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About fatherxmas

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  1. Tomorrow is the big day for me. I have printed of three copies of the statment of affairs form, 99 pages, and am off to court in the morning. What else will i need to take with me other than £600. Do i need i.d, bills etc... or just the forms and money.
  2. No not really, i'll explain a little better. I've recently been in contact with National Debtline who i've been talking to for just over a year now about my debt, and have now agreed that going bankrupt is a very viable option. The house we have a mortgage on is far too small for us as we now have two children and as it is we are paying well over the odds for it and have over 32 years left to pay. You can rent similar property (like next door) for £450, yet we are paying £620 and this is due to go up next year as we have fallen behind with a service charge on the property. After paying the mortgage for 3 years we actually owe more now than we did when we bought it to over a £1300 having to pe put on it for a service charge that had to be put on. Anyway, we have stupidly not looked after our money etc... for 3-4 years and with having 2 kids and losing overtime at work and wife having to go to part time we are in huge unsecured debt to the tune of £32k+ and have been begging creditors for a year to take smaller payments etc. Some agreed but have not froze interest and debt keeps, getting bigger, one has taken me to court and got a ccj on me. The house is in equity due to us being on a Northern Rock together mortgage, yet it is worth less than we bought it in 2007, making it imposible for us to sell due to having no money to pay solicitors, estate agents, etc and having money to pay deposit and rent on new place. Also one creditor who has ccj is gunning for a charging order on roughly the £9k equity making it very difficult for us. We don't want to stay in the house, it's too small with a poxy second bedroom not even being capable of hold a single bed, and we have been offered a house to rent, which will be ideal, cheaper, less council tax, closer to work etc, and they are fully understanding of our situation. Anyway, I have put the wheels into motion this week after speaking to debtline and have stopped paying my mortgage as of this month. The house is ready for us to move into in about 3 weeks, as it is being completly redecorated throughout. I think I am going to write to Northern Rock in a week or so and tell them my intentions of vacating the property and take it from there. I will have the money to go bankrupt at beginning of next month and then will hopefully have the money for my wife the following month as I have it agreed with new landlord that rent will not be due until August. I have been advised this by debtline to go bankrupt seperate as to ensure that we always have bank account on the go. As we currently have joint account, my wife will set one up in next week or so, when I go bankrupt our joint accout will be frozen then I will have to set up a simple account with co op or barclays, then my wife goes bankrupt her account will be frozen. I think I understand it, but I see alot of people on here go bankrupt together, whats your story? We only have a Natwest step joint account anyway, been told were likely to have this closed down?
  3. Hello I have posted on the bankruptcy section, called In Debt. Anyway, I have a mortgage but wish to hand my keys in next month and let them sell the house at auction etc as I need a bigger and house and have somewhere to move in. How would do this? Do you call the mortgage company and let them know? Or just stop paying mortgage?
  4. Right, obviously i'm not happy with the house as it's far too small for our needs, and can't really sell it etc.. Now, my parents have inherited a house and have moved into it and have offered their house to me for rent at a good rate. It's decent size being 3 beds and has a garden and is closer to my work, lower council tax band. I'm seriously considering this as I have explained my situation to them and they are willing to have a contract drawn up and are happy for me going bankrupt while renting from them long term. Now, how do I go about handing my keys in to Northern Rock? I intend to take a payment holiday next month and put this aside for bankrupt fees and then not pay the following month and then I will have money for both myself and wife and then the next month which will be july I will be moved into the new house and will pay my first months rent. Is this ok or wrong way to do it? My debts: Joint Mortgage: £95k Joint Unsecured element £14k Husband currently unsecured ccj Nationwide £10k Husband Tesco unsecured £7k Husband Virgin Credit Card £5k Wife Lloyds Credit Card £5k Joint Lloyds overdraft £4k Wife store card £800 Wife store card £600 Ok as you can see our debts are reasonably big and mixed between joint and personal. So we are both looking to go bankrupt here. Currently have 6 month agreed payment plans with most and are paying hugely reduced monthly installements, though most are chargin extra fees and interest willy nilly making the debt grow even further in the past 12 months. We have basic bank account, would we be likely to keep this? Been to CAB and was told to go for IVA but have decided against this as we are really so unhappy in this house. Repayments on CCJ will take 17 years to pay off. Anyway see what you think?
