Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
Hi, ive missed about 5 months payments on my fixed rate morgage and owe about £3000 in arears (going up all the time with charges ) i cant afford the morgage any more and can be rehoused with the council ,the mc have not started repo procedures yet but cant be far off . we know we are going to lose it but are unsure what is the best way to go about it hand the keys back are move into the council house and leave them to repo it. any advice is wecome . just a thought after they sell it would we be better off going bankrupt .
It may answer a lot of the questions buzzing around your head.
No-one on this (or any forum) should advise you to go bankrupt, we can advise you of the processes involved and the possible implications and even guide you through the system that you decide to follow and hopefully remove some of the hassle and worry you are experiencing but the decision is not one to be taken lightly and ultimately should be a matter for you and your family to take
Ok, only you know if the continued house ownership is viable or not, so only you can make the decision to hand back the keys.
However, if you have been offered Council housing, then take it with both hands now, and worry about the rest later. (Because they may find you intentionally homeless for not paying your mortgage and withdraw any offer). With a roof over your head, that's one major worry less, and you;ll find you can breathe easy and start hitting back at these companies.
You should let the mortgage company know where you can be found, (I used a c/o address just in case this went the other way and I owed them!) and I say this because, even after they have sold it at auction for a fraction of its worth, ripped you off for lawyers fees, cleaning, lock changes, and anything else they think they can get away with, you might find you have a small amount due to you. Even if they say you owe them, they have to send you a Breakdown of these costs and some of them you could challenge.
You have to put your family first, so you must take the social housing.
The morgage is £85,000 + ARREARS £3000 house is valued at £97,000.
after all the charges for selling it we would probably still owe money out , also i don`t know if they would charge the early repayment charges (they would be high ) so we are resighned to loosing it , luckly we have always stayed on the council rehousing list so when we knew things were going bad i started bidding for houses and we have just been offerd one we like ,so dont know the best thing to do with this . we do know there is no chance of us being able to pay the morgage payments .( we are self employed market traders me and the wife and with no one buying stuff its all gone tits up ) . thanks for the replys it helps to hear from others and listen to advise.
just an update , we`ve decided to give the keys back , don`t know if this is the right thing to do but council says we will get the keys to our council home some time next week so will move in, then hand keys back .thanks for advice .
Please ensure you keep in touch with the lender and keep records of everything they do to value/sell the property and make sure they aend you a full statement of all costs incurred.
Hope everything goes ok for you in the future and that this is a new start for you .
Is It Better To Give The Keys
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