A question for discharged BRs

[Dodgy Geezer]

I am just about to enter my 9th month of BR.

I have a property with little or no equity.

I have Mortgage arrears of £ 15,000 at which i am paying off at £ 250 pcm as agreed with the Mortgage Co.

I am currently still working on the same Self Employed basis as when made i was made BR.

I have very little, or no disposable income to speak of.

I have had no contact with the Insolvency Service since my Income and Expenditure sheet was sent in months ago.

 

My question is,

 

Can anybody suggest what is likely to happen over the next few months. I am due automatic discharge on the 12 month date.

When am i likely to know if there is a way forward for me and my creditors, or do i simply say, enough is enough, and walk away now and be done with it.

I know about the beneficial interest bit.

 

Any feed back would be appreciated.

 

Thank You.

[Tawnyowl]

Hi Dodgy Geezer,allways enjoy your posts on the last post etc.Didnt realise you were in this position,but i suppose many of us are or have been.I understand you are 9 months into bankruptcy,so your discharge will be coming shortly.Mortgage arrears of 15000 which you are paying 250 per month as agreed with your mortgage comp,quite a hefty sum,about 62.50 per week ,on top of your usual payment.Maybe incuring monthly arrears charges,i dont know the answer to that.You are self employed and have very little disposable income,sounds like you are struggling.Reading your questions it sounds like you may be considering different actions.Just in case anyone doesnt know about beneficial iinterest link here Bankruptcy - What will happen to my home in bankruptcy? After discharge your creditors in your bankruptcy that were mentioned in bankruptcy petition will hopefully mark satisfied on your credit report,and be done with once and for all. As your self employed status job is possibly struggling due to the reccesion and possibly leaves these large mortgage payments that maybe are hurting you,i dont know.Would it be possible to renegotiate the arrears payments, the best way i suppose would be the kind lender to roll them into the remaining term of the mortgage and relieve you of the pressure you are feeling at the moment.You talk about the walking away bit,which i did and others have done i am sure.It worked for me,but some cant i suppose accept this way.I know people,youngish up to late 50s who its affecting their health struggling on.And you know where its going to end for them.But we will be there when it happens to help them through.They have got to accept sooner or later for themselves their situation,and only then can they move on.When this happens and their house is repossessed the possible equity,maybe small will be eaten by fees and legal charges which will create a shortfall that they can http://www.insolvencyhelpline.co.uk/debt_factsheets/mortgage_shortfalls.php be chased for for 12 years ,link here-I understand you probably know about these but maybe someone reading your thread may find it usefull.Dodgy geezer i accepted when i realised my subprime mortgage wasnt going to be paid till i was 86,and the fixed rate was going to end,would nearly kill me to pay the increased payment,i was never going to own the house and moved on.I wish you well and hope others will advise you,as everyone has different opinions and mixed give all outcomes and solutions.I look forward to seeing your posts everywhere,and excuse me for droning on.Just showing my support in whatever you decide Tawnyowl.

[Dodgy Geezer]

Thanx 4 your support.

 

My question was, what should i expect from the Insolvency Service over the next few months. I will have no problem paying the mortgage, and arrears, if the I/S are sensible with any IPA.

My concern is they will want X amount, over X years, and i cant afford it.

I would rather walk away now, than struggle for another 27 months, only for the I/S to sell the house anyway.

[Tawnyowl]

Im sure someone whos had this kind of experiance will arrive soon.Good luck Tawnyowl.

[GeorgeNash1850]

An Income Payments Arrangement is usually sorted out during or after your OR interview - 9 months ago I assume unless your circumstances have improved I doubt you will get one. You won't get one imposed after discharge.

[loobyloo85]

Take a look at the following websites, they may help:

 

When will my bankruptcy end? | Bankruptcy | The UK Insolvency Helpline

 

Piggy's Bankruptcy Website - Information and advice

 

xx