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| oldgeezer |
Posted - 04 January 2011 : 15:13:40
Hi - I have a question for you, ive currently got a debt management plan in place for approx 11K of debt, I also have a HMRC debt of 2.5K. I own 50% of a house with my ex girlfriend but due to the market it is not attracting any interest. My equity in the house is approx 15K (based on valuation) and my ex girlfriend is trying to make my life hard, I have just been made redundant for a 4th time and will be out of work within 2 months so my question is should I consider the Bankruptcy route ? Im completely stressed out and just dont know which way to turn.
Thanks for any advice |
| 4 L A T E S T R E P L I E S (Newest First) |
| Viki.W |
Posted - 04 January 2011 : 17:16:29
If you can come to an arrangement with your ex's family, then you could pay off HMRC and then offer an informal full and final payment to your creditors with the remaining money, keeping some of it back for living expenses.
If you are unemployed, the creditors are much more likely to accept a lump sum, especially if they have been passed to debt collectors, and depending on how many creditors you have you could negotiate this yourself.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
| oldgeezer |
Posted - 04 January 2011 : 16:43:09
Hi and thanks for responding,
The house is on the market and has been for nearly 6 months, my ex's family could easily buy me out and I have offered a figure that would give them a nice return but it doesnt look likely.
I do understand that BR route is pretty extreme given the amounts but I have had this hanging over my head for the last few years and now I have split up with my ex I want to be able to see a way forward - hence the BR route and not the DMP.
I will give one of the experts a call and see what they say as suggested by Viki & Gettingoutofdebt.
Thaks again. |
| gettingoutofdebt |
Posted - 04 January 2011 : 15:29:11
If you have £15k equity in the property and declare BR then the OR will take the property and sell it to provide funds for your creditors. As your debt is only £13.5k declaring BR is a bit extreme.
Is there no way to try and sell the property for a lower price? This way you could pay off the HMRC debt and keep up with the DMP until you get another job.
Would your ex be willing to buy you out so you could use the money to pay your debts?
HMRC are one of the creditors who will declare people BR so if they don't get their money then the decision whether to declare BR or not may well be taken by HMRC.
It sounds like you need to have a good chat with someone to discuss your options so try selecting the 'Experts' link on the left-hand side and calling one, or more, of the professionals to discuss your situation fully. |
| Viki.W |
Posted - 04 January 2011 : 15:23:16
Hi oldgeezer, welcome to the forum.
I suggest you give one of the experts a call to chat through your situation and explore all options.
Is the house on the market now? Does your ex want to sell?
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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