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Leevan
Starting Member
United Kingdom
11 Posts |
 Posted - 05 August 2013 : 12:27:27
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| We are in need of some advice regarding our finances......... My husband and I own a guest house, which for the first 5 years was very successful. Then came the recession and we found ourselves borrowing from peter to pay paul, as they say. Four years on and we now have a high amount of unsecured debt along with a business loan with a top up and another secured loan secured against the property. We are both working full time elsewhere and I open the Guest house at the weekends. The bookings have dried up and both our salaries have been subsiding the business and we are both exhausted from working so many hours. We have now got to a point where we cannot make our next mortgage payment due in 10 days. We cannot see any light at the end of the tunnel and the Bank are unable to offer us a payment break. We have spoken to a couple of friends who have declared Bankruptcy in the past and have said this looks like the best option for us. We desperately need some advise as the stress and strain on us and our children is really taking its toll. I have been given your details by our friend who you have advised in the past. I hope you can help guide us through this?? |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 05 August 2013 : 13:13:52
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Hi and welcome to the forum.
So sorry to hear of your problems and it does sound as though bankruptcy could be an option but you need to speak to an expert to discuss things in depth.
Click on the experts link on the left hand side of the page and give one a ring for some free advice.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 05 August 2013 : 17:33:07
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Hi Leevan,
As Niobe has said, you need to speak to an expert to go through all your options.
Bankruptcy may be an option but it might just be one of many.
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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Leevan
Starting Member
United Kingdom
11 Posts |
Posted - 06 August 2013 : 11:38:46
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Hi Viki/Niobe,
Thank you both for responding. We have looked closely into all the options available, both on this website and others, and we also spoke to the Bank. As we do not have any disposable income after we have paid out for all our monthly outgoings and , if sold,our Home/Business may only reach enough to clear the business loan and not the other debts, we believe the best option for us is Bankruptcy. We thought about putting the home/business on the market but there are many in our street that have been on the Market for over 2 years and we are not in a position to wait for a sale. As we can no longer pay the business loan, due to the decline in guests, can you advise on how we go about handing the property back and also what happens about the 2 loans secured against the property?
We have been looking into renting but don't know whether we have to wait until we submit our bankruptcy before we apply for a home or is it best to apply and pay deposits etc beforehand?
Any advice would be greatly appreciated 
quote:
Originally posted by Viki.W
Hi Leevan,
As Niobe has said, you need to speak to an expert to go through all your options.
Bankruptcy may be an option but it might just be one of many.
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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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 06 August 2013 : 15:09:24
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If you wanted to have your home repossessed, then you would need to find alternative accommodation. Then once in your accommodation, you can declare bankruptcy if this is your best option.
Anything secured on the property will be included in your bankruptcy.
Please speak to a debt advisor before doing anything though.
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 - 06 August 2013 : 16:07:48
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Totally agree with Viki - please speak to a debt advisor before making a decision. There may be another solution out there for you.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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We are in need of some advice regarding our finances.
