hello New to this! Help!

mushroom1982

Hi everyone I've been reading your posts for several weeks in the hope that it will inspire me as to what to do with my own personal situation. I'm living in a mortgaged home with my partner but things are going down the pan quickly and I feel like I need to get out and quick. I bought my home two years ago and had debt before I moved into the house itself. It was my first home and I have made a lot of mistakes financially and got myself into a situation where I had the same going out as I had coming in. In september my partner is going back to university and we plan to file for bankruptcy after she starts. Going from two to one full time wage I feel like its my only option. We have about 50k worth of debt between us. My mother has said we can rent her house as she no longer lives there as of the first of september. What would happen if I went bankrupt and moved out of my house and then could not pay the mortgage? Would the house be repossesed or would the official receiver take over it? Am a little confused by all of this.

mushroom1982

also my mother is saying now that she worried her furniture will be taken once we move into her home. I've told her I don't think the official receiver would interested in any furniture anyway as its just normal furniture nothing fancy. Would anyone be able to confirm this?

rog2

Th Official Receiver would have absolutely NO interest in a rented house or the furniture that is provided by a landlord.
Make sure that you have a proper rental agreement/rent book.

As regards your current, mortgaged, property then your mortgage provider may 're-possess' the property - or you could voluntarily give it back.

firesidemaid

do you have any equity in your house?

you would do well to see the sticky at the top of this board and list your current incomes, outgoings, debts (with aprs and repayments).

have you stopped whatever spending has caused the debts.

although i have no experience, from these forums bankruptcy takes a lot of consideration - ther are many options. you can talk to payplan or cccs for help with a view to setting up a dmp (getting interest frozen in the process).

do you have any bank chrages, ppi on loans etc that you can reclaim? will your partner be working at all when they go to uni?

please do post again listing all incomings. outgoings, debts etc and you will be amazed how much the good people on here can help you save, claim back etc.

gooc luck x

mushroom1982

thank you rog2, I was just slightly worried with it being my mum they might be a bit funny about it. I am taking some of my own furniture too but its mostly old or second hand no family heirlooms or anything so fingers crossed they wont be interested.

mushroom1982

Thanks sazzacat. I have about £1000 equity in my home as I still have an a fee to pay to the mortgage company for pulling out early which is on there until oct 2008. I don't know how this would stand in terms of bankruptcy. I have added my outgoings up and there isn't much left over its difficult to work out as I'm in sales and work on commission so my wage varies so much each month its difficult to say what my incomings are.

NekoZombie

mushroom1982 wrote: »

Thanks sazzacat. I have about £1000 equity in my home as I still have an a fee to pay to the mortgage company for pulling out early which is on there until oct 2008. I don't know how this would stand in terms of bankruptcy. I have added my outgoings up and there isn't much left over its difficult to work out as I'm in sales and work on commission so my wage varies so much each month its difficult to say what my incomings are.

Although obviously not that difficult or you wouldn't have been able to get a mortgage. :rolleyes:

mushroom1982

NekoZombie wrote: »

Although obviously not that difficult or you wouldn't have been able to get a mortgage. :rolleyes:

My mortgage company asked for 6 months worth of pay slips. Would it be adviseable for me to use this too and work out some kind of average.

firesidemaid

yes please do an average if necessary plus your partner's current wage. and post your soa.

so many people on here (me included) have been helped to boost their incomings, slash their outgoings and reduce their debts.

there would even be the option to go interest only on your mortgage if absolutely necessary for a while - there are always options.