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turborat
Junior Member
289 Posts |
 Posted - 01 September 2008 : 20:31:41
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My wife and I have been constantly worrying about our debt for so long something neds to be done.
We owe roughly £21k secured loan & around £30k unsecured debt. We have always kept up payments but have been constantly letting credit cards get deeper and deeper into the red. Recently my wife has had to stop work again due to another bout of bad depression and it looks like work will possibly not be an option for her in the future.
I am bringing in £1650/month and our outgoings inclusive are £1600/month.
Would bankruptcy be the right way to go? Any advice would be really appreciated. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 01 September 2008 : 21:22:25
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Hi Turborat and welcome.
I cant really comment on whether BR is an option as really you would need to speak to someone in the know like our other experts on here for example John or Julian.
It may be better to give them a call, they will get back to you and give you better advise regarding your situation over the phone.
The number is 0800 078 9367, leave a message and you get a call back.
One of them will be along shortly and may be able to offer some advice on here, but as i say sometimes its better in a verbal conversation.
Hang on in there.
Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
Edited by - Needafriend on 01 September 2008 21:22:50 |
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John
New Member
United Kingdom
73 Posts |
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turborat
Junior Member
289 Posts |
Posted - 02 September 2008 : 18:33:23
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| Hardly if any taking into consideration the current climate!!! £5 at the most! |
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John
New Member
United Kingdom
73 Posts |
Posted - 02 September 2008 : 19:33:35
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Hi
secured loans are not captured in bankruptcy so these must be paid in order to retain your property.
Therefore if you went through bankruptcy you would only write off the unsecured debts of around £30K.
If you have no equity then you should be able to stay in the property providing you continue to meet the mortgage and secured loan repayments.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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turborat
Junior Member
289 Posts |
Posted - 02 September 2008 : 19:47:08
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Hi John thank for getting back to me.
Only clearing the unsecured debt would give us back around £400/month and there is no way we can live on that amount.
What options do we have if we are prepared to sacrifice the house as it looks more & more likely that we may have to result to this?
Thanks |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 02 September 2008 : 19:54:04
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Hi Turborat and welcome to the forum.
As your issue appears to be with secured debt rather than unsecured, you have to act carefully. As John says, secured debt is excluded from BR. I would suggest a call to the helpline where one of my colleagues can point you in the right direction.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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turborat
Junior Member
289 Posts |
Posted - 02 September 2008 : 19:58:40
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What times are helpline the available?
Thanks |
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turborat
Junior Member
289 Posts |
Posted - 02 September 2008 : 20:16:06
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| What is the worst that could happen if we were unable to keep up repayments on our secured loan & mortgage? |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 02 September 2008 : 21:28:30
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Hi Turborat,
The worst case scenario will be that the house could be repossessed.
You have to miss 3 months payments on the mortgage before they go to court, about 4-6 weeks later, then if you dont make an offer of repayment then they can reposses about 4 or so weeks after that.
Not sure how the secured loan works.
Hope i helped, i think im right here if not i dare say someone will correct me as im still learning.
Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 03 September 2008 : 11:22:15
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Hi Turborat,
You can call the helpline anytime.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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Topic |
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Bankruptcy or not?!
