More pre bankruptcy housing questions!

mummybiz5

So dh is definately going to move us into rented - repo the house and go and then he will go bankrupt first. He is stopping paying the mortgage and his share of the dmp payment - i will be going bankrupt after him probably a few months so I am planning on also stopping my half of the dmp and offering token payments directly to my creditors as my part of the dmp payment will be needed to save for rent and bankruptcy payments. Our dmp is joint but our debts are separate. I am a sahm and my only money is child benefit and child tax credit (dh gives me money from his salary to buy food etc) Can anyone see any issues with this plan ?

rossireps

nope, how long before you both go br?
just be aware of any letters you may get but just ignore them. i was in debt 3 yrs before br and did a dmp for about 6 months. got the usual threats and apart from moroncroft being pariculaly horrible it was ok.

mummybiz5

thanks - love the Moroncroft - have had dealings with them myself !!

mummybiz5

oops didn't answer your question - how long before both go bankrupt depends on how we get on with lettings agents - if we need to save 6 months rent upfront it will be a nervous time hoping nram don't repo too quick. Once we are in rented dh will go banrupt then I will save for my fees as all my funds will have gone into the pot for rental and his fees. I may be staving off my creditors for some time - am not going to continue with cccs as they always set our payments too high!

Anondebtadvisor

NRAN can take many months before they take repo action

If you are upto date with the mortgage they will take about 6months but you will get notice of repo proceedings and once they do have a repossession order they still need to get an eviction order which will give you a date to leave

mummybiz5

So ... am I unduly panicking about NRAM reposessing after 3 missed payments? We are completely up to date with the mortgage at the mo- also is it better to tell NRAM what we are doing?

Anondebtadvisor

If you want to delay the repo you could speak with them and offer some £s each month, if you want it to go ahead ASAP dont speak with them at all.

I doubt they will start action in the next 3 months