Mortgage forcing BR... pls help

djwmcnae82

Below is my SOA if it helps.
I have a few Q's and hope some one can help.... sure you all can as you normally can help loads!!
Ok... So at the moment the Halifax are about to start chasing me for 4.5K mortgage arrears. This brings my total debt upto over 10K which I am struggling to pay. The Halifax have already taken my house from me and will in about 2-3 months sell the house. The house will sell with a negative equaity of at least 15K taking my total debt upto around 25K. I really can not afford to try and pay any of this back and so assume this will lead me to go bankrupt.
My question is this... If I go bankrupt when the legal procedures start from Halifax chasing me for the 4.5K and am succesful in going BR, when the house sells 2-3 months down the line, can the Halifaxz try and chase me for this money as well or does it just get written off as I am already B/R?

Also I have spoken to the CCCS over the phone but didnt really find them very helpful, apart for the CIB who can I actually go and visit and talk to some one face to face about my options and how to get the ball rolling with B/R.

One final thing, my car is worth about 1k, I need it for work and for access to my daughter, will I be made to sell it and get a cheaper car?


I currently rent with my parents so my rent covers all insurance, council tax etc etc etc

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1300
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 160
Road tax................................ 9
Car Insurance........................... 40
Car maintenance (including MOT)......... 50
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 130
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1249

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
hsbc - Over draft..............86........0.........0
Barclays overdraft.............1800......60........0
Barclays Credit card...........3000......70........25
Halifax Mortgage arre..........4500......0.........0
Studenbt Loan..................500.......80........0
Vanquais Credit card...........1450......66........34
Total unsecured debts..........11336.....276.......-

Monthly Budget Summary
Total monthly income.................... 1,300
Expenses (including HP & secured debts). 1,249
Available for debt repayments........... 51
Monthly UNsecured debt repayments....... 276
Amount short for making debt repayments. -225
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,336
Net Assets.............................. -10,336
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.



Thank you in advance for your help.

alastairq

firstly, don't actually sign anything from the mortgage provider.

The arrears and shortfall due to negative equity all go into BR.

djwmcnae82

So if I become BR after i get chased for the 4.5K.... in the months ahead when the house is sold the debt of the sale of the house will fall under the BR, thats good.
What might the mortgage lender send me then?
Any answers to the other Q's at all please any one?
Thanks again

nervousmother

If it took 2 years to sell it would still go into your BR, you took this debt on before you went bankrupt.
The important thing is though not to sign anything to make you liable for the debt again, if they have already repossessed then you should be ok.
good luck in the future

djwmcnae82

Thank you Nervous, that helps with that one.

How about the car Q and the who to go and see question?

nervousmother

at 1k your car will be fine. You must take advice from CAB as the courts will askyou if you have taken advice. nip onto the insolvency website, you can fill in the forms online now too i gather..

djwmcnae82

Thanks again Nervous!

Is there no other ccompany I can talk to? Not had good times with CAB in the past... IE once went there at 0850hrs and the doors were meant to open @ 0900hrs. I walk in and there was already 15 people sitting in there!!! They sent me away!!! Other times they gave me very poor info.
If they are the only people I can see then thats not a prob, I will go along and see them.
The form I can fill in... is this to become bankrupt or for advice? I have filled a form in on the CCCS web site and just told me i was in debt really...!

alastairq

there are stickies at the top of this forum.


generally, with CAB, if you drop in 'on spec', the advisors who specialise in one's particular problem may not be available [they are all volunteers]...

Pre-book an appointment to see a specialist advisor will yield better results.

The online form on the Insolvency Service website is..eventually.. your application to be declared bankrupt.

All the information you input, is held on file....and if your BR is successful [it is not guarenteed to happen] that information is then accessible to the OR.

The IS online forms...once completed, are automatically converted into a 'legal' format suitable for an application to court......you print these off, twice....[80 pages or so]...

Gather your fees [£510 at the last count] , book your court hearing at the specified County Court for your domicile...and turn up at the appointed time.

If the Judge concedes you are bankrupt, and is satisfied you have taken proper advice, then the BR is granted.


From that point on, your financial life is entirely in the hands of the Official Receiver.