desperate

belfastgirl77

hi

i really need some advice. i bought a house with my ex last year after 2years together - with a £20,000 deposit from selling my last place - we borrowed £116,000 interest only on a 2yr tracker deal with no tie in with the intention of using his overtime and my bonus to reduce the loan and eventually convert to repayment. Unfortunately the relationship didn't work - he turned violent and broke my arm and cheekbone while I was heavily pregnant. I struggled through maternity leave but I can't really afford to keep the house even though I'm back at work - I really want to sell and rent - but now I'm in negative equity even though I had a good deposit my home is now worth around £100,000 there hasn't even been a viewing and I've done everything the estate agent has asked and spoken to several agents. Property here is just not shifting. My ex moved abroad on a years career break and is not contributing to anything and IMHO has no intention of returning.

My takehome pay is £900 and tax credits etc £400 from which I pay

£360 childcare
£580 mortgage
£20 life and critical illness
£17 income protection
£12 buildings and contents
£40 car insurance and tax
£90 petrol
£120 food
£30 tv internet and phone package
£10 PAYG mobile
£10 tv licence
£10 clothes for baby
£50 electric and gas
£50 rates inc arrears
£150 debt consolidation loan - secured on house balance of £9000
£40 min credit card payments

so I'm at least £300 a month short if I was renting I could get a place for £400 a month and have no mortgage payment and no rates and insurances and I could maybe be close enough to work to lose the car too. I can't get an IVA because my main debts are secured on the house and I can't sell at its current value because the lenders won't allow it even if I had a buyer.

If I go bankrupt will it wipe out all this debt and let me start again?

So_Sad_Angel

Hi Belfastgirl,

Lots of hugs to you...& well done for getting this far.

My first suggestion is to speak to the debt charities...go to the toolbar at the top of the page. CCCS need appointment but have debt remedy guide online (this basically gives you a suggested outcome) Nat debt line give immediate help & were brilliant with me...or CAB if you are near one are worth popping in to see.

Secondly see what is out there on the rented scene...near to work & childcare...& schools (need to plan ahead).

If the house has to go then so be it (you will keep all your belongings anyway)...you have your health & your baby to consider & that is far more important. BR will take care of neg equity & credit cards & sec loan & shortfall incurred on mtge & costs.

You have found yourself in a difficult situation as we all do at some times in our lives & coming through it in one piece makes us stronger!!

Speak to the charities & keep posting...sharing makes all the difference..you are not alone now sweetie.

Angiexx

blind-as-a-bat_2

belfastgirl77 wrote: »

hi

i really need some advice. i bought a house with my ex last year after 2years together - with a £20,000 deposit from selling my last place - we borrowed £116,000 interest only on a 2yr tracker deal with no tie in with the intention of using his overtime and my bonus to reduce the loan and eventually convert to repayment. Unfortunately the relationship didn't work - he turned violent and broke my arm and cheekbone while I was heavily pregnant. I struggled through maternity leave but I can't really afford to keep the house even though I'm back at work - I really want to sell and rent - but now I'm in negative equity even though I had a good deposit my home is now worth around £100,000 there hasn't even been a viewing and I've done everything the estate agent has asked and spoken to several agents. Property here is just not shifting. My ex moved abroad on a years career break and is not contributing to anything and IMHO has no intention of returning.

My takehome pay is £900 and tax credits etc £400 from which I pay

£360 childcare
£580 mortgage
£20 life and critical illness
£17 income protection
£12 buildings and contents
£40 car insurance and tax
£90 petrol
£120 food
£30 tv internet and phone package
£10 PAYG mobile
£10 tv licence
£10 clothes for baby
£50 electric and gas
£50 rates inc arrears
£150 debt consolidation loan - secured on house balance of £9000
£40 min credit card payments

so I'm at least £300 a month short if I was renting I could get a place for £400 a month and have no mortgage payment and no rates and insurances and I could maybe be close enough to work to lose the car too. I can't get an IVA because my main debts are secured on the house and I can't sell at its current value because the lenders won't allow it even if I had a buyer.

If I go bankrupt will it wipe out all this debt and let me start again?

In short yes and as you where in an abusive relationship you can ask the court to withold any publication of your current address if you find new accomadation before then.

This is important as any joint debt will fall on your ex and the last thing you need is any problems that may bring so you need to protect your new life by useing the legislation that is there to protect you.

Im saying this not to frighten you but to let you know you need to be aware that this may happen so protect yourself and family and use the protection that is there for just this reason

As for the financial side as angel says you need to seek profesional advice but once that is done we are here to help as much as you need

belfastgirl77

so i had my appointment with cab yesterday and it looks like i'm going BR - so this will reduce my outgoings to £220 a month plus rent. the major prob being that my employer is also my mortgage lender so i'll also be losing my job! i've never been unemployed before and thats a little scary but means i don't have childcare and can get rid of the car to give me rent and deposit money. and my rent will be paid for me so i only have to manage food and clothes. i'm not quite sure how my employer is going to deal with this whether i'm fired or made redundant but i was advised to stop all payments immediately so i guess i would be discplined at work once my payments start bouncing and my overdraft goes skyhigh so not too long until i find out. my union rep told me i should immediately go to doctor and get signed off with stress/post natal depression so it might take a little longer for the job to go and more sick pay to let me build up reserves to keep me going while benefits get assessed. i have a non molestation order out against my ex so i'm going to ask to have my address withheld - but when hes not on career break he has the kind of government job where he could find me anyway. all i can hope is that he is so scared of the bankruptcy and being left with the mortgage shortfall he never returns!

