Think I need to go BR!

[fiscalfool]

Re: Think I need to go BR!

My mistake about the house buying thing. Others will explain about the disposing of assets prior to BR malarkey, but has she got the same name as you? Probably not . . . Anyway who says you're going BR yet.

I completely understand the parent non-involvement approach. What a nice person you are to want to spare them any worry - wish my daughter was like that.

I spotted the 5 bedroom opportunity in your current home. Have you considered the Rent-a-Room scheme? It's a way of taking in lodgers without paying tax (up to a £4,250 limit pa?) as part of a HMRC deal set up when they gave up on pursuing people who do it anyway to avoid tax. My friend Ros has two in her house which she sourced from www.mondaytofriday.com and www.fivenights.com . That way she only has to tolerate them during the week and they bugger off at weekends. Simples. Their rent covers her mortgage shortfall and they share the odd glass of wine or a beer for fun too. Just a thought.

I'm not going to say any more for now because my daughter will say I'm being a busy-body, but I wish you well in your decisions.

I just thought that if all your unsecured debt (with the exception of the car) is truly unenforceable, and you've only got £10k in negative equity you may be able to ride out the storm. After all as long as that house increases in value by 1% in your lifetime you'll be back in positive territory. Although you do descibe the neighbourhood as being a bit 'colourful' (what with all those syringes etc!). I don't know what agents charge to sell stuff in your neck of the woods, but if the lender puts it into auction you would normally still have to pay the auction costs with repossession, and it gets sold at a knock-down price too. I have absoltuley no idea what happens to houses and BR so please ask a wise guy on this website, but in my experience (yup it happened to me in the 90s) the lender can chase the borrower for up to 6 years (or even 12 in some circumstances) for the shortfall. Also most lenders (and I think NR may be one) buy in-house Mortgage Indemnity Guarantees to protect themselves. This means that the lenders claims any shortfall off their insurer and then the insurer chases the borrower for 6 (or 12 years). That's why lenders don't mind bunging repossessions into auction because they won't lose out whatever it sells for.

I'm off now and I've probably said too much and I'll get a slapped wrist from a moderater. Eeek.

Plan B x

Hi Plan B ....

Please keep offering your advice, it is really appreciated.

Great idea ref "Rent a room". Two problems, 1) My landlord would need to approve "sub-letting" 2) There are no rooms spare:

Mine, My office, My sons, my partners daughter as she spends two or three days here, and then a tiny box room (still classed as a bedroom though).

I'm not totally sure of what happens to property in BR if it's been handed back. I need to get definitive guidance upon that one.

[Never-In-Doubt]

Re: Think I need to go BR!

As I said if BR is the way forward then i think the best way is to just get the ball rolling yourself otherwise you could be in for a long wait

Or consider what has been submitted before, walk away and see - absolutely pointless going BR for the "sake of it" - at the end of the day if you cannot afford things, stop paying. Simples.

Blood does not come from stones. Thus feck em! Sorry to sound blunt but what more can I say? Why put yourself through all that when it could be totally avoided? Remember there is still the issue of moving the partner in, this isn't ideal in the middle of BR.

[fiscalfool]

Re: Think I need to go BR!

Stop thinking so deep into this, we're going round in the same circles here!

Ok, if you have decided to go BR then quite simply, yes - walk away and see IF (huge if in bold neon colours) anyone wants to make you BR. They may not, great! I suspect none will and also suspect not many will bother with a ccj - they still need to know where you're at and if you just moved and have not told them, and have no intention of applying for credit then it'll take a while anyway!

I sense my indecisiveness is frustrating you, oh wise one :niddy

Ok cool, I shall stop paying it all and walk away then. I need to get onto the bank, as the mortgage payment is due out tomorrow, need to get that stopped!!

So, just for clarity .... if they do go the CCJ route ... what do I do? Respond to the CCJ paperwork and then file for BR?

Cheers

[LooLoo]

Re: Think I need to go BR!

I totally agree with you Nid - and wish I done what I am doing now - 2 years back and not thought about BR - but hey you couldn't tell me eh!!

But if FF has made up his mind to go down the BR route then maybe it would be better to get it started? dunno??

[LooLoo]

Re: Think I need to go BR!

Stop thinking so deep into this, we're going round in the same circles here!

Ok, if you have decided to go BR then quite simply, yes - walk away and see IF (huge if in bold neon colours) anyone wants to make you BR. They may not, great! I suspect none will and also suspect not many will bother with a ccj - they still need to know where you're at and if you just moved and have not told them, and have no intention of applying for credit then it'll take a while anyway!

