Struggling need help and advice 😔😔😔

dell2001

well went to CAB today and as I thought there was nothing they could do, so I bit the bullet and phoned my trustee and they couldn't have been nicer (wish id phoned sooner) basically im free to sell my house however any equity will co straight to debts.however any shortfall can be added to my trust deed. she is going to find out if there are any other options for us. i'm still not going to be able to make full payments to my secure loan I will however pay what I can until my house sells. can they still make me bankrupt while im trying to sell?

dell2001

so just of the phone to trust deed again!!!!! they've said if there is no equity then handing back my keys would be the best option even if I do have equity is handing back my keys not simplier as I don't receive any of the equity anyway? help im stuck what to do???

f0nz

It really all depends on what you want to do and how much involvement you can deal with.

If you have your house repossessed then you will find it very hard to get a mortgage in the future (if you even want one that is) which is when trying to sell it may be more favourable. It's not impossible but will be more of a challenge.

If you're at the end of your tether and just want rid and out and are not put off by the prospect of possibly not gaining a mortgage later on down the road then the "easier less stressful" option would be to stop paying, save up for a rental deposit, move and then hand the keys back.

Remember that you will still have the payments of the secured loan to pay though as they from part of your deed so you will still be struggling to pay every month. Once the house has been repossessed/sold then the loan becomes unsecured but still payable.

However, if you decide to go bankrupt everything will be included and you can truly start with a clear slate.

Best of luck!

dell2001

hi f0nz just a wee update well weve decided to sell and move in with my parents for a fewmonths/year. I feel as though a huge weight has been lifted I know its not going to be easy but I feel being less stressed about money (or lack of it) is going to have more positive in our family than negatives. thanks for all your advice.

f0nz

I'm so glad you're not feeling asstressed, it really is a horrible feeling and it sometimes makes it impossible to see the wood from the trees. That's great that you can move in with your folks and have a breather from things for a while and then see how the land lies as it were . I've had a few thoughts of moving in with my folks for 6-12 months to save a big chunk for a house deposit but I don't think any of us would survive. My mum is a crazy old lady who is set in her ways ... And sadly I think I'm taking after her hehehe

Best of luck for the future! Don't be a stranger around here

dell2001

Hi f0nz me again!! so i'm selling my house and hoping that there is a little equity in it however even if there is my trust deed gets it, my husband however doesn't want to pay them all of it as we have other debts such as council tax arrear out with the trust deed plus I owe family members money as well. do you have any idea what would happen if I didn't pay them it either all or part. my biggest fear was losing my house and being made bankrupt but im going to lose my house by selling it anyway. just wondering whats the worst that could happen. :-/

Pixie5740

Council tax is a priority debt so if possible you want to get that paid off before tackling the unsecured debt in the trust deed. Councils can apply to the sheriff court for a summary warrant. Sheriffs can arrest your earnings, freeze your bank accounts, take money from your accounts, and remove belongings from your home.

Council tax arrears Scotland.

japmis

Here's the link to do your Statement of Affairs

http://www.stoozing.com/calculator/soa.php