Please if anyone can help

dawn35

Wow Rich

Are you sure?????

D xx

Richard_S

dawn35 wrote:

Wow Rich

Are you sure?????

D xx

Hi Dawn,

I think this site is extremely helpful for all sorts of reasons, one being that people are always happy to share their experiences and others can benefit from that. One of the drawbacks is that some people offer advice when at best it's well meaning but flawed and others just spout off for the sake of seeing their own "words of wisdom" on a web site, which can be downright dangerous (financially).

The truth is that even people in similar financial circumstances can ultimately end up with different conclusions because financial institutions, courts, official receivers etc do not always act in the same / consistent way, and the outcome may well be influenced by the approach of the person in financial trouble. Even that doesn't account for changes in financial circumstances that affect an individual over a period of time.

Obviously I don't know your precise financial details but it appears that the following is a reasonably accurate assessment:

1. There's very little equity in your property after the mortgage.

2. If you continue to pay yr mortgage you won't have a problem there.

3. You have other loans secured on yr property.

4. There is no point these lenders suing for repossession if they're not going to receive anything or very little after the property is sold; the legal costs are pretty horrendous too.

5. These lenders are not going to reposses yr property just because they don't like th colour of your hair. If at some point you are in a position to make anything in the way of a reasonable offer, then they'll accept it. They may even agree to spread the cost over a much longer period of time to give you some breathing space; don't forget that the courts take a pretty negative view on the way some financial institutions conduct their business.

6. If you do ultimately declare bankruptcy you can purchase the equitable interest in the property if it's negligible or negative for a nominal £1 plus legal costs; the O.R has no further interest in your property.

7. What happens with the other secured loans depends on what course of action you decide to take but I'm certain CCCS will give you good advice and you can post that advice on here to see how it fits with other people's experience.

8. Cards in yr mum's name - you have to carry on paying those as you rightly point out; it's a moral obligation.

On the plus side you have a profitable cash generating business that makes your situation even stronger.

My point is, that nobody can definitively advise you on your best course of action, you should take one step at a time secure in the knowledge that you have sufficient positive attributes to eventually steer the situation to your desired outcome.

For my part, I always make a point of never saying anything unless I'm sure it's a fact and if I'm not certain then I'll say so; there's enough information on the web to sort the wheat from the chaff.

So in answer to your question "Are you sure?" Yes I'm sure that your situation is not hopeless and given hard work and determination you will prevail.

Rich

Mike_St_Helens

Richard_S wrote:

Dawn,

This is why people jump off bridges, it seems to get so dammed complicated with no way out, but if you stick at it you see a glimmer of light and the more you keep working at it the brighter the light gets and one morning you wake up bathed in bright sunlight and think "what the "f**k was I worried about?"

If you keep the secured creditors at bay, which you can, and then you're ultimately obliged to declare bankruptcy, the O.R becomes your trustee and you do have the opportunity to purchase the equitable interest (negative) and the secured creditors get zilch - their claim evaporated when your property became the responsibility of the O.R. I may have got that wrong somewhere but it's basically right.

Keep smiling, fighting and surfing and you'll beat the !!!!!!s.

Rich

Well done Rich.....

Mike_St_Helens

Wow, I have just had a good read of this thread.... Thanks Rich, Its very informative and Dawn... You are a true insparation to the people who moan fpr nothing. I have winged and moaned about my circumstances but I have nothing on what you have stated.

You need not to worry about yout debt/mort being passed to an agency, to be honest its probably the same people calling themselves something different.

I have just gone bankrupt, it was really really hard, but I am so glad its all over, and its not that bad you know!...

Your bBiPolar, it shouldnt be an issue if you get the right meds, I can have issues.. but you will be fine hun, remember that isnt the issue... its what you have to do to get out of it thats the struggle.. and thats not that bad also !

If you need anything at all.. please please let me know.

Mike xxxxxxxx

dawn35

Guys thank you so much

For a while now I have been dealing with this problem on my own, calling all the right people, speaking to CCCS , Councils, Welfare Officers, anyone and everyone out there that can shed some light on my problems.

I have found two pockets of people out there, and this seems the same on this forum.

