repossession

niclaw

hi
my husbands house is due to be repossessed any day now, there is no equity in it, when is the best time for him to go bankrupt as he has other debts too that he cant afford to pay
thanks

sniggings

anytime, make sure he saves enough for rent deposits and the BR fee, and maybe get a flat as renting after can be tricky as a lot check credit reports now, once he is settled no need to wait.

Warn him to watch what he signs, as it has been know for mortgage companies to get you to sign a new agreement post BR that you agree to pay any shortfall in the equity of the house. If you sign that then it's a new debt and would not be covered in the BR.

niclaw

we are already renting a house as moved out of the house in aug 2012, will it go against him that the rent is more than the mortgage? we split up briefly and i moved out of the house with the children and got the new house to rent as i suffer from depression and it was worrying as they kept threatening repossession staright away and i didnt want to live just anywhere with the children,we both then decided that we would try and make a go of it again but i wasnt gigving up my rented house as i felt more secure there, it is now worrying me that i will have bailiffs round here after him i am scared to open the door to anyone, but the tenency agreement is solely in my name does this mean that they would be unable to enter the property?

sniggings

as long as he is not paying way more than the average for the area he is living in, then the rent is not a problem, being more than the mortgage is not uncommon, rent can be higher so again no problem.

As for bailiffs, unless they have an order from court to entre the property by force then no they can not, unless the door or window is left open, then they can walk in but if asked to leave they have to, so do not let them in, if you answer the door and it's them then they can not force past you, so again do not move or invite them in, but this is only on the slim chance they come around, very unlikely they will find his new address fast, they then have to go to court to get an order and as said the order is unliky to be one where they can force their way in, so no worries there, once he goes BR you will be amazed at how fast the letters stop and calls, you still get the odd one but you just pass those onto your OR (offical receiver) and they deal with it, if the letters are for a debt the OR already knows about you can just bin them.