Advice on voluntary repossession

JamoLew

Why is it not an option to increase your working hours and get a 2nd and even 3rd job ?
You are living beyond your means - you need to tackle that issue first, it won't go away even in a nice shiny new house.
It will probably get worse as you will then want a nice shiny new car and furniture etc etc - its an endless spiral that you need to get off the right way

IrishSean

Smiddy20 said:

Errr
bought for 154 30 months ago  owe 139 i put around 10k a think it was down.
house is worth  below 140 cos nobody is willing to pay  140k  house only worth as much as somone is willing to pay for it, i got screwed over when i bought it.

I ment credit will be trashed from
next month when i cant meet my debt payments.
The short fall could 10 20 30k a don't think it matters if going bankcrupt from what I've read

👍👍
It wasn't a criticism of your mortgage; I was wanting you to post up more info about mortgage so those most knowledgeable about house sales could advise. More detail the better

I hope you're able to find best way forward👌👌👌

GL☺

ohdearhowdidthathappen

My brother did exactly what you're talking about.... he handed the keys back and went bankrupt.  He had lined up a private rental beforehand and thought he was sorted.  6 months later, the landlord gave him notice and he lost his rental.  Because he had been made bankrupt noone would rent to him, he was days away from being homeless.  The council wouldn't help him and he and his wife were at risk of having their kids taken into care because they couldn't provide a safe environment for them.  The only thing that saved him was that I 'loaned' him 12 months rent in advance (£12000!!) as that was the only way a landlord would rent to them.  I say 'loaned' as 10 years later and I've not seen a penny back.  This irritates me hugely, but I resigned myself to it at the time and did it for my nieces rather than my brother. They then saved what they would have paid in rent and paid the next year in advance themselves, he had to do that for the full 6 years of his bankruptcy.
Even now, they're still not back on the property ladder.  If he'd held onto that original house, it would now be worth double and he'd have been debt free with a nice amount of equity.  It was such a HUGE mistake and he regrets it massively.

IrishSean

ohshithowdidthathappen said:

My brother did exactly what you're talking about.... he handed the keys back and went bankrupt.  He had lined up a private rental beforehand and thought he was sorted.  6 months later, the landlord gave him notice and he lost his rental.  Because he had been made bankrupt noone would rent to him, he was days away from being homeless.  The council wouldn't help him and he and his wife were at risk of having their kids taken into care because they couldn't provide a safe environment for them.  The only thing that saved him was that I 'loaned' him 12 months rent in advance (£12000!!) as that was the only way a landlord would rent to them.  I say 'loaned' as 10 years later and I've not seen a penny back.  This irritates me hugely, but I resigned myself to it at the time and did it for my nieces rather than my brother. They then saved what they would have paid in rent and paid the next year in advance themselves, he had to do that for the full 6 years of his bankruptcy.
Even now, they're still not back on the property ladder.  If he'd held onto that original house, it would now be worth double and he'd have been debt free with a nice amount of equity.  It was such a HUGE mistake and he regrets it massively.

Omg
That's a sobering account
I hope OP takes on board the adage of 'wisdom of crowds'; noone who commented has felt handing keys back would be a good idea.

fatbelly

ohshithowdidthathappen said:

My brother did exactly what you're talking about.... he handed the keys back and went bankrupt.  He had lined up a private rental beforehand and thought he was sorted.  6 months later, the landlord gave him notice and he lost his rental.  Because he had been made bankrupt noone would rent to him, he was days away from being homeless.  The council wouldn't help him and he and his wife were at risk of having their kids taken into care because they couldn't provide a safe environment for them.  The only thing that saved him was that I 'loaned' him 12 months rent in advance (£12000!!) as that was the only way a landlord would rent to them.  I say 'loaned' as 10 years later and I've not seen a penny back.  This irritates me hugely, but I resigned myself to it at the time and did it for my nieces rather than my brother. They then saved what they would have paid in rent and paid the next year in advance themselves, he had to do that for the full 6 years of his bankruptcy.
Even now, they're still not back on the property ladder.  If he'd held onto that original house, it would now be worth double and he'd have been debt free with a nice amount of equity.  It was such a HUGE mistake and he regrets it massively.

That's what you call a cautionary tale.

Of course an Assured Shorthold Tenancy is not really secure. It's classed as that by the government but (unless legislation changes) after the initial period, often  6 months the landlord can just issue a section 21 notice and that's it. You don't need to be in rent arrears or anything. The landlord wants his property back and he doesn't have to give reasons. 

Which is what happened to your brother and also happens with sale-and-rent-back schemes

Smiddy20

Hi   Ye im really really torn what to do.
If i do this but not go bankrupt cod i just go in to a dmp.

sharpe106

Your best option to me is a DMP, then at least you can keep a home. Might not be the home you want but a roof over your head. That is the important thing then you can work from there. 

Smiddy20

I agree its the best decision
but the thought of living year in this house
seriously depresses me
even more so having no money to even attempt to spend on it.

sharpe106

Whatever choice you make is not going to be a nice choice. But all you can do is what is best moving forward. Can you not do some of the work yourself that needs doing?

Smiddy20

Nope   A could go on n on about it tbh.
Neighbours is causing us serious depression also.
But i agree staying here riding it out is best desion in theory  but a just duno if a can live like this for such a long time.