Where to start?

sandalwood_2

I have posted this question in another thread but thought I might start a new one
Nuts & bolts: DMP 2009-IVA 2010-trying to sell flat and pay off creditors as agreed with IP on a FF settlment-unable to sell flat-have 2 kids under 18 months(1 only 4 weeks old) and in a 1 bed flat decided that we should go BR as it is the only option

I need to raise the cash to go BR-I am thinking canceling the DD and not paying mortgage for 2 months to raise this cash then go to the court and get things sorted-should I let the mortgage company know that I am going to go BR or just wait until they start chasing me for the mortgage payments?

Also in serviced flats,service charge is ridiculous,if I dont pay this for the next 2 months I will have enough cash to go with the cash I have saved already to rent a bigger place(about £1500) which we are desperate for,I have a gaurantor already to help me get a house(my boss) so I am guessing this wont be a massive problem(fingers crossed)

So,if I say,manage to get the funds together and go BR at end of march/early april-what happens then?
Do I just hand everything over to the OR that the court will appoint me,and then move out and rent? or do I have to stay in the flat?
I know I will have to let the gas/electric/phone etc know that I have moved so they can connect me up in the new place(obviously)
Do you think I need to get a divert set up on my post when I move as dont want to risk not seeing any paperwork that may come my way?

The IVA company I am with a the moment are great and even though they dont normally assist with the bankruptcy side of things,they will in this instance,I just wanted to get a take from people that have been there

thank you all in advance

debtinfo

well its up to you really, You probably think that things will move faster than they actually do, even if you stop paying the mortgage you probably have at least 6 months before any repossession would take place so it is really how fast you want to move

sandalwood_2

i need to move asap,space is the issue,i am hoping to get to court by early april and maybe in a new place by early may.do u think that time frame realistic?

debtinfo

yes, the hardest part will be getting the rental place so i would concentrate on that first

tigerfeet2006

I agree with DI.

Your best bet if you need to move is stop paying the mortgage. Save the money for the deposit, rent, moving costs and your BR fees. Find your rental, move, settle in and then go BR. ou will find it easier to find a rental without the BR on our credit file.

sandalwood_2

tigerfeet2006 wrote: »

I agree with DI.

Your best bet if you need to move is stop paying the mortgage. Save the money for the deposit, rent, moving costs and your BR fees. Find your rental, move, settle in and then go BR. ou will find it easier to find a rental without the BR on our credit file.

But where would that leave me with regards to the flat i am in? Just walk away and let the OR deal with it? But i wouldnt of gone BR then.just hand keys back?

tigerfeet2006

The OR does not deal with the house any way all he is interested is if there is a shortfall then it will go into your BR. You will deal with the repo etc.

Do as I have suggested and get your rental first if that is the way you want to go. Tell the OR when you go BR that the house will be going into the BR. When the house is repo'd and sold the shortfall will fall into the BR whether it is before your discharge or after.

Do you actually want to try save the flat at all?

sandalwood_2

tigerfeet2006 wrote: »

The OR does not deal with the house any way all he is interested is if there is a shortfall then it will go into your BR. You will deal with the repo etc.

Do as I have suggested and get your rental first if that is the way you want to go. Tell the OR when you go BR that the house will be going into the BR. When the house is repo'd and sold the shortfall will fall into the BR whether it is before your discharge or after.

Do you actually want to try save the flat at all?

can i not be discharged until the flat is sold? I wont have an aeo as i havent enough spare cash,thats why i had to do a full and final settlement iva
Do i just stop paying the mortgage and let them know what i intend to do? And let them know i am moving out? All we want to do is get rid of the flat,been on market for 4 months,knocked £15k off asking price and only had 1 viewing.the iva has been agreed at the low price,so if someone were to buy it tomorrow it would all be great,sell flat,pay creditors,complete iva and happy days. But time isnt on my side.2 babys and a 1 bed isnt good.i need to do what is right for my family,and if that means br,so be it.not the end of the world.just start again without the worry of mortgage payments going up,if they do we couldnt afford it anyway.just want to wipe my mouth of it and move on.cant say i havent tried,dmp,iva and now br.third time lucky! Not really how i thought things would work out,but life thows a few curve balls every now and again,just gotta deal with it

tigerfeet2006

sandalwood wrote: »

can i not be discharged until the flat is sold? No, you are still discharged automatically after 12 months. The shortfall will still go into the BR even if it has not been dealt with untill after discharged. I wont have an aeo as i havent enough spare cash,thats why i had to do a full and final settlement iva
Do i just stop paying the mortgage and let them know what i intend to do? Don't tell them just stop paying and save the money. And let them know i am moving out? When you have moved then tell then.All we want to do is get rid of the flat,been on market for 4 months,knocked £15k off asking price and only had 1 viewing.the iva has been agreed at the low price,so if someone were to buy it tomorrow it would all be great,sell flat,pay creditors,complete iva and happy days. But time isnt on my side.2 babys and a 1 bed isnt good.i need to do what is right for my family,and if that means br,so be it.not the end of the world.just start again without the worry of mortgage payments going up,if they do we couldnt afford it anyway.just want to wipe my mouth of it and move on.cant say i havent tried,dmp,iva and now br.third time lucky! Not really how i thought things would work out,but life thows a few curve balls every now and again,just gotta deal with it

You have to do what you have to do.

sandalwood_2

tigerfeet2006 wrote: »

You have to do what you have to do.

But surley if I just move out and not let them know,I will be still responable for the council tax on the property even though I am not there-is that correct? Or is it the case that you let everyone else know you are moving apart from the mortgage company....?

Tupperware_Queen

sandalwood wrote: »

But surley if I just move out and not let them know,I will be still responable for the council tax on the property even though I am not there-is that correct? Or is it the case that you let everyone else know you are moving apart from the mortgage company....?

If you move in the same borough, when you register for CT in the new home, they will give you an exemption for the old property for about 6 months.

I did this exact thing - not paid mortgage since middle of Sept, they still haven't even begun repo yet!! Just remember you must pay buildings insurance on the mortgaged property until it is repossessed - and any utility bills remain your responsibility, unless you include them in the BR