All Forums  archive  bankruptcy postbag for july  Advice and Sense Check Please!!

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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by darren_b[/i] [br]Hello All, One more post just to make sure I have this right in my head. Wondered if people would mind sense checking this? Sorry its so long. My wife and I have debts of £44K unsecured.Some have not had payments on them for 3 yesrs. I lost my job, wife lost her job, sales commissions dipped etc etc. We have a secured loan at £37K and a mortgage of £86K. The property is valued around £118K. Negative Equity! We have looked at an IVA, however with the allowances granted in an IVA we simply dont believe that we could keep up with the payments, and that is after consulting three different companies, including one on this site. After discussions with them all (who were all brilliant people by the way) myself and the reps all think that BR is the best option. Paying in excess of £1300 a month mortgage, sec loan, ground rent and council tax. We intend to have the house repossessed - simply as it is too small for us (2 bedroom flat) and expecting a child. Simialr properties on the estate have gone unsold for the last 2.5 years so thats not an option either. We have found rental accomodation and intend to put an application in on Monday. Just wanted to sense check this with everyone. 1. Once accepted for the rental, agree a move in date of october 1st. 2. Stop paying mortgage and loan this month, pay bond for property this month (£1000). 3. Next two months, dont pay mortgage and loan, which start repossession claim by mortgage lender. - 4. Use money from those two missed payment to pay first months rent, moving costs, and then our two BR petition fees. 5. Apply for BR back end of October. 6. Sit back and await the storm! Sorry its long, just dont want to put a foot wrong in this process...in a big enough mess as it is. Also, would we be denied BR as we havent tried an IVA??? Thanks [/quote]   Check here to include your profile signature.