no end to the stress!!!!

[MelanieGiles]

If you have chosen the CAB as your main advisor, then I would follow the advice they are giving you. It seems odd to me that they are having to then seek their own advice before they can advise you.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[jane.l]

I thought that too, but seems we are a complicated case and they are trying to contact a specialist solicitor regarding the house situation. Its just a total nightmare!

[Andy2]

Hi Jane
Read in the paper today about the growing increase in house repossessions which are anticipated to increase with the near certainity of further interest rate rises. There is a far greater number who are in arrears by upto six months and in the "pre-repossession" phase - so you are certainly NOT ALONE, although it must perhaps feel that way. In the near future I have no doubt the CAB will be answering your type of case much more frequently. Are you still in the house or are you now renting ? I don't know how to look at previous posts but was your mortgage/loan with Northern Rock and the Second Charge with Picture loans leading to negative equity on the SECURED lending ?

[jane.l]

we moved out of the house at the beginning of April and I am glad to be out, we go back about once a week to check everythings ok and I get very stressed out going in there, its just full of bad memories! yes, the mortgage is a Together mortgage with Northern Rock and the secured loan with Picture Finance. Got letter from Picture other day saying they will not consider releasing the 2nd charge and allowing a sale. They say we could afford to stay! That letter really upset me as I feel we have tried to do the right thing but are blocked at every turn, we cannot do the right thing by doing wrong all the time. I am so sick of it all now. I was awake most of last night thinking about all our debts, I try not to but its the first thing I think about!

[tracy.h]

Hi Jane,
To be honest at the moment it seems a no win situation ,i agree with Melanie go BR as soon as you can and let NR & Picture fight it out between themselfes.
I understand its a complicated situation but all this waiting is doing you no good,and as for picture telling you you can afford to stay there what a bl...y cheek,if that was the case why do they think you have rented some where else for the good of your health,they really have no idea.
It makes me so cross the way these companys treat people,when they can see you are doing every thing possible to rectify the situation.
I really do feel for you and your family and i hope the CAB will soon have the information that you need to get this sorted out very soon. Hang in there Jane xx

[Andy2]

I can understand it being on your mind 24/7. I can also understand you wanting to wait before you go bankrupt but I agree with the others it might be better sooner rather than later. Are you waiting for the full extent of the debts to be realised - i.e. after the house is repossessed, sold and the shortfalls realised. That could take a while and I agree you might be better doing the deed before then. I am sure the CAB will assure you that these debts will be included in your bankruptcy, even though they might not be known down to the last pound. How on earth did Picture think you could keep paying them ?! Did they want you to stop paying the unsecured bit of your together mortgage in favour of their secured bit ?

[MelanieGiles]

I fail to see what is complex about your case Jane - I come across situations like yours all the time when I am acting as Trustee in bankruptcy. The facts are thus:-

1 You have an unsecured shortfall in your property to Picture.
2 Upon the making of a bankruptcy order Picture will have to value their security in your property, simply crystallising their position and confirming the level of their unsecured claim WITHIN THE BANKRUPTCY.
3 As a result of the bankruptcy you will be discharged of all unsecured debts INCLUDING PICTURE.

Why the CAB are having to take advice on this point beggars belief, and they are causing you more stress and worry by suggesting that the bankruptcy be delayed for no reason.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Andy2]

Melanie is absolutely right - she is at the chalkface right now whereas the CAB - whilst they MEAN well - do not always have the resources to help you straight away. The newspaper today also indicated that CABs are dealing with 1.5 million debt problem cases a year. Some will be of a complexity that need a real insolvency expert to advise.

[Skippy]

Jane, please take Melanie's advice petition for BR sooner rather than later. You need closure in your situation as it is making you ill. Please look after yourself, and do what is right for you and your family x

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[thebear29uk]

Jane

I have followed your situation from the beginning and you know I sympathise.

Please don't think I'm having a go but we come on this forum in the hope of getting answers from the experts but it seems to me you are putting your faith in the CAB and ignoring the good advice provided by Melanie.

I know you said in an earlier post that too many people were advising you but we constantly read on here that some CAB offices are very knowledgable and provide excellent advice but others are found lacking in this area.

Melanie does this every day and is familiar with your circumstances. I would stop putting your trust in the CAB and start listening to Melanie. This way you can end your nightmare and start to have a sound nights sleep. We all feel for you in your situation but it sounds like you are delaying unnecessarily whilst waiting for the CAB to refer your case to somebody else. Very likely they will be discussing this with an IP such as Melanie to get a definitive on your situation.

I urge you to act now and free yourselves from the burden of debt.

Best wishes

Dave