All Forums  archive  Forum Questions  Hi everyone,Janey here again, one month in on my BR and all going well

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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by Janey[/i] [br]Hi everyone,Janey here again, one month in on my BR and all going well. Still got savage nervous excema on my hands but am sleeping better for sure. I am writing this on behalf of a friend I am trying to help. She has a cafe with living accomodation above and a commercial mortgage. Her business has been making a loss for the last 3 years and she is several months behind in gas, electric, water and council tax and 4 months behind in her mortgage. She is a quivering mess of nerves and bursts into tears at every given moment. She has a 17 yr old son who earns a minimum wage. I attended a meeting with her today with an advisor from her mortgage lender and for some strange reason a local MP (very nice man but not sure why he was there) Her income from the cafe barely covers food never mind bills. The property is up for sale. Her Mortgage Co. were not particularly sympathetic (no surprise there then and although have agreed they may allow her some leeway whist she attempts to sell they are going to go ahead with a repossession order ( their reason was that it takes a while to get that arranged) I truly think her best bet would be to declare herself bankrupt but I do need to be clear on a few points. The property has been valued at around £160,000 and the outstanding mortgage £111,000. The M.Co.have admitted she would get a better price to get rid of it herself as they are only interested in getting their money back however as I said before they are not interested in waiting. If she went bankrupt and the OR sold the property would she get any money back after it was sold and all her debts were paid off? Also would her and her son be allowed to stay there whilst it was up for sale. Gratefull for any advice. regards to all Janey [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.