Hi all I just thought I would update you on my case. BR on 8th January with OR meeting 2 weeks later. Keys to house handed over as a voluntary repossession on 6th Jan. Income Payment Order agreed 2 weeks later payable from the end of March. House sold end of March. 8th July early discharge from BR completed. Income Payment Order is for 3 yrs but is managable. All in all this has been a straightforward process and the court and OR office were very supportive. My life has changed so much more for the good and I feel as though the millstone has been removed from around my neck. Thanks for all the support from all caggers and I wish everyone in a similar position the very best and hope my story helps you to break free from the burden of debt. Kind regards Ardhaven

Hi all Thought I would give an update of my progress. On Fri 8th Jan I attended court and was bankrupt within 20 mins. Didn't have to see the judge and the court staff were very friendly and helpful. Spoke to the OR office on the phone for about 2 mins and was out of the building within 35 mins! I got a letter about a week later and have a telephone interview on Wed. I moved house 2 days before the BR hearing and handed the keys over to the Nationwide on the 9th Jan. Thanks again for all the help and advice from fellow caggers. I do have one other question. If my girlfriend moves in with me say in the next 6 months how will it affect us both financially?

Thanks again dodgy geezer for your help. I am now in the process of filling in the online SOA forms. I am listing my creditors and wonder if I can include a debt to HMRC for overpayments in children's tax credits amounting to £1000.00 (overpayments in 2004/5 but only billed in July 2009!). Also I finished being liable for the Child Support Agency a few years ago but have an attachment to earnings order for arrears (£2700.00). This is not money being collected for my ex wife because she was on benefits at the time so it just goes into the CSA coffers. It would be great if they could be included! Regards Ardhaven

Hi dodgy geezer. I wish you all the very best and sincerely hope that you resolve your situation. Thanks again for your comments. The 'what if' point puzzles me. Is it a possibility that by a voluntary repo it can come back to haunt me in the future? I would be quite happy to leave things to the OR. Its just the little practicalities to sort out I guess such as council tax and utilities etc and who takes the keys etc Regards ardhaven

Many thanks bertbass666. Thank God for this site. It has been a real lifesaver! Regards ardhaven

Hi and congratulations on reaching the end of your BR. I have spent some time read others experience and you have been a tremendous voice of support and reason throughout. Many thanks for helping me! I am daunted and my biggest concern is not the hearing but making the right choice about my home. Do I hand the keys over when I move and seek a voluntary repo or leave it all to the OR? It's a difficult one! Anyway all the very best Kind regards Ardhaven

Just thought I would post an update on my situation. I rang York County Court on Tuesday and I was able to name my hearing date for 8th January.This ties in nicely with my move into rented on the 6th January. I already feel better by just making my decision to go the BR route although it is a very daunting step to make. I will let you all know how I get on. Many thanks for all your advice so far. Kind regards Ardhaven

Once again my thanks to everyone, in particular 'Dodgy Geezer' for your very sound advice. BR is the route for me and I am much clearer in my mind about how to approach it. THANK YOU!! I have made a contribution to to CAG. I will keep you posted on how I get on. Kind Regards Ardhaven

That's great advice thanks. Does anyone know what I should do about the house when I move into rented. Do I hand the keys to the OR or to Nationwide. I want to be able to move switch everything off and start fresh in the new rented house. If I don't pay the utilities won't I have problems getting sorted when I move Many thanks again Ardhaven

I will keep a diary going on this thread so I can keep you posted on what happens to me. I hope this will help others in a similar situation. Any more practical ideas will be great Thanks

Thanks again for your advice..its invaluable! I wanted to sell the house but Picture won't allow it. So I guess I am stuck with the first option of debts of £260,000 + unless there is a way round Picture blocking the sale because of their second charge on the property. I have spoken to my IVA administrator and he thought it best for picture to lay their cards on the table and threaten repossession before registering for bankruptcy. I have a rented property lined up for 6th Jan 2010 so I was thinking of filing in early December. I am told that it can take 6-8 weeks to get a hearing date so it should all tie in nicely. I understand the 'heart rendering' side but as long as Nationwide get their money back I will be happy. With Picture's attitude I won't lose sleep over them! Kind regards Ardhaven

Thanks for your advice. ind regards ardhaven

Many thanks for your reply and excellent advice. I am also wondering whether its best to wait until I get a formal repossession threat from Picture and a court hearing date before entering BR. I just want to ensure that they get drawn into the BR. I also read somewhere that all bank accounts will be closed once the BR goes through. Does that mean if I open an account with Co-op now that it will also get closed? Can someone advise me on the practical steps to take in moving into rented before BR and what I do about the mortgaged/secured loan property. i.e. do I hand the keys to Nationwide? I'm not really sure what you do in this situation.

I am currently in 18 months into an IVA and have recently lost widowed parents allowance and child benefit amounting to £600 per month. I am in full time employment but I am no longer able to meet the demands of my IVA, mortgage and secured loan. My mortgage provider, Nationwide, has agreed to reduce the monthly amount for 6 months but Picture Loans will not help and after paying only part of the monthly payment due have already started writing to me about arrears and ringing me up. I was not in arrears on either account until then. My mortgage with Nationwide is for £170,000 and my Secured Loan with Picture is £90,000. The house is worth £210,000 leaving me in negative equity. I asked Picture to allow me to sell the house and pay whatever was left after paying Nationwide. The shortfall would then be repaid from my pension lump sum due in 4 yrs. They would not agree. I am seriously considering bankruptcy as my only option. I need practical advice on what I can do. Should I change my bank account now before BR as my account is with my mortgage provider - Nationwide. Can I move into rented property then go bankrupt and hand over the keys to Nationwide? Any practical suggestions would be great. Should I stop paying my mortgage/loan to help fund the bankrupty application and rental bond. I have seen a house and have submitted an enquiry but I don't know what to do for the best... HELP!!

Not sure if I have posted this in the right place. Should it be under IVA/Bankruptcy heading? One other quetion I wanted to ask is should I wait to open a new bank account after bankruptcy. I rang Co-operative yesterday and they agreed to a basic account but I haven't yet switched or paid anything into the account. I will need to change at some point because Mationwide is my mortgage provider as well as my current account

Many thanks. Much appreciated

I am currently in 18 months into an IVA and have recently lost widowed parents allowance and child benefit amounting to £600 per month. I am in full time employment but I am no longer able to meet the demands of my IVA, mortgage and secured loan. My mortgage provider, Nationwide, has agreed to reduce the monthly amount for 6 months but Picture Loans will not help and after paying only part of the monthly payment due have already started writing to me about arrears and ringing me up. I was not in arrears on either account until then. My mortgage with Nationwide is for £170,000 and my Secured Loan with Picture is £90,000. The house is worth £210,000 leaving me in negative equity. I asked Picture to allow me to sell the house and pay whatever was left after paying Nationwide. The shortfall would then be repaid from my pension lump sum due in 4 yrs. They would not agree. I am seriously considering bankruptcy as my only option. I need practical advice on what I can do. Can I move into rented property then go bankrupt and hand over the keys to Nationwide? Any practical suggestions would be great. Should I stop paying my mortgage/loan to help fund the bankrupty application and rental bond. I have seen a house and have submitted an enquiry but I don't know what to do for the best... HELP!!