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Housing...where would my friend stand? Selling house to clear debt

17 replies

Festivepussy · 15/12/2004 19:47

My friend has got so much debt that she cant clear it and for 3 years she has struggled on hoping to clear some of it/get a loan to cover it but nothing has went right and now they have got to the point where the only way out is to sell the house pay off the mortgage, clear the debt and start from scratch.
Has anyone been in that situation? Would the council/housing association rehouse her or is that what they class as voluntary homeless?
She no longer has net access as they have cut off the phone, incoming only...im ringing her back at 9...can anyone advise please?

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misdee · 15/12/2004 20:00

We did this. the plan was to sell our flat and but a cheaper but larger place a bit further up north (this was 3yrs ago, so house prices were different then) we would've cleared the debts we owed and put a 10k deposit down on a 48k house, and had alower mortage. But the sale of the house we were meant to buy fell thro as the mortgae compant wouldnt let us have another morage as the equity wasnt as great. very confusing but i know what i mean. In the end we went into private rent, paid a hefty lump up front, cleared our debts. Dh then fell ill, so we had to claim housing benefit.

To get back on the housing list was hard. Me and dh ended up splitting up due to the stress of his illness, and i was housed in my old town, then dh was also rehoused as well. We got back together last year. They may have to prove where the money from the sale of property went to, so tell them to keep all reciepts etc.

Festivepussy · 15/12/2004 20:12

All the debt is in the hands of one of those dodgy companys...so they would I guess give them a big lump sum for them to hand out to the people they owe the money too...so they would have a reciept.
Did you and the kids get put up in BnB in between you and your DH splitting up?
Shes actually relieved to be having to do this as it feels like a weight off her shoulders.
Have cryed for her

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ks · 15/12/2004 20:17

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misdee · 15/12/2004 20:25

Things were pretty terrible between me and dh, and i ended up in refuge. I guess a homeless shelter would take your friend in. dh stayed with his parents.

misdee · 15/12/2004 20:28

my sister recently 'unlocked' the equity on her house to get rid of debts, but i think she is gonna run them up again soon, as the extra cash they had after clearing debts has already gone.

If your friend can clear the debts, arrnage payment plans etc, and not sell the house that would be better for everyone really.

has she been to CAB?

IwigitcouldbeXmaseveryday · 15/12/2004 20:44

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Festivepussy · 15/12/2004 20:54

Hmmm its baines and ernst...one of those things you see on tv and think NO WAY>>> they take a percent off of her to talk to the companys...some thing like that any way.
Her mortgage is 400...the debt repayments are 280 some thing..
They have tryed to get a loan against the house, many times...nope...some company recently had her remorgage with them, saying will will then give you a loan and it hasnt happened.
Noone will lend them a cent and I think the reason they are doing this is because they cant afford the morgage the debt plus bills and normal living expenses
Just gonna ring her now...

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IwigitcouldbeXmaseveryday · 15/12/2004 20:57

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misdee · 15/12/2004 20:57

id she is with bt, she may be able to go onto their pay and go scheme once her phone is back on. thats helped me keep my phone line on at times.

joashiningstar · 15/12/2004 21:36

I know it's well past, but I've only just logged on - sorry). If your friend can get an appointment with a trained debt advice worker, either at her local CAB, an independant advice centre or Money Advice Service(sometimes offered through local authorites), they will be able to advise her on renegotiating her debt with those she actually owes money to. She may have a problem, if she has a contract with Baines & Wotsit, as she might now also owe them money - but they will just have to be added to her list of creditors.

The first thing the debt worker will do is determine if she's getting all the money that she is entitled to (WFTC, etc), then support her in dealing with priority debts (mortgage, CCJ's, loans against house, etc),look at gas, electricity, etc to see if there's any cheaper options available (other companies, etc). and start to renegotiate payments with other creditors. A really good debt worker should look into which companies she actually has a legal contract with, whether there are any who doesn't have a legal contract and work something out around each scenario.

If she is really that desperate that she feels renegotiation is not an option - there is always the option of an Administration order. She has to have a county court judgement against her to be able to apply for this. Her debts can't be any more than £5000 and you can't add anything that's guaranteed against property.

An Admin Order consolidates all your debts into one area. She would then make one agreed payment to the court, who will then distribute the money, pro rata, to her creditors. A small amount of whatever she has to pay into the court will be to cover the courts costs of administering the order. But I think that this is included in whatever she has to pay into court, and not to be paid up front.

Whichever creditors are included in the order are not allowed to harass or pester her for any more money for as long as the order runs, as long as she keeps up the payments. In short she won't get any debt collectors knocking on her door or any letters sent.

From what I remember - you have to apply as an individual, so if she has a DH/DP, the debt might be able to be split between 2 admin orders.

She really does need to speak to an experienced debt worker - it's been three years since I used to train advice workers and the limits, etc might have changed. But there may be no need at all to sell her house.

Hope this helps.

joashiningstar · 15/12/2004 21:39

PS An Admin order is not as scary as it sounds and I have known people who have been paying hundreds of pounds everymonth to creditors have their payments reduced to double figures (and even less) depending on her essential outgoings (food, mortgage, gas, leccy, water, etc, etc - the allowances are very generous and she'll even be able to include budget costs for leisure, etc - as long as its reasonable...any debt worker will be able to tell her current limits.

Festivepussy · 15/12/2004 21:51

Thank You everyone, shes going to Shelter tommorow , the debt was a couple of years ago 27,000 Not sure what it will be now.
They have been with B+A for a couple of years but letters still turn up at her door...what is IVA W+R?
I think shes had enough and just wants to wipe the slate clean.

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IwigitcouldbeXmaseveryday · 16/12/2004 16:19

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Festivepussy · 18/12/2004 12:32

The long term problem is her husband
She went to cab as shelter was closed and they adviced not to sell the house but to get the debt in order...she has decided to take conrol of the debt herself instead of through B+A so that they are not taking 41 quid a month for the pleasure of doing it.
They are still wanting to sell up though.
I think it will be even worse if they take conrol of the debt as they will just spend the money that is mean to be earmarked for it.
My advice to her was to keep things as they are..
and work out what thier budget is, saying everyone has a budget, some have a big one, some have a small one, but you need to learn to live within whatever your is.
If not now, then when you sell up and start again.
They dont seem to get that..which is how it got them in the mess in the first place. Thank You though everyone.

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IwigitcouldbeXmaseveryday · 18/12/2004 12:43

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sparklymieow · 18/12/2004 12:58

She should phone the CCCS, they are a free compancy that will talk to the debt companys on her behalf, my brother is with them, and now instead of paying over £1000 a month in loans, he pays £210. How it works is they take all your debt and divide it up by 5 years, that gives them a idea of a monthly payment they need, they then request that you send them the money on the 1st of the month, on the 21st they pay the companies, (therefore making interest over 21 days) thats how they make their money. They will help you talk to your debt compancies and get things in order.

sparklymieow · 18/12/2004 13:00

look here

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