Desperate, advise please?

Leesmom

Hi everyone, i am new here.
I will breifly explain my circumstances.

Hubby was made redundant back in april 09, myself in may 09 although i was only working part time with very little pay OH was main earner.

He recieved quite a good redundancy package and we have been able to keep afloat and pay everybody thankfully, however that is depleting fast.

We was intouch with CAB from the start as unsure about benefits etc, i had a meeting about 8 weeks a go as concerned about the money rapidly going, at that point we was advised that if things did not improve and the money ran out our only option would be bankrupcy due to the fact that we have secured loans on our mortgage and credit card and loan to pay and our only income is £100 per week jsa, couple with no young dependants

Finally managed to get hold of the the people who deal with paying the interest on the mortgages at the job centre place today only to learn that although we applied over 8 weeks ago for help with mortgage costs AFTER already waiting 13 weeks to qualify we are no nearer to recieveing help with our mortgage due to the sheer volume of applicants, they could not say when a payment will be made. This has now put us into arrears for the first time.


Please any advise is truly apprecitaed.



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marmalady

Hi if you have 6 months rent upfront and a guarantor I dont think you would have a problem at all. I rented my current house when I was in between jobs so had to pay 6 months in advance then when I had my new contract i paid monthly. Regards your situation seek advice I found the cccs debt remedy a great place to start. Im sure some one will offer more advice soon im very much a novice lol!

Leesmom

Thankyou so much for your reply, it is a relief to hear that we may not encounter too many problems, although i have not looked into yet at the estate agents.

Posting up an soa now as others have done, hoping to get a decison made as to what we should do.

DON79

HI I think you should definitely put some money aside where it will be safe to cover things like BR fees and rent and deposit too! Just make sure that you either stuff it under the mattress or put it into a bank that you do not have any debts with, some (most) banks won't hesitate to take money from your bank account if you owe money on any debts with them. So keep it safe and read lots on this board about peoples experiences and situations.

Do you want to give up your house? Is it going to be a real struggle to maintain the mortgage payments if you had work? Obviously, keep trying for jobs if you can but if you are decided that you would rather not struggle on with the mortgage, then having rent & deposit in advance is a great position to be in.

Welcome to the forum!

Leesmom

House value is around £115, mortgage outstanding is £147,300

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ £400
Other income............................ 0
Total monthly income.................... £400

Leesmom

Don79 thankyou so much too! I can not believe i have responses already, you people here are wonderful, thankyou:T

I think we will struggle to maintain the mortgage and secured/unsecured loans even if we find work, OH was on a great wage but the jobs he is applying for isusually less than half the wages he was on as that is all there is available at the moment:mad: but he is desperate to work again, he is going out of his mind. Not so bad for me as i only ever worked part time.

Leesmom

i appreciate any advise.

philnicandamy

people here can only advise you....you need to speak to one of the debt charitys before considering bankruptcy (if you did the courts ask have you had professional advice...sadly we dont count)

as far as fees for a new place & bankruptcy? shouldnt be questioned really...

marmalady

Leesmom wrote: »

Any more advise please? Is this the right thing to do?
Would we be frowned upon by using the last of the redundancy money to secure us a rented place before going bankrupt aswell as paying the bankrupcy fees from it?
I am so worried we are going t make the wrong decison, i want to wait to see if we can secure jobs, but then i dont as i am worried we won't get jobs and will run out of money to find a rentd place, just so confusing and worrying at the moment, i appreciate any advise.

I would seek advice from debt charity as mentioned above, another option would be to put away enough money for rent/deposit and bankruptcy fees then use the remaining to support you while you continue job hunt. If you run out of time on the job front at least you will still have a way of getting out of your situation.

Leesmom

Thankyou both for your comments, i have decided to go back to CAB to see my advisor before making any decisions, also need to find out if the local council will pay rent for us on a private rented property after giving up our house for voluntry repo.

Kevin_1973

What is the balance owed on your mortgage and any other secured lenders. You mentioned the house is worth £115,000.