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Causes for bankruptcy.. please read, advice needed!!
Anne2
Posts: 91 Forumite
Hey all!
If you've got a minute (or 3!) please could you have a read of my causes for bankruptcy below. Not sure if it makes much sense really.
Many thx!!!
In May 2008, I bought a flat through the key-worker shared ownership scheme. From the outset the monthly payments in mortgage, rent and utility bills made money quite tight, but manageable. I went on maternity leave in February 2009, and my income gradually decreased, this unfortunately co-incided with a drop in my husbands income. By September 2009, we no longer had enough income to cover the rent/mortgage. I considered using credit to cover outgoings until my return to work, but realised that even when back at work, the cost of childcare for two children, the credit I would owe plus the normal monthly mortgage, etc would not be manageable. I contacted the national debt line for advice, and decided that rather than dig myself in deeper with debt, I would stop paying the mortgage/rent and leave the flat. The value of the flat had fallen by £85,000-£100,000 since I bought it, so selling was unfortunately not an option. Therefore I decided to take the route of voluntary repossession. I expect a shortfall of approximately £25,000-£30,000 (30% share).
PS...It's me that's going bankrupt do I need to mention drop in my husbands income??
If you've got a minute (or 3!) please could you have a read of my causes for bankruptcy below. Not sure if it makes much sense really.
Many thx!!!
In May 2008, I bought a flat through the key-worker shared ownership scheme. From the outset the monthly payments in mortgage, rent and utility bills made money quite tight, but manageable. I went on maternity leave in February 2009, and my income gradually decreased, this unfortunately co-incided with a drop in my husbands income. By September 2009, we no longer had enough income to cover the rent/mortgage. I considered using credit to cover outgoings until my return to work, but realised that even when back at work, the cost of childcare for two children, the credit I would owe plus the normal monthly mortgage, etc would not be manageable. I contacted the national debt line for advice, and decided that rather than dig myself in deeper with debt, I would stop paying the mortgage/rent and leave the flat. The value of the flat had fallen by £85,000-£100,000 since I bought it, so selling was unfortunately not an option. Therefore I decided to take the route of voluntary repossession. I expect a shortfall of approximately £25,000-£30,000 (30% share).
PS...It's me that's going bankrupt do I need to mention drop in my husbands income??
0
Comments
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Is it a joint mortgage ?Bankrupt 07/10/2009
Early Discharge 20/05/20100 -
No it's not a joint mortgage0
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No it's not a joint mortgage
OK
I would maybe word it slightly different and include the OH a bit less. When I read it I wasn't sure if it was a joint mortgage or not. There are others who can offer better advice but I would try writing it with just the details from your borrowings and repayment problems and include your husbands a little less in it.
Hope that helps.Bankrupt 07/10/2009
Early Discharge 20/05/20100 -
Somebody may be able to post a link to a thread that gives some great advice on writing these. I have seen it but cannot remember what it was called.Bankrupt 07/10/2009
Early Discharge 20/05/20100 -
Somebody may be able to post a link to a thread that gives some great advice on writing these. I have seen it but cannot remember what it was called.
would it be this one?
http://forums.moneysavingexpert.com/showthread.html?t=1831297&highlight=We all die. The goal isn't to live forever, the goal is to create something that will0 -
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