OR Meeting

[rachel33]

hello everyone,

Just though I would let you know how my meeting went with the OR. Yes Melanie you were right and they are just normal people doing there job - I wish I didn't get so nervous! but thats just me.

He went though all my creditors and exactly when I obtained the credit and what it was used for, I basically explained our circumstances and that we had been living beyond our means, also that I had been made redundant etc. He was very understanding and didn't make me feel stupid. We are allowed to keep the car as I need this for work and it's only valued at £1500. We do not have an income order as he didn't think we had enough disposable income, he said I had put some figures high and others abit low so they balanced out. They will review this again in 3/4 months time.

The big thing to tell you all though is that we have made the decision that the house will have to go. We did have a family member who was offering help but I am going BR so that I owe nothing to nobody and I really don't know how we would be able to pay them back, we want a life again without having any guilt of owing anything to anyone. It has hit us hard but we have put our name down for a house, I'm sure it will take months but it gives us time to have a good sort out! my equity was approx £5K which does seem a shame to loose our house for this amount but it is alot of money to pay back and we really don't want to go through this struggle again. So yet another down on this rollercoaster but eventually we will get there I'm sure.
Thanks again to everyone for the support and advice
Rachel

[MelanieGiles]

Are you sure that you are doing the right thing about the house Rachel? If you have an offer of funding for up to £5,000, this would not take long to pay back, and you could spend just as much on rental deposit and removal costs. Or are you finding the mortgage payments just a little difficult to manage?

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

[rachel33]

Hi Melanie, sorry for the late reply I couldn't access the website for some reason. We have thought it through, and I think we could end up struggling, not something I really want to go through again. We are very lucky in that we have family and friends to help with removals, also we are going for a council house so the rent is alot lower than our mortgage payments, I live in a coastal town and we have been advised that we will be alloacted a house within the district we live now. I cannot lie we are pretty devastated but there's gonna be alot of work needed to be done on the house eventually, new roof, kitchen etc and these are things we just couldn't afford. We have told our 2 boys and they are excited and none the wiser they are just happy that we could get a garden! bless them.
Oh my name was in the paper today so it has been abit of a week all round!
Rachel