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| britishc |
Posted - 15 May 2009 : 22:17:03
Hi all,
My partner and myself are experiencing something of a financial meltdown. We currently have a mortgage of about £145,000 and about £4k on credit card. I was made redundant at work, and shortly after so was my partner. The mortgage is now currently 10 weeks overdue with arrears of about £2,500.
Despite us both applying for every job going we are having no luck aside from a couple of days temping here and there.
It is inevitable that the house is going to be reposessed. I can't see it selling for more than £100,000 in the current market, perhaps less. The negative equity left over is massive and I don't see how we can possibly pay it.
The stress has caused my partner to have breakdown and is now so unwell he couldn't work even if he could find a job. He's now out of hospital and staying at his fathers.
I have decided that I want to declare myself bankcrupt, and I think my partner is minded to do the same thing.
Could someone tell me whether what they think out of the following options would be best:
1. Declare bankcruptcy immediately and then let court reposses the property
2. Wait until property is repossesed by the building society and then declare bankcruptcy
3. Hand back the keys to the building society and then declare bankcruptcy.
My partners father has said that we can stay at his as long as we need to. However he lives in Switzerland. Would this present any problem in terms of the bankcruptcy.
Given that we cannot find a job at the moment, I'm minded to move there with my partner until he is better.
Any advice on what to do would be greatly appreciated as I don't think I go on worrying about this everyday. |
| 2 L A T E S T R E P L I E S (Newest First) |
| gettingoutofdebt |
Posted - 16 May 2009 : 08:57:28
Hi,
If you have definitely decided to declare BR and have sought professional advice then the easiest for you would be to declare BR immediately and hand the keys back to the building society. This would resolve the situation the quickest. When you declare BR the court will ask whether you have sought professional advice so you need to speak to the CCCS, CAB or National Debtline. You should also both declare BR at the same time to save any problems.
Once this has been done relocating to Switzerland won't be a problem but you would need to notify the OR of this.
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| emdaz |
Posted - 15 May 2009 : 23:15:21
sorry no advice but just to say your in exactly the same position as me with the negative equity being the main debt and sudden redundancy, I'm sure you will get an expert reply soon but me and my wife have decide BR is best option and best chance of a better life for our two baby daughters.
Chin Up It's only bloody money. |
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