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Posted: Tue Jun 23, 2009 12:45 pm
by nkershaw
well me & my wife have got an appointment on 10th sept for county court & are now pooooping it. i need avice as to when to stop all payment to creditors inc the mortgage & secured loan as weill have to give up house due to us not being able to pay the mortgage when up for renewal in dec 09. its all a mess. even if we could we want tos start a fresh. i understand that it could take 6 months for house to be reposesd but would be br by then & could hold off selling for at least a year as we have 4 kids to think about. i know this isnt the br site but any advise would be good. just need to know when best to stop payments etc.
Posted: Tue Jun 23, 2009 12:51 pm
by kallis3
If you are going to have to lose your house, then I suggest you start looking for rental property now rather than waiting until after you are BR.
If you need to save up the fees, then I would stop paying your creditors now and use that money to fund the BR.
Posted: Tue Jun 23, 2009 2:07 pm
by nkershaw
so if i stop paying mortgage.secured loan & other cards etc what will happen any ideas as we havnt got apointment until sept, i gues the usual, phone calls letters & threats? all very worrying.
Posted: Tue Jun 23, 2009 2:39 pm
by kallis3
As soon as you stop paying then you will get the calls and the letters. However, there's not a lot they can threaten you with really is there?
The choice is yours as to whether you stop paying, but if you don't, how are you going to get the fees together?
Posted: Tue Jun 23, 2009 2:42 pm
by nkershaw
yeh very true. thanks kallis3.
Posted: Tue Jun 23, 2009 4:44 pm
by Adam Davies
Hi
You will need to be at least three months in arrears with your mortgage before the company will start repossession proceedings.
Stop paying all creditors now and save up money for your rental deposit and then bankruptcy
Regards
Posted: Tue Jun 23, 2009 9:29 pm
by plasticdaft
Have you sorted out a bank account with someone who isnt a creditor??
Posted: Tue Jun 23, 2009 9:34 pm
by kallis3
Good thinking there Paul!