My road to BR and BEYOND thread!!

ClaireLR

I'm not sure, hoping this will give it a bump so that maybe someone can answer!

Is the flat in both your names? That might make a difference.

I'm sure someone in the know will be along shortly. How are you feeling about things now??

G-G_4

I'm sorry, i'm not sure of the answer either.. x

Just wanted to wish you all the best.. I went bankrupt in Dec last year, and it really wasn't all that bad.. x

Richard_S

Summer1969 wrote: »

Just wish our blooming flat would sell, we have reduced it £10k in the past 2 months and not a single viewing! :eek: Was hoping we would be out of there and renting before I went BR as there would be some equity to start us off when we go renting, for deposit etc...but beggars can't be choosers in my situation I suppose. If we don't sell it before I go BR, I assume the OR will take over the sale and not really care how much they get for it? I don't know.

Hi Summer,

The O.R won't take over the sale of the house, but they do takeover your Beneficial Interest in the house, and you'll need their consent before you can actually complete the sale of the property. The chances are that they'll also put a charge on the property to protect their B.I.

It does seem as though this complicates things, but it's not too bad, and when the property sells the equity will be split between your O.H and the O.R.

Regards

Richard

Summer1969

Richard_S wrote: »

Hi Summer,

The O.R won't take over the sale of the house, but they do takeover your Beneficial Interest in the house, and you'll need their consent before you can actually complete the sale of the property. The chances are that they'll also put a charge on the property to protect their B.I.

It does seem as though this complicates things, but it's not too bad, and when the property sells the equity will be split between your O.H and the O.R.

Regards

Richard

Thanks everyone for replies. Means a lot. Hadn't thought about that. Mortgage is in joint names so OH gets some of the equity? That would really help! :eek:

I feel not too bad at the mo. Seeing doctor tomorrow, last saw her in August re my depression, and thought I was going to get better myself, but as mum passed away 2 weeks after that, then our finances got slowly worse, I now realise I need some sort of help and guidance. I am sure I will feel better after seeing her tomorrow, and then the Debt Advisor appointment is 10 June, so at least I have some sort of plan....well allegedly...........:o:D

We have officially nowhere to turn as from a month's time, all cards are now maxed out, and we will have nothing at all to live on, after mortgage, bills and debts come out of OH's salary, so I need to get moving on things. Not sure whether I should cancel my DDs to my debtors now or wait til I see the Debt Advisor. Trouble is, the next DDs come out beginning of June and I am seeing the Debt Advisor on the 10th. Should I cancel them and then hopefully by beginning of July I will be BR? Not sure I meant to put 'hopefully' and 'BR' in the same sentence...but you know what I mean...lol....We will need some cash for Bankruptcy fee and rent deposit, when we sell, so not sure where that will come from!! Just not sure re the timing.

Thanks again everyone. xx

G-G_4

Depression is a horrible thing, and something I too thought I had control over... it seems not though and i'm going back on the pills shortly..

I'm sure the doctor will help and then over time things just start to look a little better xx

Summer1969

G-G wrote: »

Depression is a horrible thing, and something I too thought I had control over... it seems not though and i'm going back on the pills shortly..

I'm sure the doctor will help and then over time things just start to look a little better xx

I wish you well, GG. xx

Richard_S

Hi Summer,

If you're almost certain that you're going to declare bankruptcy then you'd be well advised to stop paying all creditors, with the exception of priority debts like utilities, and save the money to put towards your bankruptcy fees and a deposit for rented accomodation.

I sincerely hope you can put the depression behind you; I can only imagine what a truly awful nightmare that must be.

Best regards

Richard

Summer1969

Thank you Richard. I am determined to kick the depression, I owe it to my mum, she was such an inspirational person who had such a hard life but always looked on the bright side. I miss her so much, even more so now, a chat and a cuppa with her would have worked more than a tablet ever could.

I will definitely cancel the DDs then, feel so weird doing that, I have never missed a payment on anything in my life, and now I feel all useless that I will be missing one! Let alone going BR.....but I do know its something that has to be done and me and OH can have a fresh start and live within our means, which means so much to us. Oh, and our car is in my name, annoyingly, but just checked the Parkers Guide and it is only worth £400 - do you think they will make me sell it? It really is my lifeline with my depression, it helps me get out and about, but obviously I don't need it for work or anything so OR might not think that important. I suppose if we had to sell, we would have to make do without for a while, and save up for an old banger. Which exactly describes how I am feeling at the mo! :rolleyes::D

So_Sad_Angel

Hi Summer

Well done girl...sounds like you have some of your Mums determination in you!!! I have to say that since your first post on this thread (only last week) you seem to have found the drive to sort everything out. Its not easy at all & the depression is an added hurdle but you are taking positive steps every day...well done you!!

I know that you had been advised to do DMP so you could revist Nat Debtline & CCCS to talk through the BR option now especially given that you know so much more now & can ask different questions.

I know how it feels to stop paying (I`d never been late or missed a payment ever!!)..CCCS told me in May to stop paying unsecured creditors & I tried but failed!!...eventually succumbed & paid them..I feel quite ashamed but can`t explain how upset I felt!

I have an appt with CAB tomorrow so I expect a telling off but somehow this month has proved to me that I cannot continue like this! So be warned that non-payment will pray on your mind so keep focussed on the `bigger picture` & that you are doing everything you can to resolve it.

In terms of the car if the OR does suggest sale (I think unlikely given cost) maybe your OH or another family member could buy it ? Then you can buy it back over time? just a thought.

Hugs, Angex

Summer1969

Thanks Ang. Looking forward to the doctor's appointment tomorrow, I know I will feel better just getting it all off my chest and hopefully she can offer me some guidance.

Well tomorrow is D day! :eek: Or should I say 'cancel DDs to creditors' day. :rolleyes: I am SO nervous! I bank online so am just going to cancel them online. I assume this is all I have to do? Don't want to have to ring them as well! Coward that I am. Then OH is going to inform his work to get his salary, from end of June, to be paid into his sole account, and I will transfer all the other DDs that we will still be paying, to come out of his account as well. So the money that we would normally pay my creditors, will stay in OH's account and we will keep it to one side for BR fee and future rent deposit. So that leaves nothing coming in or going out from my current account at all. As my current account is with the Halifax and they are one of my creditors.

I am sure CAB will be gentle with you, plead temporary insanity.