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buzzrock
New Member
72 Posts |
 Posted - 10 August 2009 : 11:52:35
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Has anyone gone BR and had negative equity included?
Did you get reposessed or give keys back?
Did you wait for eviction before BR or vice versa?
Would like to hear anyone's stories, as we are in the same boat!
Thanks  |
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Jane.l
Average Member
511 Posts |
Posted - 10 August 2009 : 12:14:38
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I did
We stopped paying all creditors early Jan 2007
looked into IVA, not feasible cos we could not sell the house, secured loan company blocked sale, even had a cash buyer too
left house moved to rented April 2007
NR would not accept voluntary repossession so house was formally repossessed August 2007,
we went bankrupt end August 2007
NR changed locks and finally took the house back in March 2008
yes negative equity to NR and secured loan was all included |
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swbankruptcy
Starting Member
United Kingdom
22 Posts |
Posted - 14 August 2009 : 00:32:29
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Yes - we had a number of properties that we knew would be in negative equity.
secured loans are not included in your BR - we put down £1 against a possible shortfall for all of our properties.
We stopped paying the mortgages on all of them to let the lenders reposses them - it took over 12 months to get them all repossesed - however all shortfalls are covered by the BR as they were included in our SOA.
I'm happy to chat further if you need more info |
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buzzrock
New Member
72 Posts |
Posted - 14 August 2009 : 12:09:59
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Thanks for your stories, I would definately like to hear more.
Could you explain more about putting £1 against shortfall? Sorry if I sound thick!! 
We have stopped paying the mortgage so we can save to rent and are waiting for repo.
When is the best time for us to declare BR?
We are a family of 5 and live off my husbands wages, we also get WTC, CTC and CHB.
We have a caravan on finance too, do we need to stop paying this also?
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Jane.l
Average Member
511 Posts |
Posted - 14 August 2009 : 12:31:35
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| I did not put £1 down as a shortfall, I had a rough idea of what the shortfall was so I put that down instead, but cos the house took so long to sell, there was another £35,000 added onto that figure, but it is all included anyway. |
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swbankruptcy
Starting Member
United Kingdom
22 Posts |
Posted - 14 August 2009 : 14:06:13
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the £1 was there just to make sure the debt to the lender was included - if you have a better idea of what the shortfall would be (assume the property will be sold for 70% of market value)then list that instead.
Caravan - assuming this is not Hire Purchase and only on a loan - the loan would be included in the Bankruptcy - the caravan will be treated as an asset that will be sold by the OR to raise money for your creditors - so yes, you may as well stop paying that as well. |
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buzzrock
New Member
72 Posts |
Posted - 15 August 2009 : 12:52:21
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Our caravan is on HP and we are 1/3 of the way through the agreement.
So if I stop paying will the finance company take the caravan and the money we owe go into the BR?
*~* I wish I had a magic wand *~* |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 15 August 2009 : 13:43:54
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| If the caravan is on finance and you stop paying then the shortfall would be included in the BR. You should call the the finance company and let them know what you are doing and ask them to collect the caravan. |
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buzzrock
New Member
72 Posts |
Posted - 24 August 2009 : 12:13:40
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Thanks to all for your advice.
We have already stopped paying the mortgage and secured loan, so if we stop paying the caravan and then eventually move into rented accommodation and find we can afford to live comfortably could we still go br?
*~* I wish I had a magic wand *~* |
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buzzrock
New Member
72 Posts |
Posted - 24 August 2009 : 12:17:55
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Sorry just realised we would still have the negative equity owing!!
But then would that mean an IPA/O?
Would it be easier to go br where we live now before we rent and would we still put down mortgage payments etc even though we are not paying them?
The secured loan company rang the other day and I answered it as it came up as a mobile number!!!!!
How crafty was that???
*~* I wish I had a magic wand *~* |
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Topic |
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anyone elses br include mortgage shortfall?
