Speedymac

Would like to start by saying hello again... not been in here for awhile..

My house is the bump in the road so to speak.... i owe much more than the house is worth and in todays market even more..!!

Choice A.... Try and sell for whatever i can get and still owe the mortgage company money. This will more than likely be around £30.000... then just sort out some sort of payment plan with them.

Choice B... Not pay the morgage and just leave for Canada and just let them reposses it in time..... Then i'll more than likely owe a lot more...!

My main question is will Plan B affect any chance of residencey in Canada...?
What if i go bankrupt?

I'll owe money in the UK which ever way i look at this, and just need a little advise....

Cheers.

screene

How about:

Choice C... Move to Canada but rent it out and continue to pay the mortgage until the housing market picks up?

gibsonslanding

oh dear, sorry to read this......i'm not quiet in the 'same boat' but perfectly understand....it's truly pants out there at the mo with housing stuff.....

the only answere that i can think of is that plan b will effect your credit rating big style.......

what about renting it out?

good luck

Speedymac

Yep choice C was on there... but i deleted it...!! The problem with choice C is..... my mortgage payment is around £850 pre month...!! i would only get around £550 per month in rent, then there is the insurance on top plus other expenses... so i would be left paying around £400+ per month myself anyway... and the worry that it'll be looked after and if i go through an agent...ummm they dont come cheap..!! Plus i would have to spend around £3000 getting it updated (boiler and stuff)
And in todays market and the forseable future its going to take around 10 years to start paying for itself..!! i would be better off cutting my loses and starting again....

G586

Talk to your lender, try to reschedule the mortgage to make it affordable to rent it out. They don't want to be repossessing it at the moment as they know they will take a loss on flogging it.

You would be doing a repayment plan anyway so it might as well be secured on the property.

Talk to National Debtline, CCCS or CAB if your lender is difficult.

http://www.nationaldebtline.co.uk/

http://www.cccs.co.uk/

jonnieandmartina

Just a quick one - be wary on the route B option, I know of someone who has tried, without mentioning names or country, I know he is being pursued by the lender simply as he didn't cut all his ties from the UK side,

Auld Yin

I don't think being a UK bankrupt should/would affect your immigration to Canada. It is a civil not a criminal matter. Keep in mind that you require a minimum amount of funds to enter the country and your UK bankruptcy may well affect your chance of obtaining credit here. In Canada a bankruptcy is maintained on the credit bureaux for 7 years. I can't speak to the UK system.

Speedymac

What sort of minimum funds are required? i'm single with no family in tow.....

adele

http://www.cic.gc.ca/english/immigra...lled/funds.asp

That's when applying for PR as a federal skilled worker. If you have authorised arranged employment then you don't need to show proof of funds normally. Requirements may be different for the PNPs though, not sure. Which route you are going down?

gibsonslanding

for PNP (provincial nominee programme), you have to show proff of funds, arranged employment etc etc.....can't speak for province to province but i'm sure that the wiki will help you out.

Speedymac

after talking to a lot of people this morning and now my head is starting to hurt......
I am going to give renting it out a go for the first 12 months..... does anyone transfer funds on a regular basis back over to the UK...?

christmasoompa

http://www.cic.gc.ca/English/immigra...lled/funds.asp Hope it helps.

andrewrb143

I'd be very careful with option 2. Depending on how much you owe, if it's a substantial amount (say, +50k), I'm pretty sure you would be activley pursued in Canada. In some cases, (again for large amounts), the debt may change from a civil to a criminal matter..i.e. fraud, obtaining money under false pretence etc.

R I C H

I was chased by a UK debt collection agency 2yrs after I moved to Canada, for a GBP250 debt that was a result of someone fraudulently using my credit card. It was a PITA to resolve.