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Hi I would like to ask for some advice with our situation and wondering if anybody has any words of wisdom!

Two months ago i went down the bankruptcy court and applied for bankruptcy which has been accepted. One of the main reasons which i did this was because of the amount of Mortgage payments we were paying and our home was in Negative equity. Sure all the unsecured debts should be wiped clean and i know that sooner or later the two secured lenders above will of course push for repocession any shortfall will be covered by the Bankruptcy. My question or questions are 1.How long do you think we can carry on living here? 2. What would happen if we carry on making payments to Natwest and not Firstplus? 3.Are there any loopholes to keep our home?

Dont get me wrong it took along time to walk down the road we have gone with the moral issues etc but i think it has been the right thing to do and at the moment with no mortgage payments we have more money than we ever had and with two kiddies who are the biggest priority, having some money is a great comfort.

Thanks for your time

Can you afford to carry on making the secured loan and mortgage payments? If so, why not just stay put? If you cannot afford to carry on making these payments then you do ultimately face possession proceedings, but this may take some time. Make sure that you check with the OR that they believe the unsecured shortfall to be included in the bankruptcy.

Wow quick reply. Yes OR has said that the shortfall will be inluded in BR and the two Mortgages together are £1350 a month really expensive so no worth staying. One loan from Natwest is interest only so this place was never going to be ours anyway.

Get out of that millstone and find yourself a nice property to rent. Remember that there is a difference between a house and a home - and so long as you have your family and possessions around you, you can make a home anywhere.

Hi Melanie thanks for your thoughts. Yes your right some lovely places to rent £700.00 a month brand new we can save a bundle. Incidently please know that when i did go BR no small businesses were affected just banks!

Just wanted to wish you all the best for the future ... you and your family deserve it [:)]

Debbie

Thanks alot

Does anyone else have any dealings with firstplus?

They have pretty much closed down their lending operation, but are still dealing with existing customers.