Sorting the mess - our BR Diary - and start of a new life

MammaCas

Hello

I really hope noone minds me starting a BR diary.

I am hoping it will keep me sane and perhaps help others considering BR?

Well, I contacted CCCS yesterday and they confirmed my thoughts - BR seems to be the only way to go. We have tried to work out how we can get 'extra' money to repay our debts but it just wouldn't add up. Ended up sobbing on the phone to my sister but now feel much better today.

So, from a 27K mortgage and 3K in an ISA and no debts in the year 2000 - to negative equity (different property) and £42K of unsecured debt in 2007.

I don't want to start 'looking back', but that is the reality of it, it has been scarily easy to run up the debt and our situation has changed twice - OH now suffers from bouts of depression so his earnings are 'limited' and we had a (beautiful) surprise baby :j which has 'halved' my earnings.

The above are not 'excuses', we ran up the debt, we can't pay it, we lose our house.:eek:

So - have been advised to do the following:

1. Stop paying all creditors inc. mortgage and sec loan. Save as much as possible for rent/bond and aim to move into rented beg. February
2. Get £900 together for BR fees
3. Phone CCCS back and they will help with the 'petition'.

CCCS are sending me a template letter for 'token payments' to at least pacify creditors for a while.

They have advised that we can do vol. repossession end Jan/beg Feb and any shortfall will come under the BR.

BR hearing is booked for Friday 29th Feb, so by that time should have moved and got fees together.

Am feeling worried, tearful, positive :huh: but empowered that we can finally 'take control'. Head is out of the sand so to speak :rolleyes:

Never thought I'd be in this situation at nearly 40, but, there you go.

Thanks to all you regulars for you help over the past few days with my questions and worries, don't know what I'd have done without you all :T

betterlatethannever

Hi Mamma, Br diaries are always useful to newbies, so its great you have started one.
At least with your Br date, you'll only be reminded of it every four years!!!!
Keep posting and good luck!

MammaCas

betterlatethannever wrote: »

Hi Mamma, Br diaries are always useful to newbies, so its great you have started one.
At least with your Br date, you'll only be reminded of it every four years!!!!
Keep posting and good luck!

:T Thanks BLTN - I hadn't even thought of that!

Another point to note in the diary - I am madly ebaying everything that is not nailed down to put in the 'rent' pot.

tight_jock

Hi Mama

Diaries are always useful as no two peoples cases are exactly the same. I took great comfort reading through some of those that were on here last year.

I hope it helps you to keep track of whats going on too!!
It sometimes helps to write it down.
:beer:
TJ

tigerfeet2006

Thanks for starting the diary MC. It is something I am no good at but I know they are a great help for those that do them and a really excellent tool for newbies down the line to read.

Question :rolleyes: Does going BR on the 29th Feb 2008 mean that you get your automatic discharge on the 28.02.2009 or 01.03.2009? Hmmmm!!!

MammaCas

tigerfeet2006 wrote: »

Thanks for starting the diary MC. It is something I am no good at but I know they are a great help for those that do them and a really excellent tool for newbies down the line to read.

Question :rolleyes: Does going BR on the 29th Feb 2008 mean that you get your automatic discharge on the 28.02.2009 or 01.03.2009? Hmmmm!!!

:eek: :eek: I just hope its not 29th Feb 2012

tigerfeet2006

MammaCas wrote: »

:eek: :eek: I just hope its not 29th Feb 2012

:eek: :eek: :eek:

DEBTMONKEY1A

Hi MammaCass!

If you look at my posts I'm almost exactly same as you!Although I'm one year older! I had to do exactly same as you with mortgaged property-also neg. equity....but so what! At least you'll be able to save for a nice rented place!

Couple of things that may help....firstly to stop any calls if you search this forum you';ll find template letters to stop them calling you & harrassing you-& then only to communicate in writing. Or-change the tel number (fib & say you've had nasty calls-then it's FREE!).

If you want to offer token payments that's up to you-if it was me I'd just not bother paying them...they can't do anything anyway-they're certainly not going to repo house before end Feb! In the 99.9% unlucky chance that a court hearing for repo comes up before 28 Feb you still have up to 28 days to leave anyway....but that is SO SO unlikely! Also-with the yoken payments bit they'll no doubt say no to 1st offer & you'll have to write back, etc...your call but I'd leave it (who needs the hassle?) & either write saying don't phone or change number.

NOTHING re: unsecured can/will happen in this time frame-even to get a CCJ/take you to court they'd be pushing it timewise (& it won't happen anyway!) so it's WIN WIN-forget about it all!

