help

imindebtjayne

Hi, this is the first time I have posted on this board but have been lurking for a while and have picked up loads of good advice so thank you all. Now I feel like I am losing the plot and could do with some help, to briefly summarise, I went BK in July, was offered the BI in my house for 26k, explained to my or could not afford it and following number of visits from baliffs etc did not want it anyway. As this was my only asset I thought at least my creditors would get something. Eventually found a really sympathetic landlord and started renting. Voluntary handed keys back, Bank took me to court after this, not sure why, and have just seen a for sale board at my old house and found it was up for the amount I owe the bank, despite the fact I put 50k deposit on it when I bought it, this means there will be no money left to put towards my bk, can / should I do anything or leave it to the OR?

many thanks

debtinfo

properties after repossession often get sold for a much lower price, it might be worth dropping a note to the OR though

imindebtjayne

Thanks, will do, a few more questions, if you don't mind. I have been keeping my or informed of changes, like a new job, moved house etc, had acknowledgements but never been asked to complete a new soa or anything, is this usual? My rent is more than my mortgage was (excluding arrears) but it was the only one I could get with my history, will that cause me a problem?

Thanks

milothewestie

imindebtjayne wrote: »

Hi, this is the first time I have posted on this board but have been lurking for a while and have picked up loads of good advice so thank you all. Now I feel like I am losing the plot and could do with some help, to briefly summarise, I went BK in July, was offered the BI in my house for 26k, explained to my or could not afford it and following number of visits from baliffs etc did not want it anyway. As this was my only asset I thought at least my creditors would get something. Eventually found a really sympathetic landlord and started renting. Voluntary handed keys back, Bank took me to court after this, not sure why, and have just seen a for sale board at my old house and found it was up for the amount I owe the bank, despite the fact I put 50k deposit on it when I bought it, this means there will be no money left to put towards my bk, can / should I do anything or leave it to the OR?

many thanks

personnelly i would just ignore like di said maybe a letter to your o/r, but its gone now its not your house forget about all the trouble with it and start to enjoy your new place,it does get easier although it cant be nice losing your home,you will recover in time,i feel for you in your hard time and wish you all the best for the future

now

Its only a house, a roof over your head and a place to sleep, rent and move on, any shortfall will be included in your BR. Renting is better as you can move at a months notice happy days with not debt xx

imindebtjayne

Thank you all for your comments, just having a bad few days, don't think its sunk in yet having no debts, I know I should be more positive, got a roof over our heads, job, can pay all my bills and put food on the table which is a lot more than can be said for this time last year, I just wish my IPA could be sorted out so I know where I stand, but I know these things take time.


Do sometimes feel quite isolated and alone, all these questions in my head, many seem quite daft, did find a lot of answers on here by lurking in the background, so if you are like me, don't have the nerve to post up your problems, go for it, feel a lot better for it. :beer:

confused76

imindebtjayne wrote: »

Thank you all for your comments, just having a bad few days, don't think its sunk in yet having no debts, I know I should be more positive, got a roof over our heads, job, can pay all my bills and put food on the table which is a lot more than can be said for this time last year, I just wish my IPA could be sorted out so I know where I stand, but I know these things take time.


Do sometimes feel quite isolated and alone, all these questions in my head, many seem quite daft, did find a lot of answers on here by lurking in the background, so if you are like me, don't have the nerve to post up your problems, go for it, feel a lot better for it. :beer:

hi there
i'm sorry to hear you're feeling a bit isolated but what a nice post for lurkers too. it can feel very isolating, i remember going through the court bit and OR interview and only my family and one friend knew what i was going through. life was carrying on and my head felt like it was going to explode

i found a lot of support and friendship on this board, so please pop back and chat, or feel free to pm me

take care and remember you're not alone :Axx

milothewestie

now wrote: »

Its only a house, a roof over your head and a place to sleep, rent and move on, any shortfall will be included in your BR. Renting is better as you can move at a months notice happy days with not debt xx

i wouldnt say renting is better it all depends on your circumstances doesnt it,i kept my home in bankruptcy and in ten years when the mortgage finishes it will be nice to think i have a big lump of money i could get at if need be,as for moving at a months notice then yes it is better but then your not saving any money like you are in your mortgage,depends which way you look at it doesnt it everyones different:o

now

milothewestie wrote: »

i wouldnt say renting is better it all depends on your circumstances doesnt it,i kept my home in bankruptcy and in ten years when the mortgage finishes it will be nice to think i have a big lump of money i could get at if need be,as for moving at a months notice then yes it is better but then your not saving any money like you are in your mortgage,depends which way you look at it doesnt it everyones different:o

Well if you are in - equity and if property prices continue to drop then owning a property is no good also if you do not pay mortgage or intrest rates go up you can find you no longer have a roof over your head. Also any short fall is included in your BR. You can only get at a limp sum of money if you sell and down size or secure more money against the equity. Until it is paid for it is not yours as you say it is up to the individual but I would not want to be trying to sell or retain a house in this day and age just to say it is mine. You will ony save money in a property if it gose up in value. Everyone is different but it is no good stressing over a house, I would never be able to afford the mortgage on the property we rent so I look on it as happy days

now

confused76 wrote: »

hi there
i'm sorry to hear you're feeling a bit isolated but what a nice post for lurkers too. it can feel very isolating, i remember going through the court bit and OR interview and only my family and one friend knew what i was going through. life was carrying on and my head felt like it was going to explode

i found a lot of support and friendship on this board, so please pop back and chat, or feel free to pm me

take care and remember you're not alone :Axx

Oh thats nice confused, it is nice to know you are not alone, I think we all felt like this ar some point during BR xx

dojoman

milothewestie wrote: »

i wouldnt say renting is better it all depends on your circumstances doesnt it,i kept my home in bankruptcy and in ten years when the mortgage finishes it will be nice to think i have a big lump of money i could get at if need be,as for moving at a months notice then yes it is better but then your not saving any money like you are in your mortgage,depends which way you look at it doesnt it everyones different:o

Totally agree with that, as you say everyone is deifferent and have different perspectives.