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| T O P I C R E V I E W |
| lala_5 |
Posted - 29 December 2008 : 17:16:38
Hi all, I was looking for some help... I got a good but very unreliable job 5 years ago. And within that time, got two mortgages on separate houses. Both are now in negative equity. One by around £100,000. I still owe £420,000 on that mortgage, £51000 on the other mortgage, I owe £20,000 to my parents. I also have a car which I don't own and owe around £12,000 on. My credit card debt totals around £3000, I owe £6000 tax at the moment. And to add to all that I have a £6000 overdraft which I'm at my limit of.
My job pays about 4500 a month after tax. But, come April, my contract isn't going to be renewed. And I don't know what to do. I'm not qualified to move into another job as its a job as a model, and contracts are rare now.
Is bankruptcy the best option for me?
If I do declare bankruptcy, do I have to stay in the country afterwards? (strange question I know but my brother and his family are moving to Australia soon and I think my family are thinking of going too :S)
If anyone could possibly help me in any way I'd be so grateful. Thank you for reading x |
| 1 L A T E S T R E P L I E S (Newest First) |
| Reviva UK |
Posted - 29 December 2008 : 17:34:08
Hi Lala and welcome to the forum
Unfortunately the credit crunch has hit many buy to let investors and 2009 is looking to be a record year for reposessions and voluntary house surrenders.
There are always choices and options and the very best advice is to review the situation with someone early and not let the stress or creditor action get on top of you.
It is clearly a worry for you after April and there is no reason at all why you do not begin to plan for a solution now.
Bankruptcy is certainly an option but you would need to review the pro's and con's carefully, and it is certainly worth considering all the solutions first.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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