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Bankruptcy and voluntary reposession

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  • hildosaver
    hildosaver Posts: 380 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Just wondering how things went with you?
    I am insane and have 4 mortgages - total mortgage debt £200k. Target to zero = 10 years! (2030)
  • TheCat_2
    TheCat_2 Posts: 50 Forumite
    I've got two questions :-

    I'm not sure bankruptcy applies as you've currently only got 'secured debt' (even though VR/selling the house would crystallise a shortfall which would then be included)?

    If you've got a roof over your head and £800/m disposable income you could end up with an £800/m IPA for 3 yrs so BR would cost you £28,800 anyway?
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