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T O P I C R E V I E W
end or teather	Posted - 31 January 2009 : 12:25:34 Hi all, I'm posting for a friend who has'nt got a computer, he is 61 yrs old and a self employed builder, his work has dropped to 1 or 2 days a week and is getting nasty phone calls from HSBC bank and credit cards,and has a tax bill due, he knows he has no chance of paying them and is struggling with his mortgage (which is now behind),he is considering BR. but what other options dose he have, his house is in neg and he is getting himself in a right state. Thanks EOT.
7 L A T E S T R E P L I E S (Newest First)
end or teather	Posted - 31 January 2009 : 14:44:23 Hi, Thanks Jo. go 4 broke. I think with advice from this site he will learn what to do and expect. Thanks EOT.
go_4_broke	Posted - 31 January 2009 : 14:37:45 That's fair enough EOT, but it's important your friend gets some control over the situation. If he can get into a position where he is running events rather than the other way round, he will feel a whole lot better. Best Regards
end or teather	Posted - 31 January 2009 : 14:23:35 Hi Go 4 Broke, Thanks for your reply, but as he says at 61 yrs old he can't see things changing much soon workwise, and things are coming to a head. Thanks EOT
end or teather	Posted - 31 January 2009 : 14:17:12 Thanks Jo, He will be coming to my house one night next week, no doubt he will have more questions then, hope you will be around then, and yes i will buy the BI back Thanks EOT.
go_4_broke	Posted - 31 January 2009 : 14:16:20 Hi, Bankruptcy would indeed clear the debts but would not help with the mortgage situation. Negotiate with the mortgage company in respect of the arrears with a view to making lower, more affordable payments for a period in line with income so as to prevent any arrears developing with gas and electric, etc. Stop any payments on loans or cards or at least make only token ones, having explained the position. They are not a priority and they know that. Once a balance point has been established with respect of income and expenditure, have a pie and a pint, review the situation and look to the next move. However with little/no disposable income and uncertainty of employment a DMP or IVA are unlikely to be options in the near future, but allowance needs to be made for circumstances changing, so avoid rushing into anything. Best Regards, Simon
end or teather	Posted - 31 January 2009 : 13:20:22 Hi Jo, If he went BR. he says he could just manage his mortgage and live, its the other debts he can't manage,and will prob. have no disposable income. By the way regarding my situation, had a letter from OR the other day asking if i wanted to buy the B.I. in my house, heard nothing apart from that since BR. what do you think. Thanks EOT.
end or teather	Posted - 31 January 2009 : 12:41:29 Hi Jo, Thanks for the reply,yes he dose want to keep his house and his debts are about Ł25000. he has a van worth about Ł3000. and is not yet claiming any pensions. Thanks EOT

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