  5. Hello readers, I have posted on here before sometime around christmas (hence the name) and was due to go to court for a redetermination. I can't recall whether or not I filled you back in on my situation so i'll start from fresh. I'm married, mid twenties with two children under age of 3. I currently have a mortgage from Northern Rock for a small 2 bedroom cluster home in the Midlands. I have no garden and the second bedroom, you would just about fit a computer desk in. One of my children has to sleep in the same bedroom as me and my wife and obviously all clothes, changing unit etc are in our room too. The mortgage is a together mortgage in both our names with the mortgage took out for £95k and the unsecured loan element for £14k totaling £109k. The house was bought for £107k coming up to 4 years this August. We borrowed £2k ontop to furnish it. We have 31 years left on the mortgage and currently pay around £620 a month for both parts. We are in a fixed rate which expires next August and I know for certain they'll be be putting this rate up then. Also we have another problem as the land surrounding the area is on a service charge of around £30 a month which I knew nothing about for 2 years and we owed a total of £1300 on the property buy the time Northern Rock stepped in and paid it adding it onto our mortgage. I asked for a payment holiday a few months ago and was told if I did my payments would go up £30 a month for the final 31 years of my mortgage. Anyway had house valued in idea of trying to sell up and it was valued at £102k-£105k , I bought it for £109k remember. Anyway I have no cash for fee's etc and when I went to court for redetermination my creditors have been given permision to apply for a charging order on the property as obviously with the together mortgage I have equity. Right i'm posting this now as I'm scared i'll lose it somehow as pc plays up alot so I will continue this just hang on.....
  6. Cheers for that advice. Called them this morning and got it reduced to £100 by changing tariff and as I have a council tax break next month offered to pay them that as well so payment will remain at £87! (for now)
  7. Update: Got court hearing beginning feb and have received majority of agreements from my other creditors to new payment plans. Then this morning electric statment comes through and has gone up £31 a month. Don't know whether to laugh or cry. I even got Northern Rock to agree reduced payment plan! Now though it seems i'm going to have to rewrite to all of them again and offer less. What's the chance of them accepting less after just agreeing an improved offer? Pants!!!!!!!!!
  8. Thankyou for your advice. One factor though is the size of our current house. It's a bit on the small size, i'm not complaining at all it has served us well for three years so far. It's a two bed house with no garden and small living room. The small bedroom you can't fit a full size bed in without blocking the door 3/4 and is suffering from damp pretty bad, and our fixed period ends in 6 months and I expext to get screwed by the new terms. I know we could get a better sized property in renting, but it's a big step. But just thinking with at least 12k equity in the house if Nationwide got a charging order we would likely have to sell anyhow. Would the council be likely to rehouse us in this circumstance?
  9. Yes letter written yesterday and will be sent via special delivery on monday. I have requested a hearing at my local court.
  10. Been going through paperwork today and have been searching on web for information on my mortgage. It's the Together mortgage. It's breakdown goes like this 90k mortgage + 14.5k unsecured loan. House is valued at £106k-£100k. If I sold house what would I be obliged to do as I have all these creditors chasing me. Could I pay the mortgage off and pocket the profit. Rent new house, then go bankrupt? Or would all profit be taken by creditors and me left homeless with no rent money to put down. Just a thought? Today I have written a letter to Northern Rock informing them of Nationwide taking me to court and me having an unpayable ccj of £357. Nationwide informing me that they will go for a charging order when I fail early next month. Also asked them to take reduced payment on the unsecured loan like rest of my creditors in interest of fairness. Though some posts on web seem to indicate that Northern Rock would likely look for a ccj and to secure the rest of the debt themselves? hmmm what to do.
  11. Hello this is my first post here, found this site while trying to find info to deal with my predicament:- I'm a married man with two young children, 9 months and 2 years. My wife and I have struggled with money since the birth of our first son as she had to go to part time due to childcare issues. Though it took us a year later to truly understand the mess we were in as the overdraft got bigger and the credit cards were having the tesco's shopping put on them now and again. The minimum payments got bigger etc, the overdraft said no more. I sat and sorted the money out and realised we were in huge debt. £32k+. That could be even more when I am finished sorting out the 100% mortgage deal that seems to include a futher £15k loan. Anyway, got in touch with National Debtline around 7-8 months ago and followed their lead in sending letters to creditors, of which there are seven, varying in my and wifes names. A few 3-4 agreed a minimal £1 a month, while Virgin and Nationwide persisted in hassling me etc. A few weeks ago I made an improved offer to Nationwide as I had managed to cut down some expenditure. The offer was around £37 but was refused and last friday I recieved my CCJ. The court in Swindon decided that I can afford £357 a month lol. I spoke to Debtline again and I am in the process of asking for a redetermination at my local court. Debtline said that they may not have accepted my offer or judged anywhere near it because it would take 21 years to clear of the £9k+ loan. My budget sheet is wll within guidlines and my money left over for creditors is only £122 joint income for me and my wife. Offer to creditors is prorata by the way. I have to currently pay the first installment by 3rd of jan 2010 which i cannot afford. They have sent me a letter saying they will look for a charging order. My question is should I be looking to go bankkrupt (excuse spelling). My mortgage is worring my wife as the 100% mortgage includes the £15k unsecured loan. Though the payment is as one. I mean mortgage Northern Rock £90k and £15k loan = £105000 one payment to Northern Rock of £620.55 a month. How do these mortgages work? Should I not pay the full price and make Northern Rock a pro rata payment on the loan or continue to pay it as it is. If redetermination is no good and they want me to pay £320 more than I can afford a month, should I look to go bankrupt before it becomes sercured loan???
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