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

silvercar

Is there really a rush to move house?

If you've stopped paying the mortgage to save for a rental, I'm sure the OR would not think that unreasonable, they must know the difficulties of finding a private rental.

Ideally if you can drag out the repossession until near discharge there won't be any issue of an IPA.

Whereas the OR may have in mind the LHA allowance for a rental, he is going to realise that rentals at LHA levels are difficult to find, especially for a bankrupt. By definition the LHA levels are now set at the 30th percentile of rents of similar sized properties, so most rents will be higher.
The OR is meant to look at whether the rent is reasonable, not to confine bankrupts to benefit levels.

sundays

Fair Comment and you are being honest.

But keeping the OR informed is at any point mandatory in the undischarged period.

Normally the people that dont get a IPA are either on benefits or really living hand to mouth, and the OR will have determined when you went BR from your SOA what your priority outgoings are v income.
To not get a IPA the OR appears to be saying your outgoings are all neccessary and = your earned and received income.

That will immediately change when you leave the property , so i would say they will immeidately be looking at the savings of mortage, leasehold fee, utilitys, insurance, council tax, water rates, tv licence etc as these will all be part of your fathers expenses, i cannot see how you can be so sure not to receive one with all those expenses then gone .

Even if granted a IPA and its suspended ie given one day then taken off the next it can be reviewed at any change over the remaining time which is 3 years from the start of BR.

Not getting one in the first place is what people try to hang on to , because then there is no requirement when discharged whether it be ED or AD to inform the OR office further, but with a suspension there is.

Classic would be earned income = ipa, loss of job or income , gets suspended .

i see you went BR around Dec so you have 10 months before you are AD.

Maizy

Hi Messedupmoney

Just wanted to send you best wishes and luck through your BR process/period. Its difficult when there are many differing opinions and suggestions but ultimately I try not to advise (unless its facts specific to a question) as I believe folk here are intelligent enough to read and read again and also know their own personal situation well. For that reason alone I neither have an opinion on whether folk stay in their mortgaged property or rent, its up to them.

What I don't get is when people try to put people off either way and I personally do not believe for a second there is a particular insecurity over renting as opposed to being stuck in a mortgaged property one either cannot afford nor wishes to stay in. BR is not just about ridding debts but for some of us, a new life and we are totally relieved to be rid of the last property as hard as it was to make the decision.

There was no security for us when a further £1500 bill arose for repairs and knowing there would be further upkeep down the line which ALL properties need, we needed that relief from the burden and now we are free to do as we please. Everyone is different and that's not to say in the future we don't wish to buy again but having learnt so much, we feel in a much better position to make sensible decisions. Having not a sausage equity and potential future debt straight after BR wasn't one of them.

Also with regards to IPAs, BR is different now to when folk were allowed to keep some of their excess income and I agree that the expenditure allowed is reasonable for living costs, I most certainly wouldn't wish to live like this for 3 years and am counting down the months to be honest. We already had 3 car repairs at the start of the BR year and of course having kids, nobody can budget entirely for their needs with school events and other bits and bobs that arise. I think you mentioned not having kids but still, there are little funds left to play with when things crop up. Maybe if we hadn't got the car repairs things would feel a lot different.

So I can totally get why if someone has no desire to hand their excess income to the IS for 3 years when there is no need. I am using this time to recover from what has been a daunting and extremely stressful time for myself and my family and will increase my working hours when the time is right. Not everyone can do that so I wouldn't advocate giving up jobs/business or work and that doesn't seem your intention either.

As far as dogs go, we went through a big letting agent and the LL took our pooch no problem just like many on here. I know one thing, our future is looking much rosier now we don't have the burden of the mortgage for a house in negative equity that in reality we had no desire to keep other than pride.

I do understand why some people would wish to keep hold of their homes, and of course I wish them much luck going forward. People need to understand that it isn't for everyone though for a multitude of reasons and that the term security ought only be used when there is actual security to be had from owning. Good luck to you.

Ps, with regards to the repossession, we got a suspended order after 6 months of not paying, began to pay again (bottled out of BR) then when we stopped paying again, repossession was exactly 6 months again, locks changed etc etc. Hope that helps.