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T O P I C R E V I E W
sclement
Posted - 08 October 2008 : 20:28:16 I have a business that is looking like it is possibly going to fail. Believe me the last thing I want to happen is this but I would like to know what my options are. My current mortgage is £162,000 outstanding. I have a £70,000 secured loan (even though the value of my house is now £195000) I also have around £12,000 owing to creditors from the business with another £7,000 personal debts (credit cards etc)My assests are around £5000 of work tools and another £5000 in stock. Two vehicles worth about £1500. I do have a full time job as well and earn aprox £28000 per year although with the business losses (all confirmed by an accountant) shown a family income of around £8000pa. What are my options? an I likely to lose my home?
2 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 08 October 2008 : 21:20:54 hi you are only going to loose your home if you stop paying either the first or second mortgages. These are secured against the house and if you miss 3 payments they can start posession proceesings.
the solution will depend upon the affordability of the mortgage and your disposable income.
This may include IVA, Debt management ot Br. from what you have said your unsecured debts are around £19k and you have 5k in tools and 5k in stock.
This sounds like you need a telephone chat with an expert to go through all the options and work out a plan moving forward
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
Needafriend
Posted - 08 October 2008 : 21:08:21 Hi there sclement and welcome.
I cant really answer your question as i dont have enough knowledge but seeing your current predicament it may be worth giving our helpline a call. Its free and they do get back to you if they cant speak straight away. The number is 0800 078 9367
Good luck and keep posting
Jo x Your Mother Hen :-)
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Mother Hen's New Debt Free Life with Links and added info on Bankruptcy!" available to view at:
