help advice urgently needed,what

mickey66_2

are the repurcussions if my wife and i just walk away from our mortgage?
we're on a DMP,with the CCCS,have a mortgage plus a secured loan also.
Basically Northern Rock are upping our mortgage by another £350,and we just cant afford it(credit very bad so cant remortgage) so repossession is deffo coming,so we are just thinking of walking before it gets to that,and not paying the mort/secured loan,and put that towards renting a place.
any help would be greatly appreciated as you can see its very desperate.
thanks

have spoken to CCCS

stapeley

You will need to give a credit reference to your landlord . There are cases were creditors have been refused a eviction notice . I would advise phoning one of the debt charities. Have you any other debts c/c etc , that you are paying ?

**Amy**

I would maybe try and speak to CCCS again?? See if that helps.

I dont know if it would be a good idea to just walk away though.

x

tallyhoh

Northern Rock would sell your house (possibly at auction) for whatever they would/could get & then chase you for the shortfall.

Please speak to one of the debt charities first & then approach one of the social housing groups in your area to at least register.

mickey66_2

tallyhoh wrote: »

Northern Rock would sell your house (possibly at auction) for whatever they would/could get & then chase you for the shortfall.

Please speak to one of the debt charities first & then approach one of the social housing groups in your area to at least register.

Northern rock are the 1st charge so will probably get paid in full,Barclays are the 2nd charge and probably wont get all thats owing to them.

how would they chase the debt?

do you know at which point we can become Bankrupt?

mickey66_2

stapeley wrote: »

You will need to give a credit reference to your landlord . There are cases were creditors have been refused a eviction notice . I would advise phoning one of the debt charities. Have you any other debts c/c etc , that you are paying ?

no all unsecured debts are tied up in the CCCS

tallyhoh

mickey66 wrote: »

Northern rock are the 1st charge so will probably get paid in full,Barclays are the 2nd charge and probably wont get all thats owing to them.

how would they chase the debt?

do you know at which point we can become Bankrupt?

Would there be enough equity to pay NR in full? Would it be worth trying to sell the house yourself if thats the case.

They would chase the debt in the normal way, harrassing you for money, taking you to court for an order etc.

Thers really no point at which one can become bankrupt, a lot would depend on your individual circumstances.

Have you tried completing an online form with the CCCS? or another FREE debt charity?

Try posting an SOA on her (theres a sticky at the top) that should help the people here answer questions.

10past6

Hi there

As the master of this site always says:

THERE'S ALWAYS A SOLOUTION TO EVERY DEBT

Have you spoken to CCCS re the increase, there is always provision with any debt management plan for situations like yours.

CCCS have a mortgage dept, have you spoken to them?

Have you considered an IVA, take a look at my signature, it's something worth considering, only a small % of people qualify for an IVA, it's worth looking into to see whether you qualify.

Don't give up that easy, there is sufficent help / advice out there before losing your home happens.

CCCS_Matthew

Hi Mickey,

If your mortgage is going up but £350 it's clearly going to have a big impact on your situation. I would advise you to get in contact with us as soon as you can and we can re-evaluate your situation based on your new figures.

If you are considering walking away from the mortgage we can provide you with specialist mortgage advice in ensuring you go about it correct way. We can then help try and establish how to deal with the debts again.

I hope this helps,
CCCS

MrsTinks

Thanks Matthew

mickey66_2

CCCS_Matthew wrote: »

Hi Mickey,

If your mortgage is going up but £350 it's clearly going to have a big impact on your situation. I would advise you to get in contact with us as soon as you can and we can re-evaluate your situation based on your new figures.

If you are considering walking away from the mortgage we can provide you with specialist mortgage advice in ensuring you go about it correct way. We can then help try and establish how to deal with the debts again.

I hope this helps,
CCCS

thanks will try the CCCS tomorrow