Voluntary Repossession

FavDaughter1

Hi df, if we didn't have the non secured debts yes we can pay the mortgage& secured loan at the moment, this would be different if the interest rate starts going up:eek: it makes me question if we should be here at at in all honesty!:eek:

we MIGHT JUST break even but that would depend on what price the house went for,houses are not selling at all by us, next door was valued about 2yrs ago at a silly price,they don't even get viewings,the owner is letting it now as it's been empty so long. by the time we pay moving costs,possibly neg. eq. If we went BR and carried on with the mortgage there MIGHT be some equity at the end of the 2 yr(think it's 2yrs?) period depending on if the market picks up.
but if we do go BR we won't try to hang onto the house- we couldn't raise funds to buy the BI anyway so it seems silly to pay a mortgage just for creditors to take it all.

the date for our F&F creditors meeting is next week. i do wonder if we will end up BR eventually:( because my husbands wage dips), if the interest rates start climbing high again i will be feeling very frightened. we've discussed it,we'd have to try and sell,get into council adapted property for me and then repay mum and dad at some point for the money they are helping us to make the F&F IVA. it feels a gamble whatever we do. i just hope we are making the right choice but the next step is dependant on the creditors meeting now,it's out of our hands for now.

morledge142

if i was you i would be reluctant to lend money off family members and then run the risk of not being able to pay them back as well and scuppering their lives.

we stopped paying our mortgage 3 months ago after struggling with debt for about 5 years from failed business.

we applied for council housing but in the panic of wondering if we would be evicted have found a private let and got refs through this week so all ok at same time as being offered a council housel

we rang debline as suggested on here so could show council we could be evicted at anytime so they bumped us up to band b and me/my son classed as disabled.

so we have ended up with choice of private let/council house. we have had to get hubby parents as guarantor on rental but it means we can finally get into a new house and a new start and shake off all this debt we have been struglgling to pya because of our pride.

it has taken me a long time to sound positive but i now think it is for the best.

you may be lucky and find a council house as we did but if not you hv emoney to go bankrupt.

that is often suggested. we have not applied yet one step at a time but if we move we can then sort that out next and get rid of the heavy burden aorund our necks at last.

good luck

FavDaughter1

Hi thanks for your reply, glad to hear things are moving forward for you. i do understand what you are saying, you echo things i've thought about morning,noon and night!

not easy decisions to make, but like you we want to try this way first,at least if we DO loose/have to let the house go we will know we did our best. the creditors may decline the F&F, if they do we will go BR. if they decline the figure we will have to stop paying the mortgage& secured loan to get the BR fees. that decision will be all over with by lunch time on Wednesday.

you're right the board is a great support

lots of good luck to you