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Brendan45
Starting Member
1 Posts |
 Posted - 24 July 2012 : 15:04:33
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Hi,
I owne a house outside London which was a main reisdence. I now lease the the house to tenants. I am also now working in Ireland. I have a non-secured personal loan with 13,500 outstanding, which was taken out in the UK. Due to finanical reasons I missed payments on my mortgage and loan, and also have an overdraft of 2,000. My bank would no let me re-structure the mortgage to go interest only, with the surplas from rent being used to pay the loan and clear the overdraft. The house is currently on the market as I need the money to be released from it, to build a house in Ireland. I am in no poistion to repay my UK debts. Is bankruptcy an opinion? |
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year 2029
Average Member
590 Posts |
Posted - 24 July 2012 : 15:19:15
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Hi Brendan,and welcome.
If you're selling the house, why not pay off the debts you have from the proceeds?
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 24 July 2012 : 16:18:29
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Hi Brendan,
Are you now living in Ireland?
How much equity is in the house?
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 24 July 2012 : 16:25:05
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Hi and welcome.
You could look into doing a DMP in the short term while you sell your house then you could pay your debts off.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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year 2029
Average Member
590 Posts |
Posted - 24 July 2012 : 16:59:01
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Are you a UK or Irish resident?
My opinion, and it is just an opinion.
If there's sufficient equity to build a house in Ireland, don't go bankrupt, sell your house, realise your equity, pay off your debts. Build a house in Ireland with what's left.
Perhaps you need to decide what you really want to happen? Where you want to live.
A few answers to questions we've asked will make things clearer for us to give more accurate advice.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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year 2029
Average Member
590 Posts |
Posted - 24 July 2012 : 17:33:43
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By the way, DMP is a debt management plan.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Is bankruptcy an option for me ?
