Repossession or Voluntary Repossession?

piglet74

Thank you

I will post the keys back on the day I move to new home so if GE don't accept them it won't matter, I will have moved

I will wait and see what the shortfall is, I may either go BR or maybe IVA

Its all early days at the mo

Do you HAVE to go BR? And if so at what point?

I have to do a lot more research into it,

I have written to a few companies I owe ££ to, eg CC, catalogue etc asking them to consider writing off what I owe, explained what was happening with house etc,

I am not hopeful any of them will, but its just worth a shot

When the house is sold and I see what the final figure is on what I owe, I will see if I can arrange to pay it, IVA or bankrupt

Is this ok?

Tia

piglet74

Thank you

I will post the keys back on the day I move to new home so if GE don't accept them it won't matter, will it? I told them I would be doing it, and I will have moved by then.

I will wait and see what the shortfall is, I may either go BR or maybe IVA

Its all early days at the mo

Do you HAVE to go BR? And if so at what point?

I have to do a lot more research into it,

I have written to a few companies I owe ££ to, eg CC, catalogue etc asking them to consider writing off what I owe, explained what was happening with house etc,

I am not hopeful any of them will, but its just worth a shot

When the house is sold and I see what the final figure is on what I owe, I will see if I can arrange to pay it, IVA or bankrupt

Is this ok?

Tia

piglet74

Sorry double posted

tigerfeet2006

Yes, that is perfectly ok

No you don't have to go BR at all, when you get to the stage where you have the shortfall then take appropriate advice and go from there. I was just thinking ahead and if you can start saving now when the decision is made six/ten/twelve months down the line you will have started saving and won't have to wait to long to go BR. If an IVA is appropriate then you will have a little emergency fund in case you need it. Though if you have no assets to protect then BR is usually the way to go. But carry on researching and get as knowledgeable as you can about the process that is involved for both.

piglet74

Sorry one last question, do I just inform GE of my new address when I hand the keys back ?

tigerfeet2006

Yes, if you want to. If you have mail forwarding then you can leave it if you want to. Entirely up to you on how you feel though as you want to deal with it promptly then I would give them your address.

piglet74

Thanks TF (I have send u a PM)

I'm just new to all this, but come tues I will know a bit better what's happening as I will find out if I am getting an assisted sale or if I am a voluntary surrender

Have paid deposit on new home and move in at end of oct

I am pretty sure my house would sell ok, its just if I don't get an assisted sale I cannot afford to sell it with EA fees etc

I will hold tight til tues and see what GE have decided to do,

The shortfall could be in the region of 50k, so they are having a meeting to discuss the case

I just cannot afford the payments anymore (1300 a month between the mortgage and secured loan) I can rent for less than a third of this!

Thanks for all the advice so far

Piggy