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I've been thinking about this for a while.

 

I have a mortgage, but the house is in negative equity, and will be for a while to come - one of those now infamous Together Mortgages with the unsecured element.

 

I have one CCJ on my record for about £14k (approx) (1st Crudit/CONnaught) with a repayment of £xx a month (less than £50)

 

I am currently playing letter ping pong with Cabot over an Egg Loan, and there is potentially another one on the horizon. My credit is shot and will be for at least the next 4 years

 

I have a strong suspicion that 1st Crud will eventually attempt to manufacture a situation where I would default my repayment so that they can pursue a Charging Order, they have tried this before and issued a default where no default existed and I involved Trading Standards who successfully put them back in their box. (they insisted it was a clerical error.....yeah right)

 

I work full time (lucky I know) and my G/f works part time.

I have my G/f and her 8 yr old and I also currently have my twenty something son living with me. My son pays board and my G/F covers the food shop, all other expenses are covered by me and I have a small surplus at the end of the month.

 

I am of the opinion that should any of these creditors ever obtain a Charging Order against my property, then I would simply cease payment to the Mortgage Provider, save my mortgage payments for other purposes and hopefully obtain a council house or a private rental and once the shortfall has been calculated and finalised - declare myself bankrupt and sod the lot of them.

 

I know that this will seem like cutting off my nose to spite my face, but I have a real problem with paying for a house which one day a large lump of which will go against a debt that a DCA paid coppers for.

 

Not really a question I know, but just want to send this out for an opinion or two

Edited by spamheed

Hope this helps

 

 

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The large print giveth, but the small print taketh away. ~Tom Waits, Small Change

 

 

Please note: i am not a qualified lawyer, any advice is offered in good faith and is based on my own and others experiences and a penchant for research and a desire to help others to empower themselves

 

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Just my 2 cents but as the house is in negative equity now why don't you apply for BR now to get rid of the unsecured creditors.

 

The OR will have no interest in the property becaue of the negative equity and you can buy the OR's interest back for £1.

 

Will save you having to do it in future and eradicates unsecured creditors now and you keep property

 

I am sure with some juggling of figures that you can reduce your current monthly surplus and you then won't havea IPO attached to the BR

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A word of warning : if you make yourself homeless deliberately then the council has no duty to re-house you. If you want to go the homeless route then you have to wait until your house is repossessed and you are evicted.


I really do appreciate all those 'thank you' emails - I'm glad I've been able to help. Apologies if I haven't acknowledged all of them.

You can also ding my gong if you prefer. :)

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Thanks for the comments I really appreciate the chance to sound off:

 

the way I see it in my mind is: I don't want to leave the house until the last possible date, certainly not until I absolutely have to

 

The mortgage provider has both the secured mortgage and unsecured loan paid monthly as one amount, so if I default on one, I would expect them to default on the other conjoined aspect of the mortgage. Other posts on here confirm that OR's are stating NR would do this

 

Once I stop paying them, the six months or so it will take them to get to the eviction/repossession stage will allow me to save several £000's with which to "start over" this would also allow me to be in a legitimate homeless position re: council as per Palomino's warning (cheers) and would give me a cash cushion to survive the intial stages of BR. Also it would take a little while for the shhortfall to be established. My G/F is supportive and fully accepts this position, but I think if we had to live in poverty then my charms might start to wear thin pdq.

 

If my older son was to suddenly stop paying me board and I also had to pay for the weekly food shop my surplus would quickly disappear.

Edited by spamheed

Hope this helps

 

 

If you feel that this site has helped you in any way please leave a donation if you can afford to do so.

 

If you feel that have been helpful please feel free to tip the scales.

 

 

The large print giveth, but the small print taketh away. ~Tom Waits, Small Change

 

 

Please note: i am not a qualified lawyer, any advice is offered in good faith and is based on my own and others experiences and a penchant for research and a desire to help others to empower themselves

 

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Hi Spamheed

 

By switching to rented property and presuming the rental payments would be a lot less than the secured element of your together mortgage would this not leave you with a higher amount of disposable income for IPA / IPO purposes.

 

Also I am not sure the O/R in bankruptcy would easily accept that a non-dependent or boarder was not contributing.

 

All this is worth careful consideration and perhaps makes toddle2u's post a little more interesting.

 

Just my thoughts

Edited by Wintry

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Thank you for your comments but I do fully appreciate the meanings in T2U's post, however, my son also has a mother with whom he can stay for a short period if need be.

 

with my sons contribution removed and my own input for the food shop, the surplus would be wiped out and I would be reliant on the lower rent to allow us to exist as a family, there would be a surplus, but it would be far less than my current one


Hope this helps

 

 

If you feel that this site has helped you in any way please leave a donation if you can afford to do so.

 

If you feel that have been helpful please feel free to tip the scales.

 

 

The large print giveth, but the small print taketh away. ~Tom Waits, Small Change

 

 

Please note: i am not a qualified lawyer, any advice is offered in good faith and is based on my own and others experiences and a penchant for research and a desire to help others to empower themselves

 

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Hi

 

Yes I am with you

 

Good luck in whatever you eventually decide

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