What do I do ??

marky999

God where do I start ????

Well myself and my partner have a mortgage on a house , have done so for 2 years now , we both had debt following us around and decided after a year to get a secured loan on the house , this would have hopefully cleared most our debt and we could live more comfortably ..........

Our house was bought for 142k , 133k was given as mortgage and the remainder was an unsecured loan , the secured loan we took out a year later was for 15-20k.

Basically we are up poo creek without a paddle ! we have now split , he is living with family I am still here in the house , he cannot afford to pay the mortgage and secured loan on his own along with all the bills , neither can I , we had already defaulted on the secured loan and now the mortgage.

We have had bayliffs at the door and creditors asking for money , I just can't cope anymore!!!

What the hell do I do ??? If I go bankrupt do I do it before the house is repossesed ? will it all go into the bankruptcy ??? after the house is reposessed the shortfall is going to be way more than I can ever pay off !

Can anyone advise me on what the best thing is to do ?

Thanks guys

Marky Mark

Need_To_Sort_It

Just wanted to bump this for you, the board is moving very fast tonight and someone will be able to help

Welcome to the boards, I wish you luck

Bismarck

Hi, good luck from me.

What's the house worth - what can you sell it for in it's current state.

P.s. keep calm - that will help you figure out the best way forward.

You have rights too as other s better qualified than me will explain....

ciarasdreams

I have no really useful advice because I do not know anything about mortgages but I think that your best course of action in the short term would be to contact one of the debt charities like CCCS or the CAB for for some proper professional advice regarding all the avenues that are open to you. Sorry that I do not have anything more useful or constructive to say to you.

fermi

First of all, contact one of the free charitable advice agencies to get professional impartial advice on your situation.

There are links and phone numbers in my signature, and here: Non-profit Debt Counsellors' List

If they do advise that bankruptcy is your best option (and they might not), then have a read through this thread regarding the house and mortgage shortfall if it is repossessed:

http://forums.moneysavingexpert.com/showthread.html?t=641873

(But to be brief, any shortfall would be included in the bankruptcy.)

There is also a bankruptcy board on MSE here: Bankruptcy & Living With It

But as said, your priority is to get some advice from a professional debt advisor so that you can work out the best option.