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Where do I go next?
alunonhisown
Posts: 42 Forumite
What do I do next?
I was made bankrupt July 2010
I assume I have been discharged from Bankruptcy?
I had another letter this morning from OR with a signed document that states the OR no longer has a vested interest in this property. Good News.
The house 5 doors away sold last week, exactly the same as mine for £153k, I owe £210k on mine.
So a lot of negative equity and I cannot see that improving anytime soon.
Do I throw in the towel here and go for rented accommodation?
I have a bank account with Santander where my wages are paid every month and we pay the mortgage into.
We can pay the mortgage and as you all now we fought hard to keep this place, but after a good sit down and did a lot of figures last night we came to the conclusion that as this is only an Interest Only Mortgage would this house increase in value so as to pay off the Mortgage in 15 years time and give us enough equity to purchase another property outright?
We can pay all the bills, just, but there is little or no money left to give us any semblance of a life.
Where do we go regards rebuilding our credit rating, what state is our credit rating?
Any advice will of course be gratefully appreciated.
I have a motto 'Work to live, Not live to work'.
It would be nice to be able to have the nicer things in life.
D
I was made bankrupt July 2010
I assume I have been discharged from Bankruptcy?
I had another letter this morning from OR with a signed document that states the OR no longer has a vested interest in this property. Good News.
The house 5 doors away sold last week, exactly the same as mine for £153k, I owe £210k on mine.
So a lot of negative equity and I cannot see that improving anytime soon.
Do I throw in the towel here and go for rented accommodation?
I have a bank account with Santander where my wages are paid every month and we pay the mortgage into.
We can pay the mortgage and as you all now we fought hard to keep this place, but after a good sit down and did a lot of figures last night we came to the conclusion that as this is only an Interest Only Mortgage would this house increase in value so as to pay off the Mortgage in 15 years time and give us enough equity to purchase another property outright?
We can pay all the bills, just, but there is little or no money left to give us any semblance of a life.
Where do we go regards rebuilding our credit rating, what state is our credit rating?
Any advice will of course be gratefully appreciated.
I have a motto 'Work to live, Not live to work'.
It would be nice to be able to have the nicer things in life.
D
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