Hi - single parent - have 3 btls plus own home - all negative equity in my own name (about £55k for all 4) - had problems with 1 btl for past 4 years - no rent, bad tenants, eviction costs & repairs. Left me with very little or no money to live on. To get by - family lent me money over past 4 years. I'm worried as these handouts show up as single payments of £200 - £2,000 once every few months on my bank statements. These were all to fund repairs - to date I have 14k repair receipts for past 4 years on btls and £10k in unreceived rent). I've no alternative but to go BR but will the OR query these payments - there has been no dodgy dealings - family member lent me £15k 3 years ago and I put the amount in a savings account and drip fed it into my current account as and when I needed it (which was very often) - also son lent me money from student loan - I've never paid them back as I was hoping btl would be rented out so they are now 2 of my creditors. I also paid £5k off a credit card last year from this money to cease that debt. This worry is putting me off going BR and I'm living off handouts at the minute. In past 2 years, my bank statements show about 6 of these payments. Total debt is actually quite small - £10k made up of overdraft, 2 credit cards, 1 loan & car loan) - nothing is in arrears - but I am barely surviving to pay these bills & living on handouts. Would be glad for any advice from experts.
Lots of people are supported by family and friends so don't worry, but these debts will need to be declared and will be included in the bankruptcy.
I suggest you speak to one of the experts to chat everything through regarding possible repossession and bankruptcy as this may be the best option for you.
Hi - single parent -
Posted - 26 January 2012 : 13:19:03
