Eviction then bankrupcy

[borrowedwhilstwerehere]

As usual with bankruptcy people have a tale to tell. As yet Im not BR but am seriously considering it as an option. Me and my partner earn reasonable money and should have a decent standard of living but this is not the case because of negative equity in the property we own and a huge millstone around our neck, we have been struggling to pay 780 pounds per month for an ex 2 bed local authority council house in the Midlands area(not down south) any how the house is due to be taken over by the bank with bailiffs sent in in two weeks time. So have been packing my stuff this morning. I am actually feeling huge relief to do this as me my partner and child have had no form of life struggling to pay this rediculous amount of money to Northern Rock(the worst invention of home lending I have ever known)

Once the house is sold by whatever means I will expect a deficit of around 40 k!!!!! and unsecured debts on top of this of around 15k. No alternative really but to go BR.

I am about to live my mother with my child after 13 years of independant living, moved out of home at 17 years old.

To be honest I am actually relishing letting it all go, the relief will be tremendous. I just feel that people get stuck on the idea of home owning and once you let go of the idea you can probably live a lot better. I am actually going to rent a council house in the future and let the worry of home repairs, boiler breaking, and illness to be a thing of the past. It is no way to live in debt and people should not be ashamed. Sometimes when you lose you really win and this is how I am looking at my situation8-) I am lucky to have my lovely family and my health and one teenage child and a job, so as I say to lose can be to win and as my user name suggests its all borrowed whilst we are here.

[CRH71]

As usual with bankruptcy people have a tale to tell. As yet Im not BR but am seriously considering it as an option. Me and my partner earn reasonable money and should have a decent standard of living but this is not the case because of negative equity in the property we own and a huge millstone around our neck, we have been struggling to pay 780 pounds per month for an ex 2 bed local authority council house in the Midlands area(not down south) any how the house is due to be taken over by the bank with bailiffs sent in in two weeks time. So have been packing my stuff this morning. I am actually feeling huge relief to do this as me my partner and child have had no form of life struggling to pay this rediculous amount of money to Northern Rock(the worst invention of home lending I have ever known)

Once the house is sold by whatever means I will expect a deficit of around 40 k!!!!! and unsecured debts on top of this of around 15k. No alternative really but to go BR.

I am about to live my mother with my child after 13 years of independant living, moved out of home at 17 years old.

To be honest I am actually relishing letting it all go, the relief will be tremendous. I just feel that people get stuck on the idea of home owning and once you let go of the idea you can probably live a lot better. I am actually going to rent a council house in the future and let the worry of home repairs, boiler breaking, and illness to be a thing of the past. It is no way to live in debt and people should not be ashamed. Sometimes when you lose you really win and this is how I am looking at my situation8-) I am lucky to have my lovely family and my health and one teenage child and a job, so as I say to lose can be to win and as my user name suggests its all borrowed whilst we are here.

 

Hi there, and thanks for posting such an honest post. Your situation sounds very similar to mine - we've now ended up in the situation you propose to (council accommodation) and I have to say the relief and reduction in stress as a result is immeasurable! As you so rightly say, sometimes when you lose you really win".

[dave121]

Good on you peeps...

[Craig123]

I know where you are coming from. I went BR in 2008 and voluntarily gave my house back to the mortgage company a few weeks before my BR. Such a huge relief and life has been so much better since. I would have done it 1 year earlier had the fear of BR and the unknown not been so overwhelming, plus the feeling of guilt. However there is an awful lot of support out there for people in our position and there is not so much stigma as there used to be.

 

The people on the CAG are very supportive and I also found the bankruptcyhelp forum very useful in the leadup to my BR.

 

Best of luck to you