what i wanted to get advice on is whether to go sick from work? i've never done this before and it seems kinda wrong but then so does lying and pretending everything is fine to my work colleagues and the stress of spending every day worrying i'm going to be found out and having all my wages taken to repay the debt as its the same company.

i feel kind of relieved though that i know in a few months it'll be a proper fresh start - although disappointing for my family - esp my dad as i was the first in his family to go to university and i'm not sure being the first bankrupt is something he'll be so impressed with!

blind-as-a-bat_2

He might surprise you and be proud you handled your problem in such a responsable manner either way its yourself and your kids you need to think of now not anyone elses opinian.

To be honest im not sure on the going sick from a financial point of view but your going to have a lot to deal with over the coming weeks so it may be best as the last thing you need is to add to it with the stress your obviously feeling right now.

Just remember if you need help on any level there is usually someone around on here willing to help

debt_doctor

Hi,

If youve been advised that BR is a good option then stop paying everything including all secured loans, and use that money to provide a bond and deposit for a rented prop and then go BR.

If you know that you will lose your job then go on sick for as long as poss, if you get full pay and then if you are ultimately dismissed then claim benefits and take some time out. Most if not all of your rent would be covered by housing benefit.

Best

DD

Brighteyes_2

Hi Belfastgirl,
I dont know if you actually live in N.Ireland but if you do and want some advice on procedures with BR here,then dont hesitate to ask,me and my husband went bankrupt last month so will only be too happy to help you.The guys on here are brilliant.

belfastgirl77

Thanks Brighteyes I am in Belfast so any advice you have about what the OR is like would be great because I'm worried about how to handle the situation of my ex - he isn't contributing to our joint mortgage and if i hand over the keys and they find out i'm going BR will they chase him for the shortfall? if they don't get his half will they come back to me after i'm discharged?

I told my parents last night and they were great -my dad actually offered to pay off my loan and cc and to reduce my mortgage enough to bring me out of negative equity. But I know if he did this that takes all their retirement fund - it would be over £60k I don't think he realised that!! And it means he would have to keep working til he was over 70 and his health isn't really up to it. And i want to do this myself - I don't even want the house anymore everything reminds me of happier times then i get upset because of the whole breaking up mess.

I've decided to go sick - I still get full pay for 6 months and I only took the minimum maternity leave when everyone else sticks the arm in and takes 6 months sick after their leave finishes. So I'm going to see my doc Mon to explain and get signed off for 4 weeks. Hopefully this will all be sorted out by then and I won't have a job

wherediditallgo

belfastgirl77 wrote: »

what i wanted to get advice on is whether to go sick from work? i've never done this before and it seems kinda wrong but then so does lying and pretending everything is fine to my work colleagues and the stress of spending every day worrying i'm going to be found out and having all my wages taken to repay the debt as its the same company.

If your employers wish to speak to you about any debt to them, they have to go through the proper procedures like any other creditor, & they can't abuse their position to exert pressure on you. Make use of your union & the debt charities in my signature as well as people like ACAS on this - if you feel you're being harassed, don't put up with it or struggle to find money you haven't got in order to get them off your back.

Once you've gone BR, your employer has the status of a creditor on equal footing with your other creditors, so if you're still working there after your court date, they can't garnish your wages to repay any debt to them. They also have to contact the OR from that point on to confirm their creditor status & be involved in any repayment plan. They can't take that up with you just because you're working for them. In fact, it will probably be a good thing if you're not working there once you're BR, as that will lessen any chance of them trying to pressure you into paying a debt you won't owe.

And definitely see your GP. You're under considerable strain, & if your doctor signs you off, you'll have a valid certificate for your time off, & you'll hopefully be able to put some of that money to one side towards your fees as you won't have work-related expenses like petrol to cover during that time. If you're not up to things when the certificate is due to expire, see your GP again - don't force yourself back to work if you're not up to it.

belfastgirl77

feeling a lot better today my family have been great - my uncle has offered me a job as an admin supervisor and my mum has offered to look after my daughter so i can go to work. it means moving home and finding a whole new place in the area i grew up but now i'm on my own i'd prefer this. doctor signed me off work for 4 weeks most of forms completed apart from - what do i put for food costs etc and do i base this on my current income or income post BR - which will be benefits.

also if i claim benefits will my ex have the csa after him - i don't want that and do i have to claim benefits if i'm living at home with my parents and have no car/rent etc as they are willing to provide for me or will the OR think i'm trying to pull a fast one? also will i then have to contribute to a payment order if i get a job and i'm living at home as i would have about 700 a month free income. i want to get sorted and save up deposits etc then rent a small house with a garden close to everything so i can walk. i'm also worried about my ex if the csa are after him - he might want access to his daughter and i would be worried about it as hes threatened her life i'm trying to get the non molestation order made permanent but his solicitor is stalling saying its unfair since he is not in the country to defend himself - hes not officially due back from his career break til june 09!!