Going bankurpt on my mortgage. How much a month will i have to pay back if I earn 35k

MikeJO

tiggerbodhi wrote: »

...yes your credit score (pretty meaningless anyway) is carp for 6 years....

Sound fishy to me :rotfl:.

Probably not the most helpful post ever....I'll get my coat:o.

live'n'learn

I had my house repossessed and sold by the bank at a much less price that what it was worth on the open market but because including the short fall my debt was more than 40k i decided to go BR. I am glad i did as i am now in rented property and do not have the stress involved with owning and not being able to pay mortgage while debt was mounting up.

Merry Christmas to everyone btw.;)

Bella_Smythe

Hi Live n Learn, thats the situation i expect to be in shortly. can i just ask, did you have any problems finding a house to rent with being br? i dont think we'll get a council or housing assocition house as we've no young children, quite happy to private rent but not exactly going to pass credit checks are we? how did it work out for you?
Thanks Bella

arcon5

Op -- have you thought about moving out and letting the flat anyway? I doubt a letting agency would be checking you have the banks permission anyway. If they do find out then would your possision be any worse? If there are other implications ive not realised I'm sure somebody round here will point this out....

Or why not put the flat on the market yourself? Start high, to low... Worst case scenario you can't find a buyer....

Or of course you could, as recommended, surrender the property and make a full and final settlement to the bank (depending on what savings you may have and what the shortfall is after the property has been disposed off... After 6 months of chasing they may decide something's better than nothing...)...

arcon5

did you have any problems finding a house to rent with being br?

Find a house to rent before going bankrupt... Odds are by time you come to move again you will be discharged. At this point you should have a good track record for paying rent on time which can work to your benefit.

Although the credit check criteria EAs use will be much different to a bank. They would be more concerned for example with unpaid CCJs than perhaps a few defaults from a year ago. Plus you can explain your circumstances to them. At worst you will find some LLs asking for higher deposits.

debt_doctor

I see the point of the view of those who say your BR may be refused, in that a debtors declaration is "I am unable to pay my debts" and it would appear (from very limited info) this poster can afford contractual payments, and of course we are talking about payments to a debt that is secured and therefore outside of the scope of bankruptcy.
However, the op wants a solution to his desperate situation, and (again from very limited info) bankruptcy would be the end result of a solution that would involve stopping paying the mortgage, getting private rent, allowing the property to be repossessed and then using bankruptcy for the shortfall.
To answer the other part of the OPs question, how much would I have to pay? - depends upon your circumstances at the time you went bankrupt, posting your proposed income / expenditure on here will give folk a chance to show what an income payments agreement for 3 years (not 12) will look like.

DD

infopremiere

May I ask in which town you are in ?
It depends of your location whether prices will improve and depending on this my advice is to put it on Auction if possible as Urgent Sale- Even on Ebay if possible at a cheap price 25k so you will definitely get the sale.
If the above posts are correct, negative equity would then be a unsecured loan - So you have a 85k unsecured negative equity -I would then suggest you then go into an IVA as you have a job-They should reduce your 85k unsecured loan to 30k hopefully -Going Bankrupt will not be looked favourably as a way out and there could be penalties whereas IVA -You can offer a Lump Sum after 2/3 years.

alastairq

Going Bankrupt will not be looked favourably as a way out and there could be penalties whereas IVA -You can offer a Lump Sum after 2/3 years.

Who would be the body not 'looking favourably' at a personal bankruptcy?

Not the Court....for sure.....! [since, once the shortfall is unsecured and owed, the debt cannot be paid as it falls due]

What 'penalties' would there be, over and above those an IVA would induce?

With the employment situation being as volatile as it is...if the IVA fails at some point in the future, then a bankruptcy petition is the usual outcome.....so ...back to square-one...but with BR further down the line...and more delays to financial recovery?

SO... uncertainty? Or, certainty?

debt_doctor

infopremiere wrote: »

-I would then suggest you then go into an IVA as you have a job-

Why would someone go in to an IVA because they have a job?

DD

MikeJO

infopremiere wrote: »

If you need further help in getting out of this dilemma of yours -Please PM me .

I always worry about posts like this (particularly from "new" members).

Why does advice need to be given privately? The whole point of the site is to share information isn't it?