Repossession following bankruptcy

A_New_Dawn

Hello again

I wondered if there was a thread or sticky that explained the repossession process as it is looming for me...

Or if there was anyone who would be happy to share their experience with me, I would be very grateful.

Thanks

IF

Hi A New Dawn, Fermi's sticky and some other threads may help until a poster who has been through this can advise further.

Voluntary repossession forms and bankruptcy - click here

Dawlish’s thread - Click here

How long does it take to repo a property - Click here

Tim's post is important too

BB&B wrote: »

When you leave a property that is going back to repossession, it is up to you to have the utilities CLOSED* down, that is they should physically come out and shut them off.

If you don't do this then, you can be liable for any and all costs until the property is sold.

Just moving out and telling the utilities that you have handed it back to a mortgage company doesn't count until, as they say, there is either a court order or letter from the mortgage company accepting liability.

The same applies with Council Tax, which you remain liable for, but you can get an exemption on, unfortunately utilities don't normally give the same exemptions.

*Closed down means:

Electric - The Electric Company comes out and removes the master fuse.
Gas - The Gas company comes out and caps the supply.
Water - The water company normally agree a cut off, they really actually cut the water off

An unoccupied property dwelling is exempt indefinitely where the liable Council Tax payer has been made bankrupt and liability would fall to a trustee in bankruptcy. Just clarify its exempt, as long as it stays the responsibility of the trustee/OR in your BR (and remains unoccupied).

Again something Councils fail to tell people.

Ref SI 1993/150

Some people have buildings insurance and include this in their BR and some don't have it, as really it now belongs to their lender.

Best wishes
If...x

A_New_Dawn

Thanks so much Wishes. The first letter has now arrived telling me that proceedings to repossess has started.

I am beyond devastated...

Maizy

Sorry you are going through these trying times.

We had our house repossessed a few months after moving out we were mortified that we had failed so miserably at what seems to be so manageable for other folk. Its not a great feeling.

But, we move on our current home is rented and lovely and we all love it, life goes on. As hard as it seems, it is only bricks and mortar, there are far more important things in life but sometimes its hard to see this, we are getting there. Good luck to you.

debt_doctor

Hi,

I pressume that you are not in a position to pay full monthly payment plus something off the arrears, so I wondered what your thoughts / plans are for re- housing?

DD

fearlessdukuman

debt_doctor wrote: »

Hi,

I pressume that you are not in a position to pay full monthly payment plus something off the arrears, so I wondered what your thoughts / plans are for re- housing?

DD

My sentiments too. Or is it not an option with regards to the bankruptcy?

A_New_Dawn

Thanks for the replies...

I am now on my own with a 2 year old living in a small beautiful village in a humble small mid-terrace...

Mortgage company is one of the bad ones and rate is 5.75...

I have been speaking with Shelter who have calculated for me to afford to stay here I would need to have a monthly take home pay of £1800 and that doesn't include childcare or travel.

I don't have any family or available friends to help at all so I don't really have many options at the moment until the little one starts school...

Due to bankruptcy, I can't get a local private rent (I've checked already) as I wouldn't pass the credit scoring so having to wait for eviction to be re-housed by council.

Gutted and terrified but I will get through it somehow.

PippaGirl_2

I hope you've got the support of the homelessness officer at the council who can help you through the process. I had a brilliant officer who really helped me and my council were very sympathetic. Will you be able to be housed near where you are?

A_New_Dawn

Thanks PG - I spoke to my assigned lady at the council a few days ago who was just wonderful...

Now that repossession procedures have started, do I need to inform my OR as the beneficial interest in the house is still with them?

Thanks

PippaGirl_2

Technically the OR ought to be in touch with the mortgage company so would be in the know anyhow but you could always email your OR just to let them know what is happening.

win123

I am sorry to hear that you are gong through this situation A New Dawn I am in a similar situation or soon will be and I am worried to death so frightened of ending up homeless with my 17 year old son and disabled mother - long story really but I am about 19K in debt with credit cards/loans etc partly my fault but aso I was gullable enough to let my ex spend on the cards in my name who has since done a bunk anyway I have managed to get on a DMP with the CCCS for this debt and pay them 92per month for the nxt 20yrs!! I also have a mortgage of 106,000 and I am currently stuck in a fixed rate at 7.5 so paying a lot 730per month crazy - after all other bills etc have gone out I am left will only a little left for food and petrol and nothing else. My mum pays some bills on the dla that she is on and hardly has any money left either for food etc - I can't sleep at night worrying about being on the streets - I am like A New Dawn cant' rent privately if i have my home repossessed and as I have a poor credit history so can't rent or re-mortgage to a cheaper deal as they penalise you for having poor credit so can only offer you a high interest rate - Can anyone advise me if they have been in this situation and what I should do next - I am not in arrears yet but this in inevitable when my son stops college and my family tax credit is stopped - I am so embarrassed that I am in this situation and sometimes feel I have had enough. xx Thanks for reading and any URGENT advice would be much appreciated