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Moreof the same
Starting Member
United Kingdom
2 Posts |
 Posted - 29 June 2010 : 18:05:37
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Hi, this has been on the cards since January. I owe 45k on cards and loans, mainly accrued to keep my head above the watre after a disastrous venture turned even more disastrous.
I have a mortgage of £175k approx and have just been plunged into neg. equity.
I am separated from my OH, soon to be divorced and my I&E leaves me less than £100 surplus.
I have tried DMP and creditors wouldn't deal with me. I have tried IVA, but I cannot go forward with a proposal with so little surplus.
So my only option is Bankruptcy. I've down loaded the forms and now have to go through the process of filling them in and gathering up what little cash I have to apply.
I have a lot of questions, but they will come as I reach them.
Thank you in advance for your time.
D |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 29 June 2010 : 22:17:12
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Hi more of the same
well done for sticking you head above the water, it is no where as near as bad as the doom mongers will have you believe.
you seem to have done your research and planning thus typing (and thinking) in a chronological order.
go get your court date and start planning the rest of your life some courts do have a six week waiting list others offer walk in facilities which court are you planning to petiton at ?
good lcuk Richard |
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Moreof the same
Starting Member
United Kingdom
2 Posts |
Posted - 30 June 2010 : 08:43:59
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Thanks Richard, I'll be petitioning myself in Belfast.
This is the culmination of me spending my life's savings in trying to keep myself afloat and in servicing my increasing debt mountain for the past 6 years.
In January, I ran out of savings and hit the wall. I perviously had substantial equity in my house and have had it on the market for the past 4 years. During that time, I have watched it slide towards my outstanding mortgage balance and then beneath it. I lost £120k of my own cash plus whatever equity I had in the house.
To compound my misery, my (soon to be) ex lost her job and we had to use credit to live, always in the false hope that the house would sell and we'd recapture our previous stress free life.
It didn't happen and the stress has recently split my 25 year marriage. I have coped with that, but I now need to sort my finance before I can move on.
The DMP wasn't even entertained by my creditors, and they didn't even reply bar one.
I tried setting up an IVA, but at the final hurdle prior to signing the proposal, we discovered a change of circumstances upset the orginal calculations. It meant that I'd be struggling to obtain agreement going forward with a surplus of £100.
That would have tipped me over, but I feel with the house in negative equity (official) and no assets, the time is right to declare myself bankrupt. I need to keep my home because I built it with my own hands. It is the root cause of my current situation, and I believe that it will it repay me.....eventually.
D
Sorry for the long winded explaination, I'm practicing for my petition LOL. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 01 July 2010 : 11:42:39
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Hi More of the same
look back on previous threads for golf88, she also petitioned in Belfast and from her threads you will some of the process to expect.
I am also aware that Paul at Reviva has recently been over the water to help people in Belfast so keep speaking to lots of people and getting ready for the day.
doing all of the prep prior to bankruptcy has made my time a lot easier
regards Richard |
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Hello, I have decided to take a big step
