Help please

JOB_just_over_broke

We have had our debtors meeting & as we expected, we were advised to go BR, filling the forms in now, go to the court one day next week, we have stopped paying the mortgage, however we have yet to tell nram what we are doing, so the question is, should we just leave it upto the OR to tell them & start looking for somewhere to live or do a voluntary repossession, the house is in neg'equity, we want out, however we ideally need some time to find somewhere & accumulate the costs involved, we are 1 month in arrears. Thanks people.:o

iquit

I would suggest not saying anything as the or will inform them. I am no expert though, so hopefully someone with more experience will come along to help.

alastairq

JOB_just_over_broke wrote: »

We have had our debtors meeting & as we expected, we were advised to go BR, filling the forms in now, go to the court one day next week, we have stopped paying the mortgage, however we have yet to tell nram what we are doing, so the question is, should we just leave it upto the OR to tell them & start looking for somewhere to live or do a voluntary repossession, the house is in neg'equity, we want out, however we ideally need some time to find somewhere & accumulate the costs involved, we are 1 month in arrears. Thanks people.:o

Hi..I suggest now taking your time before petitioning BR.

There is absolutely no rush whatsoever!

Now you have made the really important decision [WHAT you are going to do]....time is on your side now.

Do not make the 'mistake' of putting BR first, followed by everything else.

The BR petition really needs to be the last thing to do..the 'icing' on the cake?

Firstly, as iquit says, don't tell any creditor what you plan to do....BR isn't a progressive action, it only occurs on the day, at the hour..which is why petitions are time-stamped too.

Secured creditors are not dealt-with by bankruptcy anyway, so don't need to be told. [that'll be the mortgage, any secured loans, etc].

You will have quite some time before the mortgagor gets around to seeking re-possession. [Don't sign any deed-of-acknowledgement for any shortfall].

So, rather than going to Court next week, why not simply take your time, find somewhere really nice to rent, get your banking sorted [basic accounts, Barclays or Co-op]....get all your ducks-in-a-row first......then when all settled, in your own time, petition for BR.

It does not matter when the BR is petitioned, with regards to property shortfall...or, when the property is finally sold.

It will be included in your BR, whenever that occurs.

Don't rush....get your nice rented home [before BR is best, anyway..credit checks??] first.

tigerfeet2006

Please take note of Alistairs wise words. Do not rush into things. Save up your money and get enough for a deposit, rent, moving costs and BR fees.

Sort your bank account out and sort out your essential DD's etc.

Find yourself somewhere that is suitable to rent for your family and move into it.

Be careful you may be liable for any council tax if you go BR before the house is repo'd. Get in touch with the council and find out what their policy is on empty houses (arrears before BR should fall into the BR.)

Read as many threads as you can, ask questions, read the Look Here First sticky, read, read and read and ask questions. You need to make sure you really are aware of everything that could happen.

debt_doctor

Hi,

If that is your decision then stop paying the mortgage, say nothing and start saving for your bond and deposit. You could easily have 6 months in your property before action is taken, use that time to save and move.

There is nothing - NOTHING- more important than you getting re housed, bankruptcy can wait and it is easier obtaining private rented before BR than after.

DD

JOB_just_over_broke

Hi Alastair,

Thankyou so much, that is VERY helpfull, I here you about taking your time. I also have a car on hp with BH, my insurance was recently cancelled by the insurance company because swinton messed up my policy after a minor prang, so that is in the hands of the Fin' Omb'man, so I intend to cancel the hp agreement & include it in the BR, should I do that now, or when we have rented?

Thanks again.

JOB_just_over_broke

Thanks Tigerfeet, what should we do about the unsecured creditors c/c,'s loans etc if we take a few weeks to file?

fermi

JOB_just_over_broke wrote: »

what should we do about the unsecured creditors c/c,'s loans etc if we take a few weeks to file?

What can they do apart from be annoying?

Even if they managed to go to court and get a CCJ before you went BR (incredibly unlikely) it would do them no good.

Somewhere stable to live takes priority. Everything else can be sorted later.