Help!!

Starrunner

You guys have been such a welcoming help.. my new partner is kinda freaking out about this all.. he just doesnt know how to take it. He wants to be there for me but doesnt have any idea how to handle it which is fair.

I'm so appreciative of your support! Thank you so much

The ex and I will be seeing eachother tonight. he spends alternative nights at the house when hes not out getting drunk and spending his entire payslip. I'm going to sit down (on our empty living room floor lol) and have a serious chat with him. I cant make him stay in the country but he's going down to bankrupt town with me and I think he will sit this bit through with me. He has accomodation sorted aswell so the sooner we get out of the house the better. By the time we wade through NR getting the house and selling it.. I will have a more informed and stronger mind for the next step. My boss is away on holiday at the moment too and I will need to speak to him on his return. I know Bkpy is going to be the route, so basically I have to face losing a job I love in the industry Ive always worked in and moving on.. or seeing if they would put some consideration towards my circumstances. But if it takes a few months for things to get to Bkpy then I have a while to sort that next step out.

So are you saying I shouldnt give them my new forwarding details? I could always set up a depressing PO Box address and visit on rainy days to open up full of threatening and scary letters to fill up my day heh.

Starrunner

It was a quick sale company

£111,000 they offered when most houses are £135/137 in our area.

BUT our house has been neglected this year and is in a shambles..

fences blown down

the heating is about to die

PVC front door jarred

Bath Shower leaking

and I cant afford solicitors and estate fees...

I mean essentially if Im going to go bkpt should i be concerned about the difference between the sale and the remainder of the secured debt? its all going to be part and part of what I have to deal with .. in the bigger scheme of things it will be a drop to the total debt im in.

Emmzi

It's fair comment. I guess I was wondering if you could get a near total repayment and avoid the stress of worrying about job position via bktcy .. although stress of selling house yourself and continuing on IVA is also high.

However if you assume that company offers max 70% of market value for current state, it's a fair difference.

I think I need to stop now and give you a big hug!!!!!!! Either way there is stress.

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!{starrunner}}}}}}}}}}}}}}}}}}}

Emmzi

Oh, PS - did you have to take out indemnity insurance because you had a low deposit when you bought the house?

Starrunner

aww Thanks Emmzi

:A

I'm going to ring CCCS on wednesday on my day off work for more advice, trying to sort this during work hours is a nightmare and I dont get home til just after 7 every night.

Must get back to work, I think everyone knows something is up.. they have been told about the sale not going through on the house but thats it, i havent told them the whole state of my god awful financial affairs.

My family are very judging too, so I have to keep a strong face on for them and somehow keep this bkpcy away from them. They have never been too supportive of my marriage in the first place and will blame me for being so foolish marrying the guy in the first place!

Anyways.. will keep you posted.. and most probably badger you all for advice again soon!

xx

Starrunner

I dont think I do..

must check this out..

if I do.. how would this help me?

Emmzi

It wouldn't. BUT if there is a shortfall in a forced sale position... they repay the bank.. the insurance company pursues you for the balance. (Insurance you pay for with nothing at all in it for you! Nice, eh?)

Therefore if you did, it is important to include them as a debtor in your bankruptcy, so it's all sqaured off.

Starrunner

ok will investigate this bit..

thanks

Richard_S

Emmzi wrote: »

It wouldn't. BUT if there is a shortfall in a forced sale position... they repay the bank.. the insurance company pursues you for the balance. (Insurance you pay for with nothing at all in it for you! Nice, eh?)

Therefore if you did, it is important to include them as a debtor (creditor?) in your bankruptcy, so it's all sqaured off.

Hi Emmzi,

There doesn't seem to be a problem with the mortgage, even the low offer of £111k would have comfortably cleared the first mortgage; it's the secured debts that could well cause problems. The Statute of Limitations on property is 12 years for the first mortgage, is this the case with other debts secured on a property?

If Starrunner doesn't somehow draw a line under the secured debt they could become a real pain in the future and I can't see a way how that can be done without declaring bky after the house is sold. There's always a possibilty that her income will increase in the near future and the possibility of an IVA but it's a bit of a long shot. Do you think the secured (or formerly secured) creditors would petition for bankruptcy?

The most complicated problems always seem property related.

Richard

Emmzi

Richard,

if the bank take a lower offer, slap on 10k for fixing up (it's possible.. or something for cleaning, lock-changing.. all adds up), 5k for solicitors, pkus advertising, a pile of charges etc... could be a shortfall, just suggesting a belt and braces approach :-)

If there is no idemnity insurance, it isn't an issue at all.

I would need to dig out the books for the 12 year limitation rule..

I agree if a reposession goes ahead, bankruptcy after the sale is the right timing. Would secured petition? Unlikely, depends if the credit controller is having a 'hardline' month tbh.

Once the house is gone and they've had any cut there is, there's nothing else left, and it's just increasing the size of their loss. In fact just pressuring for payment through ccj would give them more chance of recovery, from their perspective. Bankruptcy would certainly stop the pain of that.

Not that there won't be lots of arsey letters, of course.