Thinking of going Bankrupt

[Pixie]

Re: Thinking of going Bankrupt

Hi PF. Sorry I can't help with any of your questions but just want to add my support. You have enough on your plate without the added stress of this

[IF]

Re: Thinking of going Bankrupt

Another hug from me too Pompey

[cookie2112]

Re: Thinking of going Bankrupt

And from me too

My MIL has recently been diagnosed with Alzheimers, so I know it's hard enough just dealing with that! Good luck

[lookingforward]

Re: Thinking of going Bankrupt

Support here too, can't believe all this hassle from a double glazed front door !!!

[ATW]

Re: Thinking of going Bankrupt

I've sent you some info which will hopefully make things look less grim.

[PlanB]

Re: Thinking of going Bankrupt

Hey Pompy I've only just stumbled upon this thread

You've received an application for an AOE that's all. Why are we discussing bankruptcy?

I do know the feeling though. Late at night (usually around 4 am) I decide I've messed up big time so will sell my home, my car, my jewellery and my children simply to get my creditors off my back. And then I go back to sleep. Next day I realize that was a silly idea. Maybe selling my daughter isn't so silly but that's another subject

Andrew is guiding you and you have until 2nd June to deal with this.

You've come so far please don't throw in the towel just yet

[PlanB]

Re: Thinking of going Bunkrupt

Does anyone know if councils still do buyback mortgage rescue? as that could release the equity

We can discuss all the different Sale and Rent Back Schemes on offer as events unfold. I have strong opinions on these schemes and none of them good. However I will give you the information in a few days time so you can make an informed decision.

Here's some information on equity release from Age UK (formerly Age Concern) which is another option which I know you have dismissed but in the light of your worthy preference to keep your MIL in situ you may want to look into it as an option.

http://www.ageuk.org.uk/products/financial-products-and-services/equity-release/?ito=GAG7277321025&itc=GAC46666436745&itkw=age%20c oncern%20equity%20release%20schemes&itawnw=search& gclid=CJ77nfS6k74CFaoewwodWnUA9g

[pompeyfaith]

Re: Thinking of going Bankrupt

Am only 50 51 in 4 weeks so cannot get equity release yet that is a consideration in 4 years time though,

PlanB it is just the impact this is having on my health due to SAH maybe need to go see my GP

[Inca]

Re: Thinking of going Bankrupt

Hi Pompey...NOTHING is worth losing your health over,,You MUST put yourself first.

[Miss Muddled]

Re: Thinking of going Bankrupt

It is a right mess perhaps I could try a write off with elsa's help? who knows fuck I feel like a prisoner all because the DWP Broke the law regarding my anytime revision[/QUOTE]

Hi Pompeyfaith

Have just logged in and seen your thread. (Not been on due to illness and stress levels)

Sorry to hear added stress levels are all due to DWP. Its about bloody time somebody did something about this lot. They are ruining vunerable peoples lives and getting away with it. (Pity we not Junkies or Alcholics - they seem to get the most support). This is not fair that they get to play Russian Roulette with peoples lives.

Hopefully with Andrew, Niddy etc...with their great expertise can see a way out to help you.

Hugs and support all round to your family.

[PlanB]

Re: Thinking of going Bankrupt

Am only 50 51 in 4 weeks so cannot get equity release yet that is a consideration in 4 years time though,

I was wondering whether your MIL could get equity release on the assumption she's over 55 since she owns a stake in the house.

Also is your mortgage on a repayment or interest only basis? If it's repayment you could maybe ask your lender to change it to interest only for 12 months which could reduce your monthly payments dramatically and improve your cashflow. And then ask for another 12 months after that and so on.

[pompeyfaith]

Re: Thinking of going Bankrupt

Yes it is repayment that is an option Thank you and better than MIL going for equity release on her share as it is not something she would understand with alzheimers and would like her to sign something she does not understand.

My mortgage lender is the halifax ill give them a ring tomorrow to enquire

[PlanB]

Re: Thinking of going Bankrupt

My mortgage lender is the halifax ill give them a ring tomorrow to enquire

Good to see it's a mainstream lender not one of the nasty uncaring sub-prime ones.

They will ask you why you need to switch to interest only so I think you should give the impression that this is a temporary situation with a light at the end of the tunnel. Perhaps refer to your ESA battle with the DWP and explain that you've got a solicitor chasing this for you so all you want is some breathing space until it comes through.

DWP stopped my ESA which I am fighting but it all as you know takes time.

. . . my DLA middle rate of £212 that is it until I can get my ESA reinstated but do hold much hope of that as DWP are intent in breaking the law and thus is in the hands of a solicitor.

Maybe not a good idea to pour your heart out about your debts because you don't want to plant the negative thought in their head that you might default on your mortgage etc. Tell them cash-flow is tight until your benefits come on stream. They may send you an I & E to fill in and I can't think of a reason to refuse to complete it since I feel it's best to work with them than against them when you're asking for a favour, because changing your mortgage terms is seen as a concession not a legal right.

I would also unashamedly play the 'sick card' with your personal health issues too so that they get the message that a house move due a sale of the property (let alone a repossession) would be life-threatening to you.

Good Luck tomorrow

[pompeyfaith]

Re: Thinking of going Bankrupt

PlanB

Good advice but one question if I may, can you read my mind in that I was just thinking ahead of what to say to the Halifax and up pops all the answers I need.

BTW I am an glad Niddy upgraded you to full mod as you have earned it with the excellent help you have been giving.

Well Done.

[pompeyfaith]

Re: Thinking of going Bankrupt

I Have 89k equity as it stands at the moment although by the time I am old enough (wow that makes me feel young) for equity release the mortgage will be paid down by another 4 years so if I can hold out until then my worries are over as I could release 20k to pay off my debts via full and final settlements and have a well earned holiday and restart my life.

One of thatchers good policies btw as I only paid 13.8k for this 4 bedroom but remortgaged to get the updating of home done like double glazing, bathroom, kitchen and central heating etc done

That is the plan going forward anyway.