Advice On Renting Help Please!!!

chrisindebt

Hi Guys, Both Me And My Wife Are Going Br. We Are Only At The Start Of It And Reading All The Info I Can It Seems That Trying To Rent A House After Going Br Is Very Difficult As We Wont Be Able To Get A Bank Reference.we Will Def Lose Our Current Home As We Cant Afford The Mortgage.we Have Thought About Getting Ahead Of The Game And Renting Before We Go Br As We Can Get A Ref From The Bank As They Dont Know Anything Yet.could I Simply Tell My Mortgage Provider That I Am Defaulting And They Must Reposses It. Or Do We Have To Stay Until The Br Is Through.??? Help Please Its Driving Me Mad I Dont Want My Kids To Be Dragged Through It

stubie

Can you not sell your house?

Conor_3

Rent before you bank. It makes life a lot easier but only if you've a good credit history as they do credit checks, not take a reference from the bank.

Why not just stay in the house? The mortgage will be a lot more affordable when you've not got your other debts to pay.

chrisindebt

Hi, My Wifes Business Has Failed And I Have Been Demoted At Work So Even With The Debts Gone I Still Couldnt Afford The Mortgage And Live. Will I Be Penalised For Walking Away And Renting

fiveyearplan

I would get some legal advice from CAB or somewhere before leaving the house. You may be able to stay anyway. Read through this forum some more but definitely get some legal advice. Like Conor says, you may be able to afford your house if you didn't have all other debts.

Jaelor

Hi there - we couldn't afford our mortgage as we had secured loan on it. We tried to sell up but First Plus vetoed it, so we wrote a letter to them and enclosed the keys and moved to a rented property. Up until BR, our credit history was perfect, so we didn't have any problems with renting. We stopped paying the mortgage for 2 months in order to get rent and deposit together.

Once in the new house, we filed for BR. We received a load of court papers through from First Plus as they wanted to repossess - DH rang them and quoted our BR at them and informed them that they already had the keys, so nothing to repossess as we had vacated. That was in December, and we've heard nothing since.

I know how your feeling right now - everything seems impossible and a huge mess, but believe me, it all sorts very quickly once you make that first step.

Good luck :beer:

philnicandamy

Your first port of call before making any hasty decisions should be to contact one of the Debt Charities (see links below)

Their services are free; they have no vested interest to serve; their advisors are professionally trained and the advice they give will be objective and in your best interests only. CCCS operate a system of telephone appointments that are designed to be flexible and don’t require you to attend an office based interview. At the CAB you will need to make an appointment with a specialist Financial Advisor; other advisors may not have the specialist knowledge you’ll need.

http://www.cccs.co.uk/
http://www.nationaldebtline.co.uk/
http://www.citizensadvice.org.uk/index.htm

As previous posters have said your NOT alone in this people have been through the same situations i'm sure & will try to help any way they can

For more specific advice and support, in an environment that is managed by people with first hand experience of bankruptcy, and moderated to ensure that no deliberately inflammatory or abusive posts are made then please visit:
http://bankruptcysupportersclub.co.uk/default.aspx