Stay or go

[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

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.

[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

[Never-In-Doubt]

Re: Stay or go

^^^ excellent support - thanks guys

[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

[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

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

[samsmum]

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

[fluffystuff]

Re: Stay or go

Hi Samsmum,

I'm afraid I can't provide you with that axe but I'm sure someone will come along soon to provide you with the information you need that will hopefully give you a 'view of the woods'.

Hang in there, you can bet help is on its way.

[SXGuy]

Re: Stay or go

Jon is right, once you are discharged you own them nothing, get inpartial independant advice.

[samsmum]

Re: Stay or go

Sorry if i ramble. Can't see the wood for the trees at the minute. Why are things always clearer from the outside? Due to various health and family issues we have to accept it's time to move on. Sorry for repeating myself but basically 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. I will get some inheritance money but not for years i hope. If we go bankrupt for the mortgage shortfall and god forbid anything does happen this will be wiped out. Whats the worst that can happen if we lose the house but dont go bankrupt?. Need to get sorted as we've been considering this so long and the worry is now adding to health problems. Anyone got an axe to chop the trees down and help us see clearly please?

[jon1965]

Re: Stay or go

Typical
As for handing over any inheritance that all depends on the time scale. I believe that once discharged that is it done and dusted.

If you are serious about BR then there is a lot of knowledge on this site.
I am afraid Eurodebt are giving you the worst possible scenario.

I am lucky in that any inheritance that I get is going into a trust fund for me ( it was set up while my Ex was still alive).

[ScabHunter]

Re: Stay or go

If you listen to advice, make sure it comes from someone with a brain cell. Also, make sure it comes from someone interested in your welfare and not their own wallet. You can guarantee that you will get those requirements met with people on this forum.

I haven't volunteered an opinion, partly because bankruptcy is not my area of expertise, and partly because I don't have enough facts to determine the likely outcome of each scenario. You need informed opinion, not that of amateurs, even well meaning ones.

SH

[samsmum]

Re: Stay or go

Morning all. Just had some more ''advice'' from someone recommended to hubbie. Turned out he was from Eurodebt. Advised us to give house keys back,rent, go on a dmp (for the debts we're not paying) and put £30,000+ shortfall into the dmp at a later date. Oh and pay them £1000 in fees upfront. I think not!!! One thing he did say tho was that if we went bankrupt and were left any money we would have to hand it to OR. Not something i even want to consider but i have got elderly parents. I can't see any way other than work more hours,cut back on non essentials and stay here for now

[jon1965]

Re: Stay or go

A big mirror is much more entertaining