Almost taking the BR plunge........

Maizy · 31 May 2011 at 7:31PM

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NeverAgain_2 · 31 May 2011 at 7:50PM

...The application form for the house this week asks if we are aware of any ccjs or BR orders current or pending ???...

I think the correct answer is no.

There are certainly no orders 'current', and I think 'pending' must mean proceedings active against you by a creditor wanting to make you bankrupt, or an appointment you already have to declare yourself bankrupt.

What is in your mind - even an intention - cannot be described as 'a pending BR order' in any sense.

Edit: Is the suspended repossession order an order of a county court?

If it is, then I think fair dealing means that should be disclosed.

Maizy · 31 May 2011 at 8:13PM

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NeverAgain_2 · 31 May 2011 at 8:25PM

...The suspended repo was through the County Court so I best put that down then hey...

You could argue it's not a CCJ in the sense that you've not been ordered to make any payments.

But putting it down may be no bad thing because it's a way of broaching your financial problems with the agent, which will have to happen anyway.

It nicely explains two things without having to mention the dreaded BR word: why you are moving, and why you will almost certainly fail a credit check.

Maizy · 1 June 2011 at 7:48PM

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kepar · 1 June 2011 at 8:37PM

BR is a last resort I agree, but looking back at my own situation we went BR a year to late. What did that year achieve? zilch, well in fact it increased our debt.

Where do you see yourself in six months, a year or two years. Ok the money might come in as you say, but what happens if it doesn't. The pressures will mount, interest rates will rise soon, everything is going up. The spare money you have will be eaten away.

Going BR is not easy as you are finding out and some struggle with the guilt afterwards for a long time. But reading your posts if you want a better future for you and your family, stop thinking short term and think a few years ahead. Ok the houses you have found are not totally what you want, but why do you have to stay there forever. It is not easy I agree but moving now, and going br will give you a new lease of life. Maybe you could move again in a few years depending on IPA's to somewhere you really like, by the you will have a rental history .

NeverAgain_2 · 1 June 2011 at 8:40PM

Maizy,

I'm pleased you are reconsidering because there is a danger these threads turn from "let's help the OP", to "let's help the OP go bankrupt".

If you are seriously considering soldiering on, you need to contact your mortgage lender quickly, although I fear you may not like what they tell you.

Repossession orders - even suspended ones - signal a hardening of the attitude of the lender.

They may not accept an offer from you now which they would have done prior to the order.

Obviously only the lender can tell you for sure.

But it would be a shame to build up your hopes, only for them to be dashed by a demand for something which you truly cannot manage.

kepar · 1 June 2011 at 9:07PM

I'm pleased you are reconsidering because there is a danger these threads turn from "let's help the OP", to "let's help the OP go bankrupt".

I dispute that, I would be great if no-one went BR ever again, but sometimes you have to face reality. I hope she doesn't go BR, the money comes in like she hopes, they can manage without a car and they all live happily ever after.

Maizy · 1 June 2011 at 9:31PM

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mummybiz5 · 2 June 2011 at 8:34AM

Just an update Maizy - whether we will rue the day or not we have decided that we are going to fight on and carry on with dmp for now and try and pay the higher mortgage payments when they arise - we had a whole heap more equity in the house than we realised so we are now pinning our hope son hanging on till property prices rise then selling and doing full and finals - it's a gamble but for now we haven't got the grit to go through with bankruptcy. - Good luck with you house hunt - hope it all ends happily for you x