| T O P I C R E V I E W |
| BigBuddy |
Posted - 17 August 2009 : 20:23:22
Hi, 3rd question!! Having read through some old posts it seems that if you pay one creditor and not another the OR dosn`t look kindly on this? I hope to keep on paying my mortgage and the one secured loan I have on the property with my student bursary, is this allowed? Halifax have suspended my mortgage for 3 months but my loan company are activley seeking payments as I type!!
Has anyone else had any expierence of this |
| 6 L A T E S T R E P L I E S (Newest First) |
| gettingoutofdebt |
Posted - 18 August 2009 : 07:02:40
If you want the mortgage and secured loans included within your BR then you should include them. Unfortunately it is not a case of including them and then a few years down the line if you can't keep up with the payments they can be included; it is either or.
You need to make a decision before declaring BR on whether you are going to try to keep up with the mortgage/secured loan repayments or not and whether you are going to keep the house or not. |
| BigBuddy |
Posted - 18 August 2009 : 06:08:48
Thanx for all your advice, should I include the mortgage and secured loan on my BR forms when I hand them in on the 8th? just in case i cant keep up with the payments? |
| frosie90 |
Posted - 17 August 2009 : 22:50:37
Sorry to hijack the post but congratulations Sparkle. Fabulous. To return to the post I agree with Sparkle and Skippy. If you intend to keep the house you must keep up payments and they wont be included in your BR. If you decide you "bite the bullet" and give up house you must ensure you include it on your SOA even if it is a "guesstimate" of how much the mortgage shortfall will be. |
| Skippy |
Posted - 17 August 2009 : 22:05:52
If you are planning on keeping your home there is no problem with paying the mortgage and secured loan.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
25 IPA payments made, 11 to go - on the home straight! |
| Sparkle83 |
Posted - 17 August 2009 : 21:50:37
to the best of my knowledge, secured debts/mortgage arent written off by BR anyhow, so payments to them must be maintained, though hopefully someone will correct me if I'm wrong
Weeks of BR
****5****10****15****20****
(EDREV received and returned at exactly 24 weeks)
25****30****35****40****45****50** |
| frosie90 |
Posted - 17 August 2009 : 21:09:54
Hi bigbuddy,
People will correct me if I am wrong but as far as I am aware it is fine to keep up payments on your mortgage and secured loans because they are tied up with your house. I did the same just prior to BR but when I finally decided I wanted to give up the house I stopped paying everything. Good luck.
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