One thing re: repo-if you're doing voluntary repo then ask your lender to not put you on the Council of Mortgage Lenders reposession register (this is where they list people who've been repo'd or simply just left the property). If you voluntarily give up your property (rather than them take it by 'force' for want of a better word!) it is AT THEIR DISCRETION if they put you on this register. Now I know that getting another mortgage is last thing on your mind now but don't forget that once discharged you CAN get another mortgage (allbeit at +1/2% over base rate for 2 years or so then reverts to standard-& usually only up to say 85% of property value-could be wrong there-may be more-sure others will advise if needed) BUT if you are on this repo register it will ddeffo make it harder. I communicated fully with my mortgage company & they agreed NOT to put me on register.

Other than that you've done thre right thing. Whatever you do-take NO notice of anyone who posts on here saying 'it's not moral' blah blah blah....it's only money & your partners health as well as yours is the most important. The court experience is not bad AT ALL-sure it ain't like a night at the pub but everyone was really helpfull with me.

The OR interview for me was face to face (better i thought than a phone interview as I had some things to explain re:secured property...etc) & was fine-very nice guy in fact-all they want to establish is when/how it went wrong & you're not fiddling the books etc...

From then on it's 6 months to a year WHERE YOUR LIFE IS NO DIFFERENT-except you have NO DEBTS!

Now you've made the decision its uphill all the way! If your income is low it's worth checking with the Court if you can be exempted the Court fee (that bit is around £120-you still pay the other bit!)-you can do this in advance of the haering-they'll simply sign the BR forn to say it's been ok'd!Also-if you're with British Gas/or take water from some regional suppliers you can apply to their charities for a grant to pay off main fee £300 odd quid-again search this site for info-apply NOW & you may get that bit paid (I did-BR cost me ZERO!).FOOD FOR THOUGHT?

Also-it's certainly not unheard of to use your credit card for the fees (cash advance??)....again OR'S could mention this at interview (so what??! But many many people do this if they have no other way to get the fees-or take it out in bits so it ain't obvious it's for the fee??...I know not that ethical but again your call-I'd do it if I'd have had a card!).

Honestly-I'm not saying its a walk in the park but it really is a good way for a fresh start & is not anywhere near as bad as you think (check out all posts on here-97% say it's so so much easier/more stress free than they thought!)-so GOOD ON YA-spend Xmas knowing that you'll be in a new place soon...no debts....NEW START.

Anything else you need just post!

tigerfeet2006

Hi MC, If you are getting calls then this is the letter to use

The date

Your name
Your address



Dear

Re: account number / agreement number

I am writing to express my serious concerns regarding the telephone calls that I have received from your company.

I am now formally requesting that all further correspondence be made in writing only.

I demand that these phone calls stop immediately. I am familiar with the terms of Section 40 of the Administration of Justice Act 1970, and the Protection from Harassment Act 1970 and I believe your harassment places you in breach of these acts.

If you continue to call, you will also be in breach of the Wireless Telegraphy Act (1949) and, as such, I will report you to both Trading Standards and The Office of Fair Trading.

Take further note that continued telephone calls after the receipt of a request not to call may constitute a criminal offence under Section 127 of the Communications Act 2003.

You will be deemed to have been served notice of my request and I will deem it served by (FULL DATE), I am advising you that any calls received after this date will be recorded with the intention of them being used as evidence.


Yours faithfully,

Your name.

Thanks Scarlett for posting this else where.

MammaCas

DebtMonkey - what a wonderful post, thank you so much for giving me 'hope'.

Actually the nice guy from CCCS 'hinted' at borrowing the BR fees.....

And TF, helpful as ever, thanks for the letter, will be printing that off tomorrow :T

MammaCas

So I have applied for a basic bank account with Nat west just for wages to go into and 'essential' direct debits to be paid out of until BR.

I've done the application online, it is called a 'step account'. I know this will get closed/frozen, but will be opening a co-op account day of BR.

I've had to 'get away' from my current bank as we owe them money and they are piling on the bank charges also.

Felt like a 'criminal' when applying for the account, god knows why :eek:

Next step is to cancel all d/d's from current account and get new mandates for new account.....

Am going into town tomorrow to withdraw any 'surplus' cash from current account (they will take it in charges next month anyway). Need this for the rent/food pot.

Will be leaving the big sign saying 'she is going bankrupt' at home, but it will feel like I am wearing it anyway