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| robc |
Posted - 14 February 2009 : 19:28:54
I had a mortgage on an investment property approx 11 years ago, I lost my job and couldnt keep up the payments, so it was repossessed, I paid back around £3,000 but could not afford to pay back anymore. about eight months ago, i received a letter asking for £55,000, I own a small company that is less than 12 months old, I earn on average £900 per month, I live in rented accomodation. I employed a local solicior to deal with the problem who was meant to attend court, HE DIDN'T. I got a letter today from the court wanting £67,000. what do i do? |
| 1 L A T E S T R E P L I E S (Newest First) |
| Reviva UK |
Posted - 14 February 2009 : 21:37:20
Hi Robc
and welcome to the forum
The choices available are :-
1. Come to a payment arrangement with the creditor, however on £900 per month you are unlikely to have much if any disposable income.
2. If you have the availability of a lump sum ( from friends / family etc ) you may be able to negotiate a much reduced settlement
3. Investigate formal debt solutions such as bankruptcy or an IVA. ( having said that the IVA route requires disposable income and you are not there yet)
Strongly suggest you speak with an expert to review the options more carefully .
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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