Bankruptcy advice again please

fermi

NeverAgain wrote: »

This quote from Shelter (above) is the one I think Maizy needs to be aware of: "You may only get a few days' warning before the bailiffs arrive to evict you."

It accords with the experience of a friend of mine, albeit it was 20+ years ago.

He seemed to go on for months and months with various suspensions and deadlines.

But when the wotsit finally hit the fan, it did so very quickly.

Yep. Looks that way.

Johnpj

NeverAgain wrote: »

This quote from Shelter (above) is the one I think Maizy needs to be aware of: "You may only get a few days' warning before the bailiffs arrive to evict you."

It accords with the experience of a friend of mine, albeit it was 20+ years ago.

He seemed to go on for months and months with various suspensions and deadlines.

But when the wotsit finally hit the fan, it did so very quickly.

Things changed in a dramatic way in the 1990's at the height of the worst crisis in the housing market. Courts were "asked" to give more time, and show more willing to give people a chance. The CAB was involved and work with courts on guidelines, and with lenders on their codes of conduct.

I agree that things can go for months, even years with many stays of execution, and then no more, and things will be final.

However I still stand by my point above. When you break the order, the lender will almost without exception write to you and then apply to the court. Many people get caught out because they fail to read the letters, hoping things will go away.

Also you can apply for a stay of exeuction right up until the bailiff arrives, even an hour before, I know!!

But I agree with you, that if you have had many stays of execution the lender and the court will be fed up, and as the phrase goes the writing will be on the wall. However I think you will have fair warning of that, by the fact that you have had many chances, and broken all the lifelines you were given my the court. Talking to the lender will also give you an idea, as they will often tell you, over the phone, we are planning to oppose any application you make. Up until that point they will probably say we will apply to the court and allow the judge to decide.

Johnpj

dancingfairy wrote: »

The first priority would seem to be to sort out the housing issue -as far as I can see.
Your options appear to be:
1) wait until a suitable rental property comes up and then scrabble around trying to raise the money or
2) stop paying the mortgage and dmp and family members for a short time to raise as much cash as possible and hope that something turns up.
3) Depending on the situation with the mortgaged house, wait until the bailiffs turn up and apply for emergency housing from the council. I'm not sure how this would work in terms of you being made/making yourself intentionally homeless rearding making yourself bankrupt or not paying the mortgage. Depending on how this works you will then be able to make a decision between the options.
None of the options seem great so it would seem to be a case of choosing the best option you can and going for it, given that you don't anticipate a dramatic upturn in your finances in the near future.
I'd get advice on how things would stand re the house if you went bankrupt or stopped paying the mortgage and go from there ie if you stopped paying the mortgage to rent privately would the council step in if necessary? if you went bankrupt how long would you have to save up before the OR got you out of the house? etc.
A difficult time for sure. I hope that you are able to get things sorted soon.
Best of Luck
df

With regard to timing,

The best order, for the least number of problems, purely in connection with getting the rented house sorted with the least stress:
Rent house, sign and ready to move in
Go bankrupt
Have the house taken back or sold by the OR

HOWEVER there has to be a health warning here. This advice ONLY applies to the issue of givng you the least problems with getting a rented property. Financially it might be the worst thing to do as you will in effect be losing your mortgaged home. THe consequences of doing that are serious and should never be undertaken without proper financial advice. For example, sometimes the OR allows you to stay in your mortgaged home, smooths things out with the lender, and if things get better for you, even allows you to buy your share of the property.

With regard to the council viewing you as intentionally homeless, if you failed to make your housing payments, and instead spent the money elsewhere, on items that were not esential, they would say you were. Also, there are very limited ways to appeal if they decide you made yourself homeless.

Also it is worth remembering the emergency housing would more than likely either be a B&B or in a location that other people had already turned down (for obvious reasons). SO it would be much wiser and safer for your family if you found your own rented accommodation!!!

Ineedaname

Less is more! Less text and less posts!

Johnpj

Ineedaname wrote: »

Less is more! Less text and less posts!

The odd thing, in "real" life I care not for the detail, and am very much a summary man.

I just love to help people, and having been through it all, believe I have a lot share!

I get very enthusiastic :mad:

nottoolate

Ineedaname wrote: »

Less is more! Less text and less posts!

agreed :silenced:

NeverAgain_2

nottoolate wrote: »

agreed :silenced:

John's had some wise hints on how to fit in nicely around here, which it looks like he's taking on board, so hopefully that's sorted.

Back on topic, the fine detail of repossession matters not to Maizy because she has no realistic prospect of avoiding it, whether it happens next week or next year.

I've got my fingers crossed she can find a suitable house to rent - that's the key to moving her situation forward.

Johnpj

NeverAgain wrote: »

John's had some wise hints on how to fit in nicely around here, which it looks like he's taking on board, so hopefully that's sorted.

Back on topic, the fine detail of repossession matters not to Maizy because she has no realistic prospect of avoiding it, whether it happens next week or next year.

I've got my fingers crossed she can find a suitable house to rent - that's the key to moving her situation forward.

Thank you!

The key to Maizy is timing - short and brief ! :T Having been in her situation, it is vital to sort the rental out before BR.

:j With regard to your comments about me, odd though, in a friendly way. If I am brief and not accurate - people complain. I go into detail and people complain. Life is a box of chocolates :mad: If it is a point I believe in though I do stand my ground. :eek: Be happy though! :j

kepar

Ineedaname wrote: »

Less is more! Less text and less posts!

At least is he is having something relevant to say on the subject, leave him alone.

dojoman

kepar wrote: »

At least is he is having something relevant to say on the subject, leave him alone.

Ding ding, round 4 :D:D