Ongoing Bankruptcy!! How Long????

TELLE_3

Hi, me & my husband were declared bankcrupt at the start of December 2008. We moved out of our house that we owned at the end of Nov before the bankruptcy and found somewhere to rent following advise from CCCS to make it easier to rent. We sent the keys back to Northern Rock (which we know realise isnt as easy as that) and nievely thought that would be it which was hard enough.

Nearly 9 months on we are still getting letters from loan companies asking for money and in some cases statements from them like normal quartley ones, Northern Rock are still on with repossessing the house and we are still having to pay council tax both on the house we rent & reduced rates on our house we gave up.

Northern Rock have still tried to recently get us to complete a voluntary surrender form which we declined as it states we would be liable for any shortfall even though they have already been through the courts.

Has anyone had experience of this and how long will it take to actually be free of it all and will this effect our discharge in December?

Also has anyone been declared bankrupt and then owned their own house again in the future?

If anyone is thinking about Bankruptcy, I still think it was the best thing to do especially if you cant sleep at night for worrying like I was, it is a weight lifted off our shoulders and I think we just have the last length to go, hopefully!!

Thank you

tigerfeet2006

I am afraid there is no time limit to a repo. They will do things at their own pace and you will have to carry on paying CT. Be aware though after 6 months the council can claim the full amount of CT on the house.

Anything that is secured on the house (mortgage, secured loans, charging orders) can be chased until the house is repo'd and sold and at that point the debt becomes unsecured and will fall into your BR. You will still be discharged after 12 months and they will still be included when it all happens.

Sammy3008

TELLE wrote: »

Hi, me & my husband were declared bankcrupt at the start of December 2008. We moved out of our house that we owned at the end of Nov before the bankruptcy and found somewhere to rent following advise from CCCS to make it easier to rent. We sent the keys back to Northern Rock (which we know realise isnt as easy as that) and nievely thought that would be it which was hard enough.

Nearly 9 months on we are still getting letters from loan companies asking for money and in some cases statements from them like normal quartley ones, Northern Rock are still on with repossessing the house and we are still having to pay council tax both on the house we rent & reduced rates on our house we gave up.

Northern Rock have still tried to recently get us to complete a voluntary surrender form which we declined as it states we would be liable for any shortfall even though they have already been through the courts.

Has anyone had experience of this and how long will it take to actually be free of it all and will this effect our discharge in December?

Also has anyone been declared bankrupt and then owned their own house again in the future?

If anyone is thinking about Bankruptcy, I still think it was the best thing to do especially if you cant sleep at night for worrying like I was, it is a weight lifted off our shoulders and I think we just have the last length to go, hopefully!!

Thank you

We are also with NR, and genuinely thought about Voluntary repo before BR, however not sure now after reading this thread. Didn't realise we'd still have to pay CT on this house aswell as on another (as we were also looking to go into rented)
Do you mind me asking, was it just a Mortgage you held with NR, or a loan too?
We have a together mortgage with them, so a mortgage and unsecured loan..

peachyprice

You should get the first 6 months free from CT.

movingforward2010

i stopped paying RBS may 2008 and they only repo'd march 09. I was made BR in June 09 so all CT went in that fortunately, I actually got a mortgage statement from RBS last week:rolleyes:

TELLE_3

Thank you for everyones reply, its very usual.
Hi sammy3008, no dont mind you asking at all, we have the together mortgage and a unsec loan & sec loan also and yes our case clerk at the Official Receivers officers said not to complete the form as he knew of people that NR have chased up after the sale of the property for the short fall causing some of them having to go through BR again.

We were exempt from CT on the property for the first 6 months & know we have to pay 50% untill the property is repossessed! along with the council tax on the property we rent, not sure what your circumstances are but we moved out of our home just before we were declared bankrupt to make it easier to rent following advise from CCCS. Good Luck!!

TELLE_3

Can I just ask aswell if anyone knows, we are going through the final stages of repossesion with NR but First Plus are also going through court to repossess the house so how can they both do this? Are we suppose to do anything?

I did put on the court summons for First Plus the details of the repossession that NR were on with and sent them the sols letters that we have received from NR, its a mindfield!!!

Thank you :rolleyes:

serenity34_2

TELLE wrote: »

Can I just ask aswell if anyone knows, we are going through the final stages of repossesion with NR but First Plus are also going through court to repossess the house so how can they both do this? Are we suppose to do anything?

I did put on the court summons for First Plus the details of the repossession that NR were on with and sent them the sols letters that we have received from NR, its a mindfield!!!

Thank you :rolleyes:

You did the right thing in sending details of the NR repo in relastion to the First Plus case. First Plus are likely to be unaware that repo action has started. They have as much right as your first mortgage lender to take repo action when you default on payments for a secured loan. Loal practice will vary but it's likely that both will be scheudled to be heard together once the court is aware of what's happening ( although this isn't always the case by any means ). Your first mortgage lender would still be paid first regardless of which company is 'officially' granted possession.