Head Out the Sand, and Looking to a New Start

dmmsta

Hi all,

Further to my post in the Welcome thread, here is my situation in a bit more detail.

• Married (separated)
• 5 year old son (wife & I agreed 50/50 time with him, though this is more like 70/30 with me as there are a lot of "could you have him..." cases from her)
• Mortaged House - Valued @ £150-160k (on market currently)
• Mortage - ~£138k (at last statement)
• Secured Debt - ~£24k, plus £4k arrears (Welcome Finance)
• Unsecured Debt - ~£4k (1x CCard, 1x Loan (guarantor for wife), various old debt on credit file that hasn't been followed up in years)
• Family Debt - ~£50k (Mum took out mortgage against her house to pay off debt following very dark teen/early 20's) (I know I can't do much with this as far as BR is concerned)
• Both wife & I have new partners - wife is already in rented with new partner

I've completed a budget sheet, and currently have less coming in than going out if everything is paid as it should be.

I raised a dispute with Welcome this time last year regardling documents for this loan as I'd not received anything when it was taken out, and also to confirm regardling the charge on the house, as no solicitor was involved as far as I know, but i've also done a Land Reg. search & the charge is on there. Not sure how this will end up, but they are currently only getting token payment until they can adequately resolve the dispute, still ongoing, and they haven't really chased at all to be honest??

Basically in the situation I'm looking to go BR, but prior to that hand my house back to the lender (Nationwide) via Voluntary Reposession.

From reading no here it appears that:

• I could stop paying all mortages as going for Vol-Repo, and save money towards BR fees.
• I should get rented house before BR, as this makes it easier to rent initially.
• Advise Util companies (Gas/Elec/Water) that house is empty, with no occupiers, and I have moved out.
• Contact Council regarding un-occupied house (already done )

I'm sure I'll have more questions as I go, and updates a plenty as I move on down the road.

Thanks for listening (well reading).


Dmm

mel12

Hi and welcome

• I could stop paying all mortages as going for Vol-Repo, and save money towards BR fees.

yes

• I should get rented house before BR, as this makes it easier to rent initially.

yes

• Advise Util companies (Gas/Elec/Water) that house is empty, with no occupiers, and I have moved out

I think so

• Contact Council regarding un-occupied house (already done )

Yes

Also bear in mind with the family debt bit that any joint debts will fall completely to the other person you owe them with.

Other than that have you taken advice from one of the debt advice charities?

dojoman

Please contact one of the charities below, they will offer free and impartial advice.

https://www.nationaldebtline.co.uk/
https://www.citizensadvice.org.uk/
https://www.cccs.co.uk/



Below is a link you may found helpful about going BR?

https://forums.moneysavingexpert.com/discussion/1056083

Also this link to the Insolvency Service is useful!

http://www.insolvency.gov.uk/

dmmsta

I'm looking into the BR forms, and have a query regarding Section 3.9 (Do you have the use of a motor vehicle that you do not own?)

I'm insured on my girlfriends car in case of emergencies (as I've only the bike).

Will the OR have any claim to this, or is this purely so they are aware I have access to a vehicle??

She's very concerned about this, and will remove me from the insurance if required, as that is our only method of transport for my 5yr old outside of Public Transport (which is next to useless in my area).

Thanks

dmmsta

Also,

I'm sure I found a sample Voluntary Repossession letter on MSE somewhere, but dammed if I can find it now.

Can anyone point me in a direction please...


D

dmmsta

Thanks for this.

Already spoken with Nat Debt Line, and have started on the CCCS Online Debt Remedy survey thing.

CAB weren't as useful as I expected, though it may just be my local office hasn't had as much experience as others??

dojoman wrote: »

Please contact one of the charities below, they will offer free and impartial advice.

Ineedaname

BUMP for an answer to post 4

mel12

I'm looking into the BR forms, and have a query regarding Section 3.9 (Do you have the use of a motor vehicle that you do not own?)

I'm insured on my girlfriends car in case of emergencies (as I've only the bike).

Will the OR have any claim to this, or is this purely so they are aware I have access to a vehicle??

I don't think they can claim this (unless she is going bankrupt as well), because its not one of your assets. Hoping an expert can confirm this is right?

Ineedaname

I think maybe it's just additional information to back up any petrol costs shown on an SOA when the BR has no car of their own?

But certainly I can't see they'd have any claim on the car itself as it's not your asset.

tigerfeet2006

As said, the car does not belong to you and is not your asset, unless you paid for the car, so the OR has no claim to it.

dmmsta

Thanks all.

I was thinking much the same, and was more to give the OR a full picture of my situation.

It'll put her in a better mood