- Mon Jun 13, 2005 5:52 pm
Hi there, I've been scanning through the posts of this site for the last few weeksand have just plucked up courage to do a posting. Basically, house in negative equity (owe 155,500 on house worth 135,000 with interest only mortgage and secured loan for same term as mortgage - no provision set up to repay mortgage at end of term either) plus other unsecured loans/credit cards for approx 60K. Spoke to financial adviser, who advised us to do int only mortgage and secured loan in 2003, a few weeks ago and was advised to "chuck keys back, pay me £300 and I'll do DMP for you". Unconvinced, I contacted CCCS and have an appointment with them later this month. However, having read thru some of your previous enquiries I've a feeling they will recommend both of us to go bankrupt..
As yet, haven't defaulted on anything but having to use credit cards for living expenses and would have to overdraw for bankruptcy petition. If it came to bankruptcy I wouldn't be able to work where I am now and we wouldn't want to remain in this area - would like to relocate miles away. Sorry if this is long winded ! but does anyone know the answers to:-
If we declared BR would we still have to continue paying the mortgage and secured loan ?
In order to relocate (and survive until we got jobs) we'd have to sell furniture (ie beds, wardrobes, settee, table) - would the OR allow us to do so ?
If we were allowed to sell above items, how long after declaring BR could we do so?
Thanks in advance