HAHAHA do you think he sounds a bit like me?

[Never-In-Doubt]

Re: Think I need to go BR!

So, just for clarity .... if they do go the CCJ route ... what do I do? Respond to the CCJ paperwork and then file for BR?

Cheers

Or defend it..... wait and see, cross that bridge as and when yea?

No, not frustrated - just concerned you're worrying too much about scenarios that will likely never occur.

[Never-In-Doubt]

Re: Think I need to go BR!

HAHAHA do you think he sounds a bit like me?

Deja vu deffo springs to mind, however the problem was you had BAAB bleating nonsense into your left ear whilst having me bleating sense in the right ear.......

[fiscalfool]

Re: Think I need to go BR!

Or defend it..... wait and see, cross that bridge as and when yea?

No, not frustrated - just concerned you're worrying too much about scenarios that will likely never occur.

Cool thank you.

I do tend to try to "over analyse things", and try to make sure I've totally thought them through.

Right so:

• Mortgage Direct Debit Cancelled
• Tenant moves out at the end of September
• After Tenant moves out, I shall return the keys with a "digitally signed" letter saying "I cannot afford the property, please find enclosed the keys for you to reposses". etc
• I shall advise the PayDay lender that I'm seeking advice on BR, just to fend them off for a bit!

Let's see what happens!!

Quick Question ... for Niddy :niddy

Should I continue to maintain correspondence with the creditors via written communications? Such a rebutting the UE letters? Or just go silent?

Paul's advice a while back was to maintain a dialogue, but I realise his advice is from a slightly different bias.

[PlanB]

Re: Think I need to go BR!

Hi Plan B ....

Please keep offering your advice, it is really appreciated.

Great idea ref "Rent a room". Two problems, 1) My landlord would need to approve "sub-letting" 2) There are no rooms spare:

One final suggestion (not advice everyone!) is to maybe try and negotiate with NR to let you sell the house yourself a.s.a.p. and ask them if they'll write-off the shortfall (but not until you've got a buyer and NR can smell money). Some lenders will do this (but only some so don't count on it please) paricularly the Bad Banks like NR and Brad&Bing. If you don't ask you don't get.The Mortgage Express offered some borrowers a financial incentive (such as a small write-off) to redeem their mortgages because the state-owned lenders have targets to meet to return the borrowed money to the tax payer. They may/may not make a commerical decision that it's cheaper to write-off a little debt then get saddled with a repossesion scenario which costs them all those legal fees which they know they'll never get back from you.

Thanks to Pre-Action Protocol they're not allowed to respossess you until you're 3 clear months in arrears (and just paying £10 on to the account in month 3 can usually frustrate that until month 4). See this suggestion as a card to play for time and not an alternative to your current walk-away plan. It's just one small attempt at something in which you may be able to minimize the stress of being chased. That's the part I hate most. You've been given solid advice by Niddy on the big picture which is worth its weight in gold.

If you've cancelled the NR DD you'll be getting a call from them within 24 hours anyway so it's not a bad idea to have something 'interesting' to tell them like the house is on the market. Anyway what's wrong with getting an agent to put it on the market so at least you'll see it's true value. Agents don't (shouldn't) charge you a penny unless it's sold. You never know you might even get an offer. It's that glass half-full mindset thing. Niddy is right when he says you're agonising over things which haven't even happened to you yet and may never happen. Golly you're just like me!

Plan B
PS if you want tips from me about cheap boilers I can do that too!

[Never-In-Doubt]

Re: Think I need to go BR!

Paul's advice a while back was to maintain a dialogue, but I realise his advice is from a slightly different bias.

Off the radar mate

[fiscalfool]

Re: Think I need to go BR!

Okay ... no problem ... totally incommunicado !

[PlanB]

Re: Think I need to go BR!

FF a quick thought: if your NR mortgage is on a repayment basis you could ask them to change it to interest only which would reduce your monthly payments.

Also what was that nonsense about needing to install double-glazing in your rental property - you're keeping tenants in there not orchids! I just said that to put a smile on your face.

[fiscalfool]

Re: Think I need to go BR!

Nah, already done that, it's interest only!

Oh and some of my tenants think they are precious!!! bless them!

[confused76]

Re: Think I need to go BR!

Cool thank you.

• I shall advise the PayDay lender that I'm seeking advice on BR, just to fend them off for a bit

hmm i'd be less inclined to tell anyone you're considering bankruptcy, all they will do is increase the pressure on you to pay. fob them off with a promise to pay next month to buy you some time x

[kilasuit]

Re: Think I need to go BR!

which payday lender?