Do I tell the OR we are going to let repossession happen?

debtinfo

Hi, in answer to your initial question, there is no actual need to tell them at this point, but it cant harm and they will at least know that you will be moving at some point

System

I've posted the letter now, but thanks anyway

Once the repossession thing gets moving I'll probably drop them a line then.

sundays

My main concern would be when you vacate and move in with family , they will then review your IPA and circs and the funds for the savings could be taken by a IPA as you wont have rental or mortage costs ,so then no way of saving the deposit.

Secondly could the OR demand those monies as you are building up capital on a nil IPA and have no intention of using what the money has been allowed for.

As i have said on another post, even at the court date the judge would prob just give a suspended order on the current monthly amount and a added amount for the arrears added normally to life of the mortage.
So if your lucky you could have put away a large amount of money and still keep the home with a small arrears payment, i tend to think most do it this way pre BR because after its harder to squirrel away.

Be interested to know the OR's view on your circs and the outcome.

System

I don't have an IPA at present. OR said I was a candidate for early discharge but that either way, my I/E would be reassessed closer to the date.

We don't have a particularly busy year coming up. Our income is lower than last year's at present so hopefully I'll remain without an IPA when it comes to discharge. I really don't see how the OR could decide anything else to be honest. We could proably earn more, but what's the point if most of it will be taken anyway? We're better off keeping our heads down and "getting through" what is actually going to be a difficult year for us in ways other than money. Plus we'll have some big business expenses this year which will knock our income still further. One of the advantages to being self-employed in this situation I guess - you can control your income.

Bear in mind that the reason we're behind with the mortgage isn't because I just decided to stop paying - it's because for December and January we really couldn't afford it! Actually, it was the same for February.

If the court keeps adjourning and whanot then perhaps I'll just hand the keys back.

System

btw, we'll still have some bills to pay when we move in with my Dad. Council tax will be due, electric and gas as I'm not expecting him to foot the bill for what we use. Plus it would seem normal to me to pay some rent, even if only a nominal amount.

debtinfo

Hi,

One thing to remember if you do voluntarily give the keys back not to sign anything that will make you liable for the shortfall again

sundays

I was told i would get ED, the home owner unit that the case got passed to, said not a chance due to workloads.
many also saying the same on the forum , i personally think only the ones on benefits are getting them as suitations could change with a earned income and property.
Personally i think had i have paid the 1k it would have fast tracked me to ED.

BUT my understanding is that a change of cirs ie moving in with family will ensure your IPA is reviewed immediately, you only have to look at todays posts to see those with IPA get pretty badly stung , if affordability for the mortage was not met on the exisitng SOA did the OR not query who you could remain in the house.
And how would you afford a rental. Im def seeing rentals are higher than mortages at the moment.
Because even if housing benefit was a consideration , it would appear you would only get the local housing allowance at the one bed rate, i understand your a couple only, no kids. In my area that is around 70 pound per week , where as a 1 bed rental is around 130 pound per week.

System

Yes, I've read that on here many times. I won't be signing anything.

sundays

You cant claim council tax as a liability on your IPA as you wont be the the liable person nor the utilitys .

If your father lives alone it would only increase by 25 percent.

You would be looking at proving a rent to a family member for what you receive , you would be looking at the shared room rate around 60/90 pound per week, dep where you live in the UK - all in , which normally includes, heat, light, and a room.

debtinfo

sundays wrote: »

You cant claim council tax as a liability on your IPA as you wont be the the liable person nor the utilitys .

If your father lives alone it would only increase by 25 percent.

You would be looking at proving a rent to a family member for what you receive , you would be looking at the shared room rate around 60/90 pound per week, dep where you live in the UK - all in , which normally includes, heat, light, and a room.

This is not accurate

If you live with your father you will be allowed to contribute a realistic amount towards all the household bills including utility and council tax.

So for instance if you were1 of 3 adults in the house you would be allowed to contribute 1/3 of the bills to your rather and so on.

Netherless, living with someone else is likely to mean lower expenditure overall and the possibility of of an ipa