CAB Advice???

imustbedreamin

me again:o

just had our meeting with CAB who (while couldnt advise bankruptcy) understood why we wanted to go BR.

While he agreed with our house in negative equity the OR would have no interest (he actually said they wouldnt even seize the house which i thought odd) he said we should contact our mortgage lender and discuss it with them to see if they would allow us to continue with the mortgage before applying for BR.

Is this how you guys have done it or have i received incorrect advice.

thanks in advance.

Angiepange

Hi there

If the CAB couldnt advise BR for you, did they discuss other options open to you then? I was just wondering why you wanted to go BR if the CAB couldnt advise it?

Although the OR has up to 3 years to deal with your property, the fact it is in NE may mean they decide to offer you the Beneficial Interest for £1 plus legal costs. If you bought it this would remove their charge from the property and as long as you maintained the mortgage payments you could carry on as usual.

We ran the BR question by our mortgage provider before we went BR and they said as long as the payments are made as normal the BR would have no bearing on the mortgage and we could continue to live in the house for as long as we carried on paying.

HTH

confused76

i'd be inclined to speak to the national debtline as i'm a little confused why they wouldn't give br as an option

i spoke to them and they were really helpful

imustbedreamin

thanks so much for the replies.

the CAB bloke said he couldnt legally advise me on our options even though we had made it clear in our preliminary enqury that we thought it was our best option.

however he did offer their services fully. i have researched this for the past 7 months and he agreed that from our SOA that it was certainly an option.(beleive me guys its the only option but he was very wary about saying "yes i think you should" because of his "legal restrictions"..this made me wonder from the start.

i know about buying the BI etc etc (this forum has been a godsend and i will become a long term contributer to it)

he agreed that our finaces were not good......was very good about making sure we had enough to live on........basically did everything but say "yes BR is your best option"

confused76

when i spoke to the national debtline they wouldn't say 'yes go br' they gave me a couple of options and told me they were viable options.

as long as the cab said yes it's an option then that's ok, and it's down to you to choose what to do. i still reckon you should get further advice, a second opinion won't hurt

imustbedreamin

thanks and we certainly will do although it is quite obvious which way we should go......................55k of debt..................1.3k monthly income........................;)

Doucam

We went to see the CAB and they didn't actually advise us we should/could go BR, but we knew that was the only real option open to us so we did it anyway and when the Judge asked us had we taken advice we said we had from the CAB, we may have not mentioned that they didn't actually advise us to go BR !!

imustbedreamin

hmmmmm that thought did cross my mind;)

the gentleman we spoke to was an absoute star..........was very patient when our 5 month old chose to voice his opinion;)........and made sure we would "be ok".

as i say he did say it wasnt his place to say "yes you should" but told us what to expect, how to prepare and even laughed at MY statutory demand and said "well that would save you a few quid in fees wouldnt it":D

if that isnt a yes i dont know what is.

in all seriousness it was a great relief talking to an unjudgmental person about it.

a credit card company have recently been phoning and pressuring about payment...............the good lady wife is a wilting flower and cant really cope with pressure and stress (she just wants to make the future better for our boy and agrees BR is the way to do it).........they haven't spoken to me yet;)

imustbedreamin

ps

i really appreciate the input guys..this forum is invaluable and although some of my views may be a little "coarse" as some people have found (im not the delicate type:o) i do plan to be around here for a long time.............im thinking of starting a BR diary.....warts and all to help lurkers................i feel some guilt, i feel some kiss my butt.............all of that to come.............overall im not proud but my boys future comes first.

IF

Hi IMBD, tigerfeet2006 pointed this out to me.....when a poster was having a bad time with creditor's calling and needed cheering up......it made us all laugh. Have a read of this classic thread by Zinc Oxide

Click on link below:-

https://forums.moneysavingexpert.com/discussion/741653

Best wishes
If...x

imustbedreamin

ooohhhhhh yes yes yes

that seems very in tune to my warped sense of humour:rotfl:

unfortunatly my wife is the type to crumble under the easiest of pressure.......she has gone for a break for the weekend in tears because MBNA phoned her just before she left.

i was loading the car with her dad (he doesnt know of ot plans......we dont want him too yet due to heart probs.....he will only worry but mother in law does) that post will help loads........might even brighten up her day.

we owe them 1k and lets face it thats just a minimal amount that they will give too traniees in the call centre to try and harass and pressure vunerable families.

as i said they aint talked to me yet..................and i like a challenge:A