a shortfall whatever now. Ive already lost the game so to speak and cant actually win this one.

Feelingfoolish_3

So bite the bullet and start sorting it (in the nicest way)

Good luck, feel free to pm me

sevens74

Sorry, I do have another quick question.

If the worst happened and they make me bankrupt and take my car, and say they havent taken the inheritance as its not in my bank account at the time, once the bankruptcy goes through would I be able to have the money in an account after this without it disappearing as well? Would anything I bought with it, say a car, also be taken? Or would these be safe after the bankrupcty has been declared and they've rifled through my finances?

I'm just trying to cover all my bases and see where I stand. Thanks.

fiveyearplan

If you are bankrupt before the inheritance then all the inheritance money will go to your bankruptcy! I would do as debtinfo suggests and offer full and final settlements once you get your inheritance. Is there any way you can hurry this along.

As for your tenants you could start county court proceedings, this only costs about £100 and you can do it all online, it might scare them into paying. Have a look at MCOL - just type it into google.

sevens74

At the moment, I cant hurry it along. I sent my letter to the bank Friday and now its all in their hands. The inheritance probably wont come through for another 2 months and I cant hurry that either. If needs be, that can wait for as long as I need it to if this means its protected. I just need to know the banks wont snatch it after the bankruptcy goes through. Now its just a waiting game. As for the tenants, right now I havent got £10 spare, let alone £100. Ive done small courts claims online through my previous job, so I know how the system works, its just something I cant afford to do right now.

sevens74

Ive been doing some further reading, and bankruptcy is something I really need to avoid.

Therefore, can I run this past you and tell me what you think? Ive just sat here working out what assets i could have that they would take should I be made bankrupt. The most I can make it is £6k. Absolute most.

That would have to be shared out amongst all the debtors after costs. The mortgage shortfall, should the house sell for £40k (i cant see them selling it less than that), would be £20k. The other debts are £16k total. So the mortgage co would get at most i should think £3k out of the whole thing. At most optimistic anyway from my reckoning.

If i were to offer a final lump sum of say £3-4k as a final absolute thats it, syaing a relative will pay this for me if that calls an end to it (and not mentioning the inheritance word), do you think they would accept that? Seems they have more to lose making me bankrupt.

At the moment I cant stop thinking about this and its driving me mad.

peachyprice

The mortgage company won't make you bankrupt.