Stay or go

[PlanB]

Re: Stay or go

Samsmum. It always feels good to make a decision. Now you need to make an Action Plan to see it through. Treat this as a happy project and not a surrender from debt problems. This will be Operation Next Phase You're starting a new chapter in your life and you need the tools to make it happen. The first thing will be to do the maths so you get the timing right.

If it's not too instrusive can you post up the figures (house value, outstanding mortgage etc) to help decide on whether BR is even necessary. If you move to rented accommodation you may not need to go BR. You could let the house get repossessed and NRAM can whistle for their money.

The timing of what you do is most important. Once BR it could be difficult to rent with that black mark on your credit file - although I have a tenant who went BR six weeks after moving into the house and he's still there four years later and one of the best tenants I've ever had.

From everything I've read on this thread and your diary (and other threads) I think it's safe to assume that you and Hubby will be enjoying Christmas in your new home

[The Tech Clerk]

Re: Stay or go

Know a mate of mine lost his wife, within 6 weeks he was made bankrupt, had a hard time getting even a current account to pay bills etc, but to see him now he is managing and seems to be more settled, and I understand after a year is up that is it, breath easy?

[PlanB]

Re: Stay or go

we're in a house in negative equity that's in the wrong area and needs work doing. We're on interest only for the next couple of months but when that runs out we will be £200-300 per month better off if we rent. We know it's not as easy as just walking away but it's got to be done. Actually doing it is another matter. Once we start missing payments there'll be no going back.

Too many people think that missing payments and getting repossessed is the only exit strategy when a house is in negative equity. It is often possible to negotiate with the lender to sell the property in full knowledge of the shortfall from 'agreed arrears' due to non-payment, because they know they'll get back more of their money that way. Most courts will allow this if you get a definite offer which can proceed even if the lender does go for repossession. My mate just had his repo hearing adjourned on that basis. You need to stay in control of your asset .

I'll be back with lots more suggestions in a few days

[Never-In-Doubt]

Re: Stay or go

^^^ excellent support - thanks guys

[fluffystuff]

Re: Stay or go

Thank you. Just going to work so will check in later.. Sorry again for rambling. Just getting so stressed and confused

No apology needed, you're not rambling!

When we are faced with a problem that appears insurmountable we panic which induces stress and confusion - I'm pretty much an expert at it!
It is always easier for others to think coherently as they are detached from the problem.
PlanB looks to have the answers you seek, she'll be back, you can be sure of it!

Xx

[Enforcer]

Re: Stay or go

If you give the keys back they WILL drive you mad on the phone, they tracked me down eventually after several years. Then all went quiet, until 10 years later when they had another go. I was still in rented accommodation and broke, they went away. Mortgage debt does not go statute barred for 12 years.
Your choice, but 99% guaranteed that the creditor will not make you Bankrupt, they would prefer to wait until go are in a position whereby they can get money off you.

[samsmum]

Re: Stay or go

As Niddy says....thanks for the support as always guys. Really appreciate your help

Plan B.. We have an outstanding mortgage of £103,000 with NRAM plus a secured loan of £9,000 with Kensington. We probably have about £15,000 of unsecured debt now. The house was recently valued at £97,000 to possibly achieve £92,000

[Enforcer]

Re: Stay or go

Sorry to have to point this out, but. They will literally give your house away!
At the peak, mine was valued at £84,000 23 years ago, I paid £63,000 for it. It was sold for £47,000, they chased me not only for the shortfall, but interest charges and the cost of selling it.
I am telling you how it works.

[samsmum]

Re: Stay or go

Any more thoughts on this anyone please. My brain hurts from trying to decide

[PlanB]

Re: Stay or go

Any more thoughts on this anyone please. My brain hurts from trying to decide

Auto-response from PlanB's voicemail:

"You are being held in a queue. You are slowly moving up the queue and your call will be answered shortly. You are currently number 1,479 in the queue".

Joking aside, I'm so sorry I haven't got back to you sooner. I know that dreadful end-of-the-month time when the mortgage goes out and there's nothing left in the kitty

If it's any consolation deepie has been waiting for three weeks for me to reply to his PM

I'm not around tomorrow but I will reply sensibly on Wednesday

[samsmum]

Re: Stay or go

Ah bless ya. That made me giggle. I'll wait patiently in the queue. Do appreciate how busy you are. Speak soon. Thank you

[PlanB]

Re: Stay or go

I've sent you a PM

Age is relevant to all this and that's one thing we girls never discuss in public

[PlanB]

Re: Stay or go

I feel really bad at not posting on here recently

I'm aware that as you head towards the end of the month and your mortgage payment becomes due again you'll be feeling blah. I'm also pleasantly aware that you're not entirely convinced you should sell your home despite what you said previously which means I want to post up your options on both sale and rent scenarios next week.

I should have done this sooner but another member needed a spot of crisis intervention because they already have a suspended possession order on their home so the clock is ticking For this reason I allowed a bit of queue jumping which doesn't mean you're less important

Why not read their thread and see if there is anything in it which is still relevant to you until I'm back next week in my usual cheerleader mode

http://forums.all-about-debt.co.uk/s...ad.php?t=10451

* apologies to anyone who doesn't have access to the legal section because you won't be able to read that thread yet. I'm sure once their problem is resolved it will be moved to the general Housing Section

[samsmum]

Re: Stay or go

No worries. Fully aware that we all have stuff that happens and takes priority. Got our own little family crisis this week (yep...another) that makes us realise debt is just about money. I know what i mean

[samsmum]

Re: Stay or go

Any more thoughts or suggestions on this please?