voluntary Repossession (it is Bankruptcy related)

riversidejayjay

Hi

Can someone give me the cons of voluntary Repossession (i am going to declare myself bankrupt once i have moved) , I have spoken to 3 different debt charities now and they all tell me to steer clear and dont do it etc,
We are 5 months behind with the mortgage and there is no way we can afford this house anymore as husband lost job, we are also splitting up and husband has said he is not stopping on in the house and there is no way i can afford it on my own.
I have found a really nice house near my family that accepts DSS so i am keen to move out as 99% of the houses I have been to view that accept DSS have been not so nice shall we say.
I have spoken to my council and they say I can get a class C on my council tax so dont have to pay anything for 6 months if the property is empty.
After I have moved I am fully intending on declaring myself bankrupt (have lots of other debts I cannot afford to pay)
So would giving the house up really be such a bad thing ??
Thanks in advance for any advice - after speaking with the debt people today I am more confused than ever.

Mouse1812

Sounds like a good idea to me, but if you are five months behind already it won't be long before they start repossession proceeding anyway.

Bankruptcy will trump all bad stuff on your credit report anyway, so any damage from a vol repo will be nothing to worry about. Move on, grab that nice house and start planning a new future.

Good Luck, and if you need any more help do ask.