Do I voluntary Surrendor My home?? Please help :(

So_Sad_Angel

Dave,

Thanks for cheering me up! I know I am asking lots of questions at the moment but terrified of making wrong move...I would def lose job...checked that already.

I will do as you suggest & do some recalc on the CCCS website.That may help me see potential outcomes.

Seeing rental later & hope it does`nt put me off rent as I`ve never rented in my life b4.

Anyway...MOT...I don`t get my legs out in garages...esp when its snowing as heavily as it is today!! I`ll just have to smile & look interested (in engines & tyres that is!!)

Anyhow off now...thanks again

Angexx

Why-oh-Why_3

Why-oh-Why wrote: »

Hi all, Not posted for a little while, But I have been struggling on my Mortgage since October, Was going to go Bankrupt but trying to avoid it if possible.

I do not want a respossesion on my credit file, Today whilst looking into renting I was told by there mortgage advisor that handing back the keys does not have as big effect on my credit as a repo' would. Has anyone had similar experience and can give any advice on this, What to do or how to go about it and am I best being repossesed or handing back, remembering I want to avoid stress and upset, I just want to start again

Bankruptcy is still an option but I just cant get my head into the idea of doing it and it scares me I want to be able to live comfortably in a nice little house and start a fresh but repay things slowly.

Help?????

Everyones comments are a great help, although still not quite so clear on how greatly this will effect my credit, I have found somewhere to rent and trying to sort out the deposit. I am waiting for a court date for repossesion on my house and am expecting to go to court in the next 3 weeks,So I need to move quite quickly in order to stop respossesion if I decide this is my best action.

I have seeked advice through CCCS and there is no alternative I cannot keep my house its just deciding which option is better for me! I want to be able to look at buying a house again in a years time or may continue renting but surely handing keys back is better than BR?

tigerfeet2006

Could you afford to service your debts if you were in rented accomadation?

Why-oh-Why_3

Yes but only on tight repayments, Im looking at renting for £425pm where asmy current bills are £1500 and my mortgage is £850 going up to £1200 on 10th April Im earmning between £1k-£1500 per month

ginger_nuts

if you hand back the keys to the lender ,how do they go about selling it .
Do they use a local EA or do they auction it ?

tigerfeet2006

You will probably be better off handing back the keys. The only thing I am worried about is you say it will be tight for you. When you are in rented you MUST make the rent and essential bills your priority first. You must not miss payments on them. Your debts will have to take second place to them.

Why-oh-Why_3

Well I have had certain debts for many years and my living arrangements have always come first to be honest as much as I do appreciate your care on that, my main concern at the minute is not becoming homeless and solving problems in the best way for me to have a good future. I am genuinely a money minded person but have had so much bad luck that my mortgage just spiralled out of control, I do not want to go BR or have a repossesion on my credit and have no idea how this works and the exact effects this could have on me in the future which is where I need help, so any help on this would be great!!??

tigerfeet2006

Unfortunatly even if you hand the keys back it will appear on your credit record and your credit will be shot.

Have a read of Scarletts Diary it's very interesting. She handed her keys back.

http://forums.moneysavingexpert.com/showthread.html?t=596237&highlight=scarlett+diary

peachyprice

TBH, if you're just waiting for a court date for repo your credit file is already shot, the repo is just the icing on a cake that's already baked.