Voluntary repossession

angela k · 02-10-2008, 09:02 PM

Hi we are new to this please be gentle!! My husband has been offered a sponsered visa for next year he is a carpet fitter. We have just bought a shared ownership house in june as we did not think we would get in to oz, 6 weeks after we get a email offering sponsership, we have had the house valued and we have already lost £20000. We feel like handing the keys back and declaring voluntary repossession, it is a last resort,will it effect our credit rating in oz?, as it is shared ownership we can only rent for a year. We will get to oz if it is the last thing we do!!! bring on the beach & barbies.

keily · 02-10-2008, 09:05 PM

Hi angela ...welcome to pio ...and congrats on the sponsorship ...dont know much about the legalities of this ...but your credit history does not follow you to oz ....and in the current climate i think you would be well rid ....all the best whatever you decide
mrs keily

Andy and Tracy · 02-10-2008, 10:41 PM

Hiya. welcome to PIO.

Please be careful as even though you will have a clean slate in Oz, a debt like this could follow you for years if you have to come back. Talk to your BS or Bank. Try to come to some arrangement! It is much better than them having a bad debt registered against you for 6 or even 12 years! Remember that mortgage companies can come after you for years after you have defaulted.
Hope you can get it sorted.
Tracy

Scardycat · 02-10-2008, 10:42 PM

Sympathise with your situation, you could try talking to your mortgage lender, the problem is if you just walk away the rent part would be accumulating as well as the mortgage, then if you ever decided to come back to UK you could have problems.

I know someone who did just leave their house and eventually it was reposessed and their was no problem, unfortunately it is not that straight forward with a shared ownership.

Hope you find a solution. Regards Cat

angela k · 03-10-2008, 10:52 AM

Thanks eveyone for your advice.Talking to bank and Housing association at present and trying to work out the best way out of this nightmare!!. We are looking at areas around redland bay, victoria point. any ifo would be good.

TaniaColin · 04-10-2008, 04:31 PM

Hi Angela
Welcome to PIO, i hope you manage to sort out your house, best of luck with it all
Tania X

TheBrammies · 04-10-2008, 04:40 PM

hi sounds like a nightmare for you try talking to citizens advice bureau they are independant so will tell you your likely consquences if you do walk away because the housing market is going to get worst .
I am a carpet fitter too just waiting for my case officer im going to brisbane as well so tell your husband to look out for a job for me lol

julie2g1b · 04-10-2008, 04:59 PM

hi angela

just wanted to wish you luck

who owns the other half cant they buy you out? or even try to sell your half that way only a small amount is owing to the bank just a thought............

good luck whatever you do and to your new life in oz

julie

angela k · 04-10-2008, 06:07 PM

Hi the Brammies,

My husband has got a job with 'carpet call', they are meant to be one of the biggest carpet companies in oz and are always looking for good fitters apparently, give them ago who knows we may c u out there. Good Luck!!

ange

Jules2409 · 04-10-2008, 06:13 PM

Quote:

Originally Posted by julie2g1b

hi angela

just wanted to wish you luck

who owns the other half cant they buy you out? or even try to sell your half that way only a small amount is owing to the bank just a thought............

good luck whatever you do and to your new life in oz

julie

Unfortunately I don't think Angela would be able to sell her half for less than she owes unless she has the £20K to pay off - we were in this position in the 1990's recession & have just last week paid off the £15K loan my parents gave us to pay off the negative equity to enable us to sell our house at a 'loss'.

Jules x