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rjsbee
Junior Member
181 Posts |
 Posted - 02 July 2008 : 20:37:02
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Several things have happened over the last few months - see earlier posts on this forum - howver we now find ourselves in the following situation ...
House is valued at c £180,000, combined Mortgage and additional secured loan ( First Plus ) balance owing is c £235,000 with arrears being c £3000 each = c £55,000 + negative equity.
Have been taken to Court re possession of the House by main Mortgagor and we are currently serving a 6 month suspension period pending further review Nov 08. Now paying normal monthly payment plus £50 to main Mortgagor.
Not currently paying anything other than token payments to First Plus - should be paying c £705 per month.
Joint salaries ( wife and myself ) now total c £2500 per month net - I have found a job following redundancy last year.
First Plus have yet to issue any sort of proceedings against us other than usual debt chasing letters and involvement of Debt Agency.
Also have c £30,000 of unsecured debt to which we are not currently paying anything except token payments. Utilities etc all up to date.
House is up for sale but no offers as of yet.
Advice needed re:
1. Obviously we will need to move out of our home and secure rented property at some time - when is the best time ? Now ? after next Court Hearing ? Not until First Plus come after us ? Do we just hand keys back in ?
2. We presume Bankruptcy will be best option for ourselves ( House is in joint names ) - are we correct ?
3. When do we go Bankrupt - see Q2 ?
Any advice would be appreciated ....
Rob
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 02 July 2008 : 23:20:16
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Hi there
really sorry to hear about the situation and the stress it is causing.
The best advice is Careful Planning.
1 You would undoubtedly be unable to sell the house because it is standard practice for First Plus ( Good Old carol !!) to refuse to release the mortgage because this leaves their position exposed.
2. IF you found a buyer the solicitor would get excited because once they requested settlements they would clearly see that you couldn't pay them.
3. The estate agents would also find out and they would get excited too.
If the house was sold ( see above for liklihood) then you have £30k unsecured PLUS £X unsecured ( previously secured on the house)
I is the mortgage joint and what is the split of the unsecured betweeen you both.
Without knowing the full facts I suspect that you may well have to go through Br but the most important priorities are :-
1. get a plan
2. Look after the family
3. Find a new home
4. Get the most advantageous Time Line for you
5. Understand what the creditors will do and when.
really i would recommend you get some free telehone advice from a Bankruptcy specialist - there are 2 available on the experts panel that would be please to have a free chat on the phone and get a plan worked out for you.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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rjsbee
Junior Member
181 Posts |
Posted - 03 July 2008 : 21:32:04
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Thanks for advice so far ...
Mortgage and First Plus Secured Loan are both in joint names.
Unsecured debt, c £26,000 is made up of Personal Loan in my name only whilst the other £ 4,000 is in joint names.
We are due to visit Citizens Advice Bureau mid July in an effort to get advice but will also contact an expert on this site as suggested.
Thanks again. |
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melanie_giles
Senior Member
1191 Posts |
Posted - 03 July 2008 : 23:11:20
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You could do no worse than to give Paul Johns a call as he specialises in this area.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 03 July 2008 : 23:14:11
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Hi
Mid July is simply too long to wait to get the advice you need and wait for a plan.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 04 July 2008 : 17:20:23
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Hi Rjsbee,
Indeed, Paul has an excellent reputation so give him a try!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Advice needed !
