BR & me

stevemarsh1976

Hi

Ive spent some time now reading and re reading a ton of information on these forrums all of which has been very usefull and I am more and more leaning towards BR. Whilst it is all pretty scary after so much reading the one thing that actually scares me most now is going down this route and the OR deeming it wrong or illegal or in some way. I have a telephone interview with the CCCS later this week but i like to arm myself with as much information as possible so im also coming to you guys for your advices

In short I owe £12000 in unsecured debts in loans credit cards and over drafts, I completed an SOA for myself and initial CCCS advices are I cant cover my outgoings. I wish to move in with my girlfriend and sell my house however its in some disrepair that I cant afford to put right and even if I could sell up best case scenario is I will be left a shortfall of up to £5000 and a secured loan of £12000 outstanding. I would like to just hand back the keys and have done with the house all together its been the bain of my life for 5 years to be honest.

My reasonings for the mess are after seperating I bought my ex wife out of the home, mortgaged and loaned it up too the hilt, Ive managed but any time ive had money via bonuses from work spent them unwisely and now after my lodger has moved out (was never official) I cant afford too cover the costs of the house anymore let alone the work that needs doing.

I feel BR is the answer it gives me a fresh start moving in with my GF, I wont need credit any time soon and I get peice of mind for the first time in years...

or is this the wrong thinking and would this be deemed in some way inappropriate to the courts and OR

thanks

skylight

No. Don't worry too much.

There is nothing that you have done that the OR hasn't seen before, so although you may see something as a problem it won't actually be new to them!

As long as you were able to repay these amounts when you took the additional loans out, then there is no problem. None of us expected to go BR and we can only evaluate our lives with the information we have available to us at the time. If at the time you were okay repaying and getting on with life, then so be it.

If you really want to give up the property, then go for it. Make sure it's a definate thing as you cannot change your mind after! But you would still have to pay the mortgage and all secured loans on it if you chose to keep it; as well as those repairs.

stevemarsh1976

skylight wrote: »

No. Don't worry too much.

There is nothing that you have done that the OR hasn't seen before, so although you may see something as a problem it won't actually be new to them!

As long as you were able to repay these amounts when you took the additional loans out, then there is no problem. None of us expected to go BR and we can only evaluate our lives with the information we have available to us at the time. If at the time you were okay repaying and getting on with life, then so be it.

If you really want to give up the property, then go for it. Make sure it's a definate thing as you cannot change your mind after! But you would still have to pay the mortgage and all secured loans on it if you chose to keep it; as well as those repairs.

Hi Skylight

Thanks for your responce, at the time I took the debts on in all honesty I could afford them just, in truth I should never have been granted the mortgage 5 years ago but I was and whats done is done...I want very much to give up the house and despite the obvious stresses br will cause its nothing compared to what the house causes me today.

I have an opportunity for a fresh start with a very understanding girlfriend and want to take it, I just want to ensure im not doing anything wrong by taking this route.

Also am I right in thinking if I go BR for arguements sake today and my house gets repossessed in say 6 months time and sold on but not for a few years the outstanding amounts plus secured loans would still form part of my BR even if ive been given a discharge ?

(assuming of course I dont sign anything they will inevitably ask me to sign)

Also am I able to start proceedings now on the back of £12k unsecured debts with the view all of my secured debts will eventually hit the BR

thanks again

skylight

Yes - you can start the ball rolling if you owe more than £750.
And yes, the property will go into your BR estate even a few years down the line (sign nothing!). Ensure the property and secured loans are detailed carefully on your BR forms and you tell the OR at every oppourtunity that you are getting rid of the house. and you have handed the keys back.

If you could get the property repossessed before BR would be just as good. You could still live there and not move out until the last minute when they take you to court. Save the mortgage money for the deposit/bond on a new place. Although this route can place havock with your credit rating and the search a letting agent will do, thus they may ask for a bond; 6 months up front.