Some Bankruptcy Questions From A Homeowner

mej24

simplesibbo wrote: »

Hope this helps - all the best. It won't be as bad as you think it will be - in my experience anyway - and I owed many, many thousands. It gets a lot, lot better...

Thanks for the advice, I was really concerned about the house thing. I had visions of being declared BR and being told to be out by the end of the week

mej24

debt_doctor wrote: »

Best wishes

Thanks, this site has been amazing. Its so useful to be able to talk about it without people getting all judgmental. Even with my first post I felt like a bit of the weight was of my shoulders.

Looking forward to it all being over and then being able to help people in the same situation.

debt_doctor

Just a thought, but if you feel you cant keep up the mortgage / secured loan payments, and you ve accepted that you will lose the house, have you stopped paying ?

This money could be used to provide a deposit /advance rent on where you live in the future. If your going to lose it anyway, dont throw money at it.

If there is no equity in the house, the OR wont be interested in the slightest, a typical mortgage co takes 5 months to go down the possession route for non payment, so its likely you will be in your house for at least 6 months after you stop paying.

Best wishes

simplesibbo

That's top notch advice from the Debt Doctor - really good. Once you've decided to take the plunge, don't pay any money and squirrel it away. Just field the phone calls and fob them off until you're BR then give them your BR number and the OR's details and you'll never hear from them again.

mej24

Really, I should stop paying as soon as I've decided to go BR? Does that go for CC's too?

I thought I should keep paying as long as possible, in order to be seen as trying to do the right thing?

fermi

mej24 wrote: »

Really, I should stop paying as soon as I've decided to go BR? Does that go for CC's too?

I thought I should keep paying as long as possible, in order to be seen as trying to do the right thing?

If you genuinely need the money for essentials like a deposit, BR fees (not cheap at £485 per person), etc then it's fine. After all, credit cards are not considered to be 'priority debts'.

If you are going to go BR there comes a time for a lot of people when you just have to look after number one. You won't have access to credit afterwards to smooth over the bumps in your finances.

The OR tends to take a pragmatic view as well, as long as you are simply trying to do the best for you and your family without taking the ****.:o