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NoMoney
Starting Member
14 Posts |
 Posted - 25 January 2010 : 08:40:46
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Hello Experts,
I am a married guy recently quit from my job due to personal issues against the company (I know this was a dumb move). Two lovely daughters. My wife and I have debts, and it will make it worse now that I don't have work. Starting to lose sleep and getting chest pains from thinking of our situation. We'd like to know if we can file for bankruptcy.
Financial situation:
- No arrears as of this time, but my overdraft is slowly increasing, another round of mortgage and loans will get into place soon. The wife is also having problems juggling her payments, she can only afford to pay minimums on cards, and her overdraft has drastically increased.
Houses (3 Houses):
a. 1st House - Joint ownership which we live in. Recently valued by agent at rougly £125K. Outstanding mortgage (roughly £105K), secured loan (rougly £33K).
b. 2nd House - Joint ownership under a Buy to Let. Value unsure but probably roughly around £110K to £115K. Outstanding mortgage (roughly £98K). No second charge.
c. 3rd House - On my own name under a Buy to Let, but I have agreed to do a "lease to own" with an investor. Value roughly around £55K to £60K. No second charge.
Unsecured Loans (Personal, Credit cards, Car loans, etc):
1. Me: Roughly £25K
2. Wife: Roughly £37K
Salary:
1. Me: None.
2. Wife: Roughly £1.8K monthly take home.
We know being in this situation was our own fault and our own doing, but if anyone can please advice us on the right path, we would greatly appreciate it.
If you need further information, please just inform us.
Thank you very much.
Marvin |
Edited by - NoMoney on 26 January 2010 06:50:04 |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 25 January 2010 : 12:06:47
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Hi,
I would recommend contacting one, or both, of the following companies to discuss your situation and possible options:
Reviva UK: http://www.revivauk.com/
Jones Giles - http://www.jonesgiles.co.uk/
Both companies post on this board and are very highly respected. |
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RHB
Senior Member
1159 Posts |
Posted - 25 January 2010 : 13:49:21
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| If you free up some money by selling the third house it may be possible to settle the unsecured loans without going bankrupt. Good luck with the job hunting! |
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NoMoney
Starting Member
14 Posts |
Posted - 26 January 2010 : 05:04:32
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Hello RHB,
Sorry I forgot to mention that the 3rd house has a mortgage of around £52K. And I cannot sell it as there is a "Lease Option" agreement with an investor. |
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NoMoney
Starting Member
14 Posts |
Posted - 26 January 2010 : 05:06:03
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Thank you for the reply.
I shall get in touch with them.
quote:
Originally posted by gettingoutofdebt
Hi,
I would recommend contacting one, or both, of the following companies to discuss your situation and possible options:
Reviva UK: http://www.revivauk.com/
Jones Giles - http://www.jonesgiles.co.uk/
Both companies post on this board and are very highly respected.
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 26 January 2010 : 12:02:25
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Hello No Money,
Welcome to the forum.
Good advice has already been given. Contact the insolvency experts that you have been directed to for an initial consultation. They are amongst the best in the U.K.
As to your three properties, once you have had some initial insolvency advice and are looking at a way forward, it will be easier to look to solutions.
Be positive. You have taken the first step to solving your situation. You are most certainly not alone - despite Dr Gordon Brown saying we are recovering from the recession now!! I love politicians, but could not eat a whole one for breakfast!
I am sure there are a number of ways to recover from where you are now - all is to go for and leave the problems behind you.
I am happy to make some suggestions about the properties - but speak to someone on insolvency first - preferably one of the other experts here and we can look again.
Best regards, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!) |
Edited by - Housing on 26 January 2010 12:04:46 |
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NoMoney
Starting Member
14 Posts |
Posted - 26 January 2010 : 16:11:32
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Hello Richard,
Thank you for the uplifting words. I'ts just hard to look beyond the horizon at the moment, but as you said I'll try to keep my chin up, especially for the kids sake.
I had some conversation with Paul (RevivaUK), and hopefully one of his team locally can drop by the house to get things going for both me and the wife.
Thanks again.
quote:
Originally posted by Housing
Hello No Money,
Welcome to the forum.
Good advice has already been given. Contact the insolvency experts that you have been directed to for an initial consultation. They are amongst the best in the U.K.
As to your three properties, once you have had some initial insolvency advice and are looking at a way forward, it will be easier to look to solutions.
Be positive. You have taken the first step to solving your situation. You are most certainly not alone - despite Dr Gordon Brown saying we are recovering from the recession now!! I love politicians, but could not eat a whole one for breakfast!
I am sure there are a number of ways to recover from where you are now - all is to go for and leave the problems behind you.
I am happy to make some suggestions about the properties - but speak to someone on insolvency first - preferably one of the other experts here and we can look again.
Best regards, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!)
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 26 January 2010 : 18:25:20
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Hi again,
I am confident that Paul wil be able to find you a solution.
Good luck, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!) |
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Topic |
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Bankruptcy or not?
