chased for mortgage shortfall what next BR

crowmans4

adyj73 wrote: »

I would make token payments until January to protect your overtime and then go Bankrupt in January. Will give you breathing space to get over Xmas etc

It's only two months away and would take that long anyway to go BR

Just my humble opinion

how do you mean token payments and others say £1. what difference will that really make. and will the ex have to do same....not that i care but joint names and as far as i know any letters she gets she bins without even looking

crowmans4

dancingfairy wrote: »

First off the creditors have no right to see any of your personal information (banks statements and the like) unless it goes to court. Obviously if you want to agree a payment arangement with them then you may want to provide your own budget statement to them. I would not be sending them copies of my bank statements though. If you do want to agree a repayment plan then I would use my own budget planner and not necessarily one they sent (as I think they can be biased).
Do you have any joint bank accounts? If so you will want to seperate yourselves financially otherwise it will affect your new partners credit rating as well.
You have 3 main options:
1) a dmp (Debt management plan)
2) a full and final settlement offer
3) bankruptcy.

If you do go bankrupt then the OR(official receiver) will want to go through your bank statements. You should be given the chance to explain that a lot of recent income has been overtime (but presumably you can't guarantee it will always be available? ) and that it was used to fund certain expenses (ie the new home, kids uniforms etc).
Do get some free advice and have a think through your options before making any decisions.
You can write to your creditors if you wish and tell them that you are seeking advice and will be in contact when you have sorted something out. You can always send a token payment of 1 pound if you desire.
df

some good points and answers there. so once this shortfall company do contact me i shouldnt send them any payslips and do my own budget planner. i do not want to make any payment arrangements at all so is there any point sending a budget planner.....
given the 3 options listed i am starting to think that BR is only option as not only this 23k shortfall even if in joint names but 15k cards hid and 2 k rates plus any other nasties hid from me over the years i dont no about......i would be as well doin all hours i can now earn £700 to pay for BR........

sazzie_sue

If your shortfall is owed to Santander who is the company it has been passed to, Enact, HML, Shoosmiths or Optima???

crowmans4

sazzie_sue wrote: »

If your shortfall is owed to Santander who is the company it has been passed to, Enact, HML, Shoosmiths or Optima???

enact.
as yet they havent been in touch

dancingfairy

I wouldn't be sending my payslips out. Why would you send them a budget if you aren't planning on making them an offer?
Either send them a letter saying you are seeking advice (and possibly include a token payment) or just ignore them. A token payment can be any size. A token gesture is either used when you just don't have any money to pay towards your creditors at all - ie you are on benefits so a s a gesture of goodwill you are sending them 1 pound each as that really is all you have or as a holding measure (ie to keep the creditors off your back for a short while while you seek advice on the best way forward). Obviously a token gesture is not the minimum payment and is well, a token. It can be 1 pound, or 5 or 10, whatever you feel is appropriate (it also depends on how much you have and how many creditors it has to be split between). There are no hard and fast rules, it is just that, a token gesture.
If you are fairly certain than you are going bankrupt then I would either send them a fairly small token amount (say 1 pound) or not bother at all. I probably would send them a nice letter, just saying I am seeking advice from a debt charity and will be in touch. Obviously you don't have to do this but I feel it is only polite. Either way it won't make a massive amount of difference either way if you plan to go bankrupt in the next few months.
df

dancingfairy

If they haven't contacted you at all yet you may just wish to lie low and get saving for your bankruptcy. Why put the cat amongst the pidgeons if you know you are going bankrupt?
df

crowmans4

thanks for the advice df..

i dont plan to make any payments so i wont do a budget planner therefore and will send a letter. ive an appointment next wed with a debt advisor...
one thing that i dont understand........if i filled out the budget planner and clearly they see my outgoings are more than my incoming other than last few mnths ive done overtime........what then ? what if they see there is no real extra money ? do they still chase you or write it off or indeed will they make me br.....
just for talk sake i earn not inc overtime 1400 and pay out 1400 what then would they do ?

silvercar

crowmans4 wrote: »

thanks for the advice df..

i dont plan to make any payments so i wont do a budget planner therefore and will send a letter. ive an appointment next wed with a debt advisor...
one thing that i dont understand........if i filled out the budget planner and clearly they see my outgoings are more than my incoming other than last few mnths ive done overtime........what then ? what if they see there is no real extra money ? do they still chase you or write it off or indeed will they make me br.....
just for talk sake i earn not inc overtime 1400 and pay out 1400 what then would they do ?

They could reject your budgeting and ask you to make payments. Or they could say they will be in touch in a few months time and hope you get into a situation where you can afford to pay them.

woodforthetrees

If the mortgage was also in your ex-partners name and you declare yourself bankrupt, I think that the mortgage debt will pass to her, rather than being taken out of the bankruptcy pot.
My partner is now paying any debts we had in joint names - they didn't go in to the bankruptcy.

Also, overtime is viewed as a 'now and then' thing. They can't take overtime as your standard salary. It would be of benefit to nobody to do that.

ETA, I would also make a very small token payment - if for no other reason than it's not the company's fault that your ex is a prize doodah.

crowmans4

woodforthetrees wrote: »

If the mortgage was also in your ex-partners name and you declare yourself bankrupt, I think that the mortgage debt will pass to her, rather than being taken out of the bankruptcy pot.
My partner is now paying any debts we had in joint names - they didn't go in to the bankruptcy.

Also, overtime is viewed as a 'now and then' thing. They can't take overtime as your standard salary. It would be of benefit to nobody to do that.

ETA, I would also make a very small token payment - if for no other reason than it's not the company's fault that your ex is a prize doodah.

thanks
as of new year im doing flat rate months no overtime at all just incase.....