House Repossession northern ireland

Hyperruby

Hi all. Ok so i'm currently. going through a very stressful house repossession at the moment , I live in northern ireland. I've already been to court and the master has given me an extension of two months so that I can resolve my living situation, then the repossession order will begin. 

In a way, it's a relief and am getting my head around the whole thing and i'm at the stage now, where i'm wondering what happens next. I'm guessing by the time the house is sold at auction there will be approximately a £40/50k shortfall which I will be liable for, as the house is in negative equity, and I currently have mortgage arrears. 

Are there any of you guys, especially from northern ireland able to answer any of these queries that I have.  

Obviously I can't afford to pay that amount of a shortfall. So should I

A/ go for some sort of IVA? 
B/ go bankrupt 
C/ walk away from the debt and ignore it.

 C it's probably the most controversial of the options. But the reason why it is an option is because I got advice from a guy who is very experienced in repossessions, he owns a very successful estate agents here in northern ireland, and he has advised me to simply walk away from it and take the hit of a bad credit file for 6 years . He seems to think that there is not a lot.The bank can do. But what happens down the line when I hopefully started getting my life together, and I start saving so I can eventually get a house in a few years time. Is there the risk that the the bank can request the courts freeze my bank account or even take money from my wages? The last thing I want is to start getting my life together.And I have a few grand in my bank account a couple of years time for it all to be taken off me again. To any of you guys in england, please bear in mind that northern ireland is different from the rest of the u.K in terms of these matters. 

Thanks for your help and advice in advance. 
J

Keep_pedalling

I would not take advice from an estate agent on this. Try one of the dept charities such as Stepchange.

https://www.stepchange.org/?gclsrc=aw.ds&gad_source=1&gad_campaignid=12348298313&gbraid=0AAAAAD1toAjlr_TI8kuUURJ6ZPOSnS0_m&gclid=EAIaIQobChMIwdP2msf6jQMV5JpQBh0gcgWaEAAYAyAAEgIXSfD_BwE

I think you would be better off posting on the bankruptcy board.

https://forums.moneysavingexpert.com/categories/bankruptcy-living-with-it