Help needed for stressed person please

blind-as-a-bat_2

Actually have just remembered, there was one case where the car was worth less, only a £1000 or so, and the OP had the loan written of in bankruptcy, and got to keep the car as it was deemed exempt property.

It was a year or more ago, so doubt i could find the thread now though, and no guarentee the OR will do the same thing again.

BlueIsTheColour

Thanks BaaB, it does seem strange that they would take the car but then allow me something from proceeds to buy another??? but without a car I would be unemployed.....

I think my whole situation is quite complex with the flat and this car scenario, the cc debts etc are relatively straightforward by comparison :-)

Sergio_Baptista

i think the best thing to get out of a stress situation is to divert your mind into other things.. i will not like to comment whether what to give to your partner and what not to..but if you want to get out of your stress, then you better start diverting yourself into other activities that you are fond of..

BlueIsTheColour

Well have now finally had confirmation from the solicitor that the 2nd charge is def for 25% of the shortfall, he had initialy thought it would be "or the equity whichever was lower" but its not, so essentially as there would be at least a 20k shortfall it seems that there is no other option than bankruptcy....

I can't see any other paths, although have written to the housebuilder to ask them what they would do in this scenario but allegedly they can then pursue it as a personal debt and as I have no wish to be saddled with a further 20k of debt, BR seems to be the only way out!

What a nightmare! I presume if I wish to force the mortgage company's hand towards repossession then I stop paying the mortgage to save the money for rent?

Is it better to go BR first or let them repo first? My head is still in bits with everything thats been going on.

Any help would be most gratefully received, thanks in advance

iquit

Hi blue, I'm not an expert but have read from previous posts that repossession can take a long time. If you're willing to you could stay in the house and 'sit it out' or you may prefer a fresh start by saving up fees/ rent then filing for BR and moving on with your life. I am sure someone with more knowledge will be along soon. All the best.

BlueIsTheColour

Thanks iquit, I def feel like your username right now....

We're already almost 3 months in arrears anyway, and Abbey say they only allow 3 months so may not take that long to happen. I advised them OH moved out but they werent too bothered and as good as said they would only pursue me for any debts as I was still in the property and I have no address for my OH....

BlueIsTheColour

Can anyone offer any advice for me please? I am so confused with everything and still trying to get over the pain of the break up, I just dont know which way to turn....

fiveyearplan

Yes, stop paying the mortgage and all other debt and save for BR fees and rental property. You will get notice of repossession so you still have some time and won't just get thrown out. Its really up to you whether you go bankrupt first before house repo but that could take ages so I would really just look to get saving, go BR and move house (or move house then go BR). It doesn't really matter what order you do it in.

I know you think your situation is very dire at the moment but you will get through this.

BlueIsTheColour

Thanks for taking the time to reply 5YP, thats really helpful. Am concerned that I wil struggle to get a rental place cos of my shot to bits credit record.... I suspect it wont take them that long to repossess given that we are nearly 3 months in arrears already and they say that is there limit.

Am thinking ideally it would be best to move house, get repo'd then go BR but that could be completely wrong.

At the moment I cant see that I will get through this, but I know its just the fact that its all still so raw and maybe being able to clear all debts through BR would give me the ability to start afresh and build a new happier life.

Thanks again

SouthCoast

dalip wrote: »

Please ring either cccs or NDL(numbers in my sig below) or make an appointment with your local cab. Yu really do need "expert" advice before you make such a enormous decision.Dx

Have you contacted the debt charities?