Review Hearing - Help needed - long term view

[smithers65]

Hi guys

 

wasnt really sure where to post this - but as repossession is first up, thought i would start here - got into serious debt a while back - long story

 

on monday i have a review hearing - tho trying to get this moved due to work commitment, but we shall see.

 

My 2nd mortgage company First Plus is after possession as i owe them a fortune, basically 50k in arrears, i have been paying off other debts over the last year and 6 months ago we went to court and agreed to pay £200 a month as a token payment on suspension of any repossession we now have the review coming up and i am still paying off other stuff but will clear in another 6 months - i can up my payment to £300 - (btw the normal payment would be about £500) - in another 6 months time (after clearing 1st mortgage, gas and elec debts) i could pay them £700 - so start to pay off debt.

 

Ok my big questions - is it really worth me fighting for this - as our lives are so crap - just living day to day - i can see no future until im pretty much dead - im in late 40s partner early 50s

 

Would it be better to rent a property and give up on the home - theres a lot of negative equity in the property and i would still have probably £125k of debt once the house was sold, if i was allowed to sell it for a decent price, not a repossession quick sale.

 

If i rented - would i be allowed to rent any property, thinking more of financially - as i have to cater for us 2, a child (tho early 20s) and a very sick mother in law who has everything wrong with her and needs special equipment in bathrooms etc

 

Regarding the remaining debt - should i go for an iva and get some wiped off, or go for bankruptcy - just thinking how this will affect us long term - being late 40s - wont be easy to have another house that would be ours.

 

Sorry its so long, but need to work out our best approach - has anyone else been in this situation, what did u do and has it made u happier?

 

many thanks

smithers

[Debvfm]

Hi Smithers, I can't offer advice but can offer some support with what you are going through. I know it all seems so bleak at the moment (I am going through the same myself) but I am sure that things will get better. Keep strong and I am sure one of the team will be here with some advice for you soon. Take care Deb

[tuttle]

hi, i have known alot of people in your position, to be totally honest, you would better off looking at going bankrupt, in 18mts to 2yrs your debts will be no more, and from the moment you apply the stress will wash over you like a cold waterfall. good luck. Just to add, I would not look at the iva route, just go bankrupt, lifes for living and owning a home is not all its cracked up to be.

Edited November 1, 2012 by tuttle

[smithers65]

Thanks for the advice

 

The judge has adjourned the hearing - so waiting for a new date - and started working out figures and looking at places to rent.

 

Is there a maximum amount i can use for rental?

 

Plus does anyone know if having an elderly, not very mobile relative, with numerous illnesses/problems to find accommodation for can get me more time to either sell the house or to find appropriate accommodation?

[tuttle]

I'm sure that having an elderly relative, would definitely slow the process - You would need to find accommodation with mobilty access, that is very rare these days. As for renting, it depends on your area, check a local estate agent and find the going rate.

[smithers65]

Hi all

 

have a new date for the hearing, 3rd December - perfectly for eviction at xmas lol

 

im trying to work out whats best - i can not see how i can make these payments -even if i do a dmp - plus i cant take the risk of being made homeless, i have too many people to sort out.

 

i have a couple of questions

 

1. if i have a lot of negative equity in the house ie about £100k - is it likely the judge would still repossess?

2. if i went for bankruptcy - would it be better to do this before repossession (if possible) as they may not force a sale due to negative equity - or after repossession as this would maybe help me with getting a rental property

3. as i have to get a suitable place for my mother in law - do you think the judge would give us time to sell - so we could find a place - or will the negative equity mean it would not be possible

 

many thanks