Potential Voluntary Repossession - Please Help Me

cwmw

I am new to this forum and have been looking at some of the threads that have been on here for support.

Some time ago i gave up work to look after my sick wife after the birth of our daughter. In that time i had no income and fell short on our mortgage. Since then we have spiraled out of control and have two further charges on our property.

I also have some money [£10,000] owing to HMRC due to a situation beyond my control [relating to my wife's mental illness. She now suffers with schizophrenia. My mortgage is at £82k, 2nd charge 1 £16k, 2nd charge 2 £6k. All are in serious arrears, and i cannot for the life of me get out of them.

The bank has on the whole been good, and understanding. The two 2nd charges however have left me in a position where i feel there is no way out. I have been paying them for well over 8yrs and i still owe them more than i took out in the first place.

I have tried over the course of the last 2/3 years to arrange repayment methods and repayment of arrears, but they are adding interest at more than i can pay off a month. The conversation i had with one of them [Welcome Finance] recently showed the attitude i am dealing with. They clearly said that i will "never get rid of them"

I am now working full time and have been for a number of years, i have a wife with mental illness and my beautiful 6 year old daughter, the stresses of maintaining it all is getting too much.

Recently one of the 2nd charges sought reposession of my property even though i owe them the least. I managed to pay them the minimum they required, but am now in a position where i need to start thinking about my future. I am in a position where something needs to change.

I have managed to secure a private rented property that i will be moving into in the next month or so... and am intending on just sending the keys back to my bank for them to take whatever proceedings they need to.

Can anyone help me around what i need to do next so i can do things the right way.

I am not trying to shirk any responsibility, i have tried for years to get out of this the more responsible way to no avail. It is important that i provide a happy and secure surrounding for both my wife and my daughter. I love them very much.

I have decided that this is the way i am going to go, but need some support on the best way to start things off..

When the bank sort the house out; do the 2nd charges on the property become unsecured? Could i go bankrupt?

Any help or Guidance would be fantastic, I am nervous about it all!!

Thanks

IF

Hi cwmw and Welcome to the Bankruptcy (BR) Board. Until a poster can advise further your first step is to make a list of all your creditors, debts and assets. Secondly and most important is contact one of the following debt charities. Please try these they don't charge and are impartial. They will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if your not ‘clicking’ with one of the Debt charities do try another. We advise you to try at least two others for your own piece of mind.
Your BR could be refused if you have not sought advice. (Advice on here does not count, this has to be from one of the Debt Charities, an IP, an Accountant or a Solicitor. The Judge just wants to be sure that you can never come back and try and overturn the order on the basis that you were not aware of all the consequences).

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Main recommended sources of help:

• National Debtline - Website: National Debtline Telephone: 0808 808 4000
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• StepChange (formerly CCCS) - Website: StepChange Telephone: 0800 138 1111

Others:

• Business Debtline
  - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

Please don’t do anything rash take your time and weigh up your options and read everything you can.

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BR friendly home insurance thread.

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Best wishes
IF...x