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| fredjn |
Posted - 25 August 2009 : 15:17:24
Hi my hubby and I are preparing to go bankrupt trying to save the fees etc, we plan to move into rented accomodation and then hand back the keys or wait to be repossessed.
Do we need to send a token payment to the creditors or a letter explaining anything? Plus which is better handing back the keys or waiting to be repossessed?
Many thanks
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| 3 L A T E S T R E P L I E S (Newest First) |
| Jane.l |
Posted - 25 August 2009 : 15:37:54
I went to CAB first, their standard advice is the let the house be repossesed and then sold before going bankrupt! Obviously we could not wait for so long so I started looking into it myself, as long as the date of the mortgage is pre-bankruptcy and you have stopped payments, and are either letting the house be repossesed or have handed it back, any shortfall will be included in your bankruptcy, that is what I was told by the Insolvency Service.
It is a good job I looked into this, if we had taken CAB's advice we would only just be bankrupt  We left our house in April 2007, NR got a Possession Order on the house beginning August 2007, we went bankrupt end August 2007, NR changed the locks and took possession in March 2008 and the house finally sold October 2008 Thus making a larger shortfall of nearly £40,000 MORE than was the amount of shortfall at the beginning |
| fredjn |
Posted - 25 August 2009 : 15:27:45
Thanks for your help we are with C & G and bank with Halifax will I need to change banks as they are both owned by LLoyds TSB and I don't want them to take the money out of the account as I am saving it?
Also did it matter that the house didn't sell for 13 months? Were you already bankrupt by then. Thats the bit I can't understand which has to come first BR or repo?
Thank you
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| Jane.l |
Posted - 25 August 2009 : 15:23:36
I would not bother with token payments, it won't make the creditors back off in my experience, and if you are going bankrupt, you need to save for the fees
Housewise: depends on who your mortgage is with, I was with NR and they would not accept voluntary possession and would not accept the house back unless we signed a form saying we would be liable for all costs and the shortfall, so I refused to sign it and they had to repossess the house, it took them 13 months but if they enjoy losing money, heyho |
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