am I really allowed to be that much better off?

[enquirer3]

I have been successful in securing rented accommodation and will pay my deposit on saturday.

My questions are now that I intend to give up the (£10,000 negative equity) house, and my husband and I will go bankrupt, firstly how do I go about this, Do I telephone the building society and tell them that I will be giving up the keys, or do I go to the solicitor who is holding the deeds to the house? Do I then inform the second charge of what I am doing, I presume I do not pay them any more when I have given up the house.

Secondly when I added up my IE with the reduced rental payment instead of the massive mortgage and secured loan payments it leaves me with a £978 surplus income per month is that rather a lot of surplus income, am I really allowed to be that much better off? Less 70%. We are going bankrupt because of our ages 60 and 57. I hope this makes sence, but my brain is going a bit puddled lately with all this to work out.

[Adam Davies]

Hi
You just inform your building society and second secured loan company.
You will have to pay an income payment order for three years to the OR based on your disposible income and on the figures that you give it will be 70% of this
Regards
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Hi enquirer and welcome to the forum

If you are going to be going bankrupt shortly, I would leave this to the OR and your mortgage company to sort out if you are intending to vacate the property. The keys will need to be handed back to the mortgage holder, so that they can eventually arrange to sell the property.

If you are intending to move into private rented accomodation, it may be better to do so before you declare yourselves bankrupt in order to prevent adverse credit checking. If you have no choice but to seek council assisted housing, it would be better to wait until the property is subject to possession proceedings, as if you vacate it on a volutary basis this may affect your position on the housing list.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Rainbow]

Spot on advice Melanie about the Council Homeless stand although most Councils are easier on the those over 60 but best not to chance it.
Rainbow

Every Cloud has a silver lining. At the end of the Rainbow is a Pot of Gold - Or Hope!

[Dominic]

or try the Homes Scheme

http://www.oldham.gov.uk/fcho_the_homes_scheme.htm

I know this is for Oldham but its a national scheme.

The HOMES Scheme enables tenants to move to homes outside of the Oldham Metropolitan Borough.

You will usually need a local connection to be nominated for another borough.

You have a local connection if you:

Have a close member of the family living in the borough

Have a permanent job in the borough

[Dominic]

Just found this as well might be worth looking into:

http://www.scambs.gov.uk/housing/counci ... mes_mb.htm