A little bit help and info please

mirabel25

Hi we have decided to go bankrupt and have already spoken to citizens advice. we have negitive equity and over 50k debt, we have a rental lined up so are going to stop paying debts and morgage for a few months to get deposit and br money. we are then goint to hand the keys back to lender and any shortfall to be added to br. question , does anyone know what is allowed for reasonable living costs when we have to do soa or if there is a form with this out there somewhere. what would be allowed for food etc for 3 adults, would we be allowed tv and broadband as my son needs it for uni work. any help on this would be appreciated.

tigerfeet2006

Just put down what you spend at the moment. If you want someone to check it then pop it up here and people will coment on how they think the OR will look at it. Each SoA is individual to the family it belongs to and if you don't ask you don't get and the OR can always just reduce it or say no if he wants to.

http://www.stoozing.com/msoc/soacalc.php
Format to MSE at the end and copy and paste into this thread.

I am assuming you are both going BR.

mirabel25

okay about to miss all payment in order to save for future br, how long before morgage company will start court proceddings? we intend to hand back keys in around 4months when we will have enough for deposit and rent for new rental and also br costs. will it make any difference if morgage company start repossesion before we hand keys back? is it okay just to ignore all letters as we have no intention of making arrangement and fully intend to hand house back.we are in scotland .lots more questions and appreciate all help given.

luvchocolate

Hi its usually at least 6 months before they start legal then can take another 3 to 4 months to repo, but can vary between lenders

Sunshine2114

I'm doing same as you we are 50k debt and in negative equity and need to move to bigger home for space 2 kids husband works from home no office space not even anywhere for my toddler to eat he has to sit on my knee with his tea :-( we've been told by NATIONAL DEBT HEKPLINE and lots in hear not to sign any forms from your mortgage lender as it can make u liable for shortfall after BR

mirabel25

can anyone tell me will we be able to keep our co op cashminder account for wages and essential dd council tax etc, we opened the account about a year ago and will need it for wages etc. worried sick over this.

sort_me_own_yard_out

I cant help with your original post but I am sure you will be fine with your cashminder account. I think the problems with them is if you try and open it after you go bamkrupt.

Good luck with eveything

mirabel25

Thank you , phoned AIB and got lots useful info and said yes bank account should be fine.

mirabel25

please can someone advise , we are stopping all payments to morgage and debts, we intend to do a volunatry surrender to morgage company. my question is we need to save for at least 3months to get deposit and br fees we already have a rental lined up and do not wish to keep the house. can we voluntary surrender at any time? even if morgage company start repo proceedings? how long is it likely before repo proceddings start? anyone help please, we are in Scotland

Maizy

Hi there, each lender is different, some take around 6 months, some a lot longer Ive read all sorts on here. We were in negative equity and went to court after 6 months, got the repo suspended and arrears put on the monthly payment and as at that time we couldnt face it all and decided to stay put.

Got into more debt then decided the BR route after trying to put it off. It then took around 6 months start to finish to repo the house (we moved on the 4th month I think). We moved to rented and once we had cleaned and finished with the house, posted the keys back with a note saying we had moved. We did not sign a thing and it all went pretty smoothly I believe (whilst v stressful for us). Things dont happen overnight and you will get notice of proceedings and court dates etc etc.

Not sure if things are different in Scotland maybe someone else can help. Nobody can say exactly when proceedings will start but usually not much happens until around 6 months from what I have read, just start saving every spare penny you can and stop paying creditors who will be included in the BR. It maybe a stressful few months but will be worth it in the end. We are 4 months post discharge and are in a much better place to where we were one year or so ago. Good luck.

mirabel25

Thank you for the replies so helpful, does anyone know what is acceptable for food allowance for 3 adults? does £400 a months seem reasonable that would include cleaning and toiletries.