On one hand there are the people that are , 'right there is no way out, give the keys back, go rent, go bankrupt.' In other words 'you are f**ked'

And on the other there are the people who encourage me to fight this. Like the Welfare officers, solicitors ive spoken to and mates that are in the know to a point. They are of the ' well you cant do what you cant do' 'there is no way they will repossess if there is nothing to gain', ' apply for a time order', 'a judge will look favorabley towards you should you keep paying'.

Now I know when we are in problems, its human nature to not want to hear the cold hard facts. However I know the cold hard facts. Ive been living them, mentally and physically for the past 6 months. I could see this comming. I know that eventually , unless my business picks up , and it can, it has before, I will have to give the keys back and go and rent. At that point i will declare myself bankrupt and start again. I have no problem declaring myself bankrupt I have done it before and woiuld do it again.

But I cant just give in like that , its not in my nature. Not that im being the eternal optimist but my survival instict is very strong. I may have mental issues, and I do my best to control thoes the best I can, but where my son is concerned I can survive almost anything for him.

At the beginning of this thread I was in panic mode, and i still am to a point, but I was also maybe a little misleading. I know my position. I know my options, but giving up the flat isnt an option. That wont happen. So i have to find ways to at least prevent the inevitable for 2 years until my son leaves for uni. I dont care how i do this, time orders, bankruptcy, even escort work (i kid you not) but I cannot stress enough how i cant lose my home.

I know that I have the strength to get through this, especially with the excellent advice ive been getting on this board. But this board as with another that I have posted on, I agree Richard, some of the replies have absolutley FREAKED me out.

So this is the beginning , middle , end. I cannot lose my home . Its not an option. I dont care what happens to me this is my problem, but its not my sons. I created it, he didnt. There is no way he will ever find out, not untill along way down the line. Until that boy leave our home and heads off to uni, he will know nothing but security and happiness.

Im not trying to duck and dive out of my problems. Im trying to sort them with the limited resources I have right now. I just need advice from anyone thats been in my situation and Richard I thankyou for taking the time to help me. I would like to talk to you more about this when you have time.

So thats it. I have to stay there....like a stuck record i know;) So any advice would be greatfully recived as the unknown is a scarey place.

But in finishing I do thank all of you for taking the time to post and I have picked up useful tips.

Dawn x

Richard_S

Dawn,

I knew there was a tiger in you that would come out fighting.

I've sent you a Private Message - hope you don't mind.

Rich

dawn35

Not at all thank you x

dawn35

Cant belive this

Have a telephone interview with CCCS booked for 6.30pm, an hours counciling and my aunt has come over cause shes got no heating. My flats so small (yes the flat thats costing me 1.2k to live in a month....) that theres no escape. so have had to cancel and rearrange for the 5th december , so back behind the couch for me then !

Hows yr luck eh????

If the universe is challenging me then its doing a good job. Bring it on I say. Oh and if that wasnt all , got a letter from Tescos today saying the cheque I wrote a few weeks ago has been bounced by my bank, and they want me to contact them asap, bummer to have to pay the money when ive eaten all the stuff!!! lol , oh and lastley HSBC are literally stalking me on the phone, all seem to be american for some reason, so as far as they are concerned i am away for the weekend.

OOOOOhhhhhh all fun and games eh !

Now i know how Jason felt when he was up against Goliath !

D xxx (rich have PM'd you back twice btw cause im such a newbie and a divvy )

dancingfairy

Just wanted to say hi and welcome. I think the advice of trying to cut down on your food bills and ditching sky is a good idea. Also you really do need to get free prefessinal help as advised above. Stick with it and things'll work out in the end. There's loads of people who can help with regard to doing things cheaply for free.

dancingfairy

Just wanted to say I make your income : £2062.20 a month (incl 4 weeks of benefit @ 15.55 a week).

Outgoings (excl Sky and overdraft repayments): 2455.47


This leaves a shortfall of 393.27 a month.

You should be able to cut £100 off by shopping better (if not more).

How long do the debts to your mother have left to run? £200 a month would help you get a lot closer to breaking even.

Can you get a bar job in the evenings or anything? Also try shopping around for things eg pet insurance/gas/electric/water - it'll all help.

Try pigsback to earn some vouchers and then ebay them?