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Hi,

My husband and I are now bankrupt and have an appointment with the OR on Wednesday. However, I'm a concerned and wondered if someone could help me?!?
She said we would be able to stay in our house for approx 2yrs as long as we can afford to pay the mortgage. Our house is only a 2 bedroom and we have 2 children 6 & 9 - so we thought we would try rent a property, fortunately we have found a property ideal for us - 3 bedroom, we can move in - in the middle of Jan. Do you think the OR would have a problem with this?
Also we need to raise money for the bond and months rent in advance - do you think I would get away with not paying the mortgage for two months. Obviously I would call Northern Rock and explain my reasons.

Many Thanks

Rachel

rachel there should be no problem with that, the OR will tell you its up to you if you want to continue with the mortgage or use it to save as a deposit, NR allow 3 missed payments before they start legal proceedings, are you up to date with your mortgage at present as NR allows holiday breaks, if you have made 9 consecutive payments on the dot they will allow 1 months holiday and 2 if it is 18 months it is always worth ringing them and just tell them you are having financial difficulties would you be able to take a payment holiday, its worth ago i did it just after i was made BR, so we could play catch up.

good luck
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

Hi
Just to agreee with Skippy.
Move out when you are ready and stop paying the mortgage so that you have money to secure your new rented property
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