bankruptcy

SteveABC

Just something else to consider - are you going to look for rented accomodation AFTER the BR and after you've missed mortgage payments?

So many landlords and letting agents do credit checks, so you might have trouble (although I hope not).

I was advised to move out, sign tenancy agreement THEN go BR, which is what I did. The repo then took place several months later and all the shortfall from the neg equity fell into my BR.

Good luck.

pollyjen

hi steve

this is my main worry not finding a place. i was planning on finding a private landlord hopefully one that isnt interested in my situation (do they exist lol) wasnt going to bother with a letting agent cos doubt very much i would pass the credit check.

i wasnt going to look into bankruptcy till after i've moved.

did you sign anything regarding your repossessing? would it be right that it doesnt matter if i do before i go bankrupt? also i've noticed things have changed regarding council tax i think thats why i was going to stay in my house for as long as i could to avoid paying extra council tax

SteveABC

No, I didn't sign anything for the repossession.

Some lenders will try and get you to sign something if you voluntarily surrender the property. This can be something called a "deed of acknowledgement". If you sign this you will be liable for the shortfall after the repo and it won't be included in the BR. So I wouldn't sign anything at all. You don't need to - the repo will just happen it its own time.

All I did was write to the lender after I'd moved out and just said I was BR and would not be returning to the property. Then I just let the repo happen (took them 9 months tho!).

I had to write to the council to tell them the property was "unoccupied and unfurnished" - they then waived the council tax.

kepar

OP you say you do not work, so therefore your partner keeps you.
You haven't said how much the shortfall was so it is a bit hard to assess.
But you haven't said when and why you gave up work.
But if you got a job all of that money could be used to settle your bills instead of going br.
Of course if the shortfall is very large it may not be possible , but going br should be your last option.
It would be easy to go br , lose all your debts and start again in a few years, but you will have a massive mark against you.

Mouse1812

SOA, no income? don't bother, i didn't. no income, expenses irrelevant.

When I got to the OR meeting it went like this:

“Right, now we get to the fun bit” said the wicked witch “your income and expenditure”.

Pen poised and with a fixed stare “how much are you earning?” she asked

“Nothing” I replied

“how are you paying your bills then?” she sneered with an undertone of “got you”

“I’m not” I replied

“so who is?”

“Mrs Mouse”.

The pen dropped and she closed her file rather abruptly. :mad:

“Aren’t we going to do this then?” I asked, gesturing to my blank SoA

“No point” she snapped back “you’re not earning anything”.

I thought better of bursting out in song or laughter. :rotfl:

Thereafter I was never asked again, no body came to visit us, nothing was taken and automatic discharge arrived without a whimper.

Worry not; if you have no assets and no income they can’t do anything. Above all they can’t touch your partner, his assets, toys or income. You on the other hand just need to be nice to him :kisses3:

pollyjen

big lol mouse, is really that easy?

tiggerbodhi

pollyjen wrote: »

big lol mouse, is really that easy?

It can be, the OR can take a dim view of the situation if they feel you have been reckless/!!!!less in running up your debt and not working, but the worst sanction in reality open to them is a BRO/BRU which can last a bit longer than the year or being a BR, but as long as you have good reasoning for your situation Mouse is right on both counts possibly especially this one:

''Above all they can’t touch your partner, his assets, toys or income. You on the other hand just need to be nice to him :kisses3: ''

As for Kepar ''It would be easy to go br , lose all your debts and start again in a few years, but you will have a massive mark against you.'' relax they dont brand you or tattoo ''Bankrupt'' on your forehead, your credit file is trashed for 6 years, you won't be alone in this, anyone who has had a PDL etc is in a similar situation, you will have to declare the BR for some mortgage products, but a lot really don't mind.

pollyjen

thanks tigger

i lived on my own for about 10 years with my daughter was working part time made minimum payments every month uses catlogues for christmas etc.

met my partner had another child went back to work was back there for about a year and half and walked out because my boss was saying things to me that i didnt like (another story that i should of took further!! creep!)

my partner just wanted me to stay at home with our child while he goes out to work i will look for work when she starts school (september)

i havent been able to pay the majority of my debts since i packed in work i do have other debts that i have been paying I.E provie and another catalogue i have, the house is dropping to bits always something needs repairing and in neg equity. just struggling every month and bit unfair hes working every hour god sends and having nothing to show for it.

we are thinking of moving closer to where he works that way we will be saving a fortune on petrol!

tiggerbodhi

Speak to the organisations that tf2006 refers to, they will help you get your head around it all and recommend the best solution, but sounds like BR could be it, for me and many others it gives the clean break from your debts and a brighter debt free future, yes there are downsides, you have to live ''oldschool'' and save up a rainy day pot instead of relying on a credit card or loan.

You don't sound like you have been reckless with your spending, the neg equity and a few personal debts, join the rest in the bar, although its a crowded one nowadays

Good luck...

pollyjen

do you think i should continue paying house insurance?
its due for renewal in march or april dont know whether to keep it going til then