Any Success Stories?????

debtsucks

hi everyone and happy easter:easter_ba


As you may be aware, DH is going BR mid April, and yet again i have more questions!!!

(1) He has spoke to CCCS , who then put us in touch with Insolvency Helpline due to a legal matter and he has also been in touch with a insolvency practioner who made his business insolvent, all have said our best option is bankruptcy due to the amount of debt involved:eek: , when he is asked in court whether he has had advice from anyone , he obviously has but are you supposed to give a reference number, we dont have one , are you supposed to?????

(2) Are there any successs stories from anyone who owned thei own home which either had negative equity (or very little equity) and managed to keep their home, by beneficial interest, any advice or stories, i would love to hear from

Take care:beer:

Toon_Dave

Hi Debt sucks.

glad things are getting sorted for you...Cant answer the house issue as im handing mine back to totally have a fresh start - too much debt and too many bad memories here.

But with regards to the advice taken..i think as long as you can mention the names of the companies then it would be fine.

Also, try the online CCCS debt remedy. As long as that says BR then print it off which includes your SOA etc as supporting evidence. Make a note of peoples names you have spoken to if you remember them if possible.

It certainly cant harm you at all.

Dave.

dodecanese

Hi Debtsucks,
regarding the negative equity, this is just my own experience and its still very up in the air. I own ( well, HSBC and First Plus own it ) my own home- I have a mortgage and a secured loan on it- I have about £10-15K of negative equity depending on the valuation.
The advice I was given was- the OR will not force sale of house while in negative equity- no point, but they can either, 1. Have 3 years to wait and see if house prices go up or 2. a relative/friend can buy the beneficial interest in the property for £1 plus about £200 sols fees.
I was also advised the OR may not allow large mortgage payments- my mort payment is approx £685 so is borderline- in comparison to my monthly salary.

I came VERY close to handing in the keys and renting- but decided at the last minute to leave it in the hands of the OR.
Im not behind with mort at minute and as long as rates stay ok(which is a gamble )- and the OR allows the amount,I "should" be ok. I called my ORs local office and they said my mortgage payment "should" be acceptable- but its up to the individual OR.

Its a bit of a gamble- in my case- it seems to boil down to the OR not being interested ( at the moment ) in a negative equity property- but Ive yet to see how it will pan out. Ialso need to see how they will asses my mortgage payments.
Got my OR interview on 4th April so will post how it goes and try and update what happens with the house.

debtsucks

dodecanese wrote: »

Hi Debtsucks,
regarding the negative equity, this is just my own experience and its still very up in the air. I own ( well, HSBC and First Plus own it ) my own home- I have a mortgage and a secured loan on it- I have about £10-15K of negative equity depending on the valuation.
The advice I was given was- the OR will not force sale of house while in negative equity- no point, but they can either, 1. Have 3 years to wait and see if house prices go up or 2. a relative/friend can buy the beneficial interest in the property for £1 plus about £200 sols fees.
I was also advised the OR may not allow large mortgage payments- my mort payment is approx £685 so is borderline- in comparison to my monthly salary.

I came VERY close to handing in the keys and renting- but decided at the last minute to leave it in the hands of the OR.
Im not behind with mort at minute and as long as rates stay ok(which is a gamble )- and the OR allows the amount,I "should" be ok. I called my ORs local office and they said my mortgage payment "should" be acceptable- but its up to the individual OR.

Its a bit of a gamble- in my case- it seems to boil down to the OR not being interested ( at the moment ) in a negative equity property- but Ive yet to see how it will pan out. Ialso need to see how they will asses my mortgage payments.
Got my OR interview on 4th April so will post how it goes and try and update what happens with the house.

Thanks for your post

its interesting to hear from another member who is currently going through the process of trying to keep their home!!

However i am really really pooing myself now as our mortgage payment is 836.00!!! i feel sick now. Do you think this will be a no no,

we have never missed a payment either,

Richard_S

Hi debtsucks,

Despite all odds, and there were lots, we managed to keep our house. It's an awfully long story, but the basics are always the same; what is it you particularly want to know?

If your house is in negative or negligible equity, and your mortgage payments are not excessive, compared to renting an appropriate alternative property, then you'll get to keep your house.

I don't get chance to log on very often during the week, but if you send me a PM I'll pick it up.

Regards

Richard

JPS29

Hi DS.

Ohh poooh,

I really live up to my name now.

My mortgage is £1106 per month:eek: :eek: :eek: :eek: :eek:

Hope this has made you both feel better, need a VERY well paid job really hope they let me keep this as it is more than bricks and mortar, memories etc.

Say hi to hubby from me.

baron_hardup_3

I know how you feel, our mortgage payments are around 1200 but to rent a big enough house locally would cost 9-1100 dont know where we'll stand.
BTW we have 9 children, at least 4 living with us at any given time.

debt_doctor

no one who visits the CAB I work for gets any form of ref no. I have many many clients who have kept their house in negative or little equity.

Dodecanese's post is very good. Excellent in fact.

The OR has no intrest whatsoever in making anyone homeless. All s/he wants is the quickest / easiest method of raising any available monies in your property.

Best

DD

debtsucks

InTheBrownStuff wrote: »

Hi DS.

Ohh poooh,

I really live up to my name now.

My mortgage is £1106 per month:eek: :eek: :eek: :eek: :eek:

Hope this has made you both feel better, need a VERY well paid job really hope they let me keep this as it is more than bricks and mortar, memories etc.

Say hi to hubby from me.

Bless!!

he just says hi to you too!!!

well the way things are going regarding both our mortgage payments looks like we will have to share a house!!!!!!


i know what you mean regarding the memories!!! hope it turns out ok for the both us, i really do;)

debtsucks

baron_hardup wrote: »

I know how you feel, our mortgage payments are around 1200 but to rent a big enough house locally would cost 9-1100 dont know where we'll stand.
BTW we have 9 children, at least 4 living with us at any given time.

its fear of the unknown isnt it!! frightening that we only have the answers until BR

dodecanese

Hi again
Just to mention- I share my house with my sister- the TOTAL mort/sec loan is about £1360- IE we each pay £685 approx. a rented property would be about £500- so its quite a bit less. However- i spoke at length on this to the CCCS, National Debtline AND the ORs office. While non could give me a concrete yes or no- it seemed worth the risk because .....1. As Debt Doctor says- the OR is not intent on making you homeless- just getting the best return for creditor, and 2. if I was to rent- this would probably be alone, and the costs would poss be as high as the mortgage if we included living expenses- plus there would be about a £40k shortfall ( after vol repo) debt which would fall into the bankruptcy. The CCCS said the OR looks at it on a "pragmatic" basis.

I decided I want to try and hold on to property- could be a big mistake- I dont know. I got the feeling after talking to various people it was more in my favour than against- though time will tell and Im prepared for the worse.

Im taking a risk- but- if it dosnt pay off I feel Im no worse off- yes- I have to try and find a rental while bankrupt- I know a lot of letting agents wont touch me- however- some would( for a couple of months rent upfront)- and a few private landlords were not bothered- as long as I could prove I was employed.

Ive not missed a payment on the mort/sec loan as yet- have decided to put myself in the hands of OR and see how it goes.

Do a lot of research- call all letting agents in your area- not all (in my case)required 6 months upfront and call a few private landlords- I was totally upfront- I have a pet (cat) and was going bankrupt- only 1 out of about 5 was unhappy.
Ill try and let you know how I get on- I was going out of my head with worry regarding this and if it helps anyone in the future ( whether I get a good outcome or not )- Id be glad to post my experiences.