First SOA :)

tallyhoh

Cant you stay home & look after children while your wife returns to work? I returned when my son was 5 weeks old.
I realise you may be in a rural area but still cant see why you need 2 cars, especially if you are both at home.

If you were able to declare your bankrupt would you be able to keep the house & 2 cars, is your house in negative equity at present?

Whatever happens, good luck.

mixedupdebt

saxysarah wrote: »

Who can get help from the Mortgage Rescue scheme?

just checked out this on direct.gov - there is a thing called mortge support which abbey/santander are supposed to offer 'help' to their customers who hit unforseen financial difficulty such as yourself - its government backed but as you've already spoken to your lender direct maybe it would be worth going down this route - you can contact your local council for more info but check it out directly on the direct.gov website - hope it helps

Hello Saxysarah,

Yeah, I spoke with CCCS on this one. Some of the schemes do not apply to NI. Abbey/santander are one of the banks that are not directly signed up to the government backed scheme. They claim to offer their own alternative schemes but it is entirely at their own choice.
Also looked at the government funded interest only payment for those on certain benefits. This only kicks in after being on benefits for 13/14 weeks. By which stage the mortgage would be in 3 months arrears. Also, not everyone seems to be able to get this. Will apply for it thou anyway.

Mixedupdebt.

mixedupdebt

tallyhoh wrote: »

If you were able to declare your bankrupt would you be able to keep the house & 2 cars, is your house in negative equity at present?

Whatever happens, good luck.

Hi Tallyhoh,

Will have to wait and see on that one. The debt is all in my name while the house is in both names. An IP will be unlikely to see my half of the house as being an asset given the negative value. May be able to have my wife buy out my share / the IP's interest in the house once I go for the bankruptcy. Need to get some income before I can go that route thou.
As for the two cars, they are worth very little in terms of the overall debt (from the viewpoint of the IP). I stand more chance of getting work if I have a car to be able to travel to it, while my wife would use the other car for getting the kids to school, etc... No bus routes nearby.

Its all just a waiting game now. Kinda wish I could move it along just to get it sorted out.