Welcome Newbies and Lurkers

dojoman

Fine SS, thank you, nice to have some company in here:D

sizzler

A big bump from sizz and welcome to newbies:T

Maxnana

Hi,

I'm not sure if I've done this right - it wouldn't let me link to my original post so I've just copied and pasted it. Apologies if it was the wrong thing to do - I am looking for all the help I can get, so any advice will be much appreciated!

I have posted on MSE before and received really good advice/support. Since my last postings we have been just plodding on trying to pay all the bills and live a decent life. However, I am really, really tired now of us just working to live, with nothing left over to actually 'live', if you know what I mean?

I have in the past asked about the possibility of keeping our house if we went bankrupt. I am now at the stage where I'm thinking is it really so important to hold on to it?

Our situation is this:

• We have a mortgage of £65,000; 2nd mortgage with a different company of £100,000; the house has just been valued at £125,00 (so obviously 40 grand negative equity)

• We have been in an IVA for a couple of years and are struggling to pay that (they - Payplan - are looking at reduced payments for us, but it will be no more than £100 less than we already pay - not much help)

The big problem is the monthly payment to the 2nd mortgage company (First Plus) as it is £1000 a month - this is what kills us financially.

I have always enquired about bankruptcy really, as that is what I thought the answer was, but now I'm wondering if that would actually help us much as we'd still have the mortgage and 2nd charge to pay, amounting to £1500 a month. (going bankrupt on the unsecured stuff would only save us about £250 a month).

Can anyone advise me of what it would be best to do? Should we just hand the keys back to the mortgage company and rent, but not go bankrupt? Should we let the IVA fail and let them make us go bankrupt or petition for our own bankruptcy, and keep trying to pay the secured loans? Should we do both???

I am so confused about the options. We have spoken to CAB, CCCS and the Debt Advice Foundation, but the consensus seems to be - when you've decided what to do, call back and we'll help you through it. I just want to know what is BEST for us to do in our situation.

I just want to get out of this depressing vicious circle we've got ourselves into and stop just surviving and start living again.

I'd be so grateful for any advice or to hear the experiences of other people who are/have been in a similar situation, and how they have dealt with it.

Anything really, to help me see a glimmer of light at the end of the tunnel.

Thank you.

solventsoon

dojoman wrote: »

Fine SS, thank you, nice to have some company in here:D

Sorry Dojo, I don't mean to leave you on your own, having a bit of a busy time at work at the moment:( I'll be here over the weekend though:D

solventsoon

Maxnana wrote: »

Hi,

I'd be so grateful for any advice or to hear the experiences of other people who are/have been in a similar situation, and how they have dealt with it.

Anything really, to help me see a glimmer of light at the end of the tunnel.

Thank you.

:hello:Hi Maxnana and welcome to the BR board, you're in the right place to get lots of help and advice.

Have a look at the three posts at the top of the page, there's lots of good advice on them and links to helpful pages.

What I would also advise is that you post a new thread, everyone will see it then and all the helpful people here will give you lots of advice - if yuo need any help doing this please just ask.

You can also post an SOA (statement of affairs) for them to look at and hopefully give you some advice there as well - the link is on one of the posts at the top of the page.

It's usually fairly quiet on this board over the weekend so don't be disheartened if you don't get many replies, bump the thread up once a day and anyone who's around will see it.

Sorry I can't offer you any advice myself but wishing you all the best and keeping my fingers crossed for you.

Good luck
spoon x

solventsoon

sizzler wrote: »

A big bump from sizz and welcome to newbies:T

Hi sizz
Good to see you again - that's an interesting new avatar you've got!:D

Hope you're well and not working too hard?

solventsoon

Good morning everyone hope you're all well today.

A quick bump from me:D

dojoman

Afternoon SS and all of our newbies, will not be around much today SS got a family do to go to;)

solventsoon

dojoman wrote: »

Afternoon SS and all of our newbies, will not be around much today SS got a family do to go to;)

Hi Dojo
Thanks for letting me know. No worries, I'll keep popping in to check all's well. Hope you enjoy your do x

solventsoon

Bump .......:D