Some advice needed please

whitey31

Hi,

I am just trying to figure things out in my head.
We currently have a mortgage with NR had it for over 4 yrs on an interest only mortgage we also have a secured loan attached value 23,000, the house is in negative equity, and we also have a DMP with CCCS which we pay 184 for the next 2 1/2 yrs.
Partner has been told he will be coming off his night shift which comes at a loss of 450pcm, i only work part time as we have a small child, we manage ok with money but not sure how we will survive after wage shortfall.
We are very unhappy in our house as the area has become bad and we can not afford the up keep of this old house, problems just keep arising and we just can not fix them!
We are considering voluntary repossession but know we will have a massive shortfall on mortgage when sold and also secured loan.
To get to my point we only have 5000 unsecured debt , and 22000 secured loan debt is this enough to go bankrupt and can i add mortgage also so wont be liable for shortfall we are up to date with all payments to date but my partner wage lowers next month. eek what to do, and a little wary of asking professional help yet as i am very nervous.

confused76

hi there
don't be wary of professional help...contact one of the free debt charities and they will go through your options with you. i spoke to the national debtline who were very helpful and not judgemental at all. you could also speak to the cab or cccs.
i'm not very up on mortgages in br but i'm sure someone will be along shortly.
any other questions, please ask. good luck x

MissCynical

Try calling Shelter on 0808 800 4444 as they are Housing and Homelessness Charity and maybe able to offer advice on whether to do a voluntary repossession. You may be classed as intentionally making yourself homeless and if you are thinking of a council property next the council probably won't help you. You might be better off waiting until eviction but would definitely give Shelter a call before you go into a voluntary repossession.