Whats the best way to sort this one out?

fairylight_2

We both work full time, husband made redundant twice in 18 months - have always worked full time.

Have (because of not being able to sell our ex-local authority) not enough equity, got card debt of £24,000 plus 20,000 unsecured loan Northern Rock and a Together Mortgage of (133,000) £20,000 of which is unsecured. We have now been told that our non-standard construction house is likely to be due a repair bill of goodness knows how many thousands for a steel frame, which the council have made with faulty materials. What do we do in this situation, we cant afford the repair bill and obviously are in a serious situation already. Never missed a payment on anything in our lives. The house would be worth very little if we dont do the repair within 4 years, and if repossessed we would be left with the balance, what is the best option, bankruptcy, some form of debt management - any ideas.

dojoman

Hi and welcome to the forum:) 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

As for any shortfall in your house, as long as you don`t sign anything after going BR (if that is the route you decide) it would be included in your BR. What happens is that when the house is sold, the secured loan/mortgage reverts to an unsecured loan and therefore falls in to your BR.