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end or teather
Junior Member
United Kingdom
254 Posts |
 Posted - 01 September 2008 : 21:51:15
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Hi all,
I have been watching this site for a few weeks now and it seems very helpfull, I have been a sole trader for 20yrs and over the past 3-4 years the work has dropped off, so i borrowed money to keep going ( hoping the work woukd pick up ) it has'nt, I owe 36k to cards and the bank, which i can no longer pay, i have written to them explaining my situation, sent then an income / expenditure form offering £1 per month, one has eccepted, i hav'nt heard from the rest as yet, i have very little equity left in my house and i will be 65yrs old in 6 months, would bankruptcy be the answer,
Thanks. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 01 September 2008 : 21:56:23
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Hi Endorteather and Welcome,
Whilst i cant say if BR is right for you, hang on in there and another expert will come along and give you some advice.
You can of course give them a call and speak to them, leave a message for say John or Julian and they will get back to you, please call 0800 078 9367.
Hang on in there and........
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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end or teather
Junior Member
United Kingdom
254 Posts |
Posted - 01 September 2008 : 22:16:18
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Hi needafriend,
thanks for your reply, any advice would be welcome.
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John
New Member
United Kingdom
73 Posts |
Posted - 01 September 2008 : 23:54:42
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Hi
if you can manage to persuade the other creditors to accept reduced payments I would do that.
Of course it's not a long term solution but it will buy you some time.
In 6 months time when you are eligible for retirement your property will likely be worth less than it is today. If it goes into negative equity and you do retire that would be the ideal time to go bankrupt.
If the house is in negative equity the OR will have little interest in the property, you, or a 3rd party close to you, would be able to buy back your beneficial interest in the property, provide it is in negative equity, for £1 + £211 fees.
If you are retired and therefore on a lower income you are also less likely to get an IPA / IPO.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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end or teather
Junior Member
United Kingdom
254 Posts |
Posted - 02 September 2008 : 00:24:48
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Hi John,
Thanks for your reply, I realy am at the end of my teather and don't know what to do, i have worked hard all my life, paid into a private pension ( which is worth very little now ) and thought of taking the easy way out,but is that the answer?. the phone calls have stopped, but i get letters of default, all this after a lifetime of hard work, and through things beyond my control it's all gone pear shaped, it's good to talk to someone who will listen and give advice,
Thanks. |
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end or teather
Junior Member
United Kingdom
254 Posts |
Posted - 02 September 2008 : 09:03:25
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Hi,
Just had a phone call from a debt collection agency, one of my credit cards have passed it over to them, they say that they have not recieved all the information i have sent and must be lost in the post, is this the start of the hassel ?. |
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John
New Member
United Kingdom
73 Posts |
Posted - 02 September 2008 : 09:26:35
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Hi
possibly.
In my experience debt collectors love to contact you by phone or letter as often as possible but are not too proficient in acknowledging your letters to them. Or very good at remembering anything that may have been agreed over the phone.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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end or teather
Junior Member
United Kingdom
254 Posts |
Posted - 02 September 2008 : 10:17:14
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Hi,
If this is the start of the hassel, maybe it's better to start BR now, i don't see a way out of it. any advice most welcome.
Thanks |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 02 September 2008 : 10:56:46
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Hi EofT
It may be worth your while if you can afford the fess for it.
You can do the forms online and we are here to help you fill it in section by section.
Once you have contacted your local court and got a date or found out how to get a date then you could turn round and tell them what your intentions are.
Good luck to you and keep on posting, also ..........
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 - 02 September 2008 : 11:42:28
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Hi End of Teather,
Generally speaking, debt management plans tend to be far more successful of you engage a company to work on your behalf. This means that your chances of having the interest frozen are greatly enhanced as well as the added bonus of stopping the creditor hassle. As John rightly says, BR may be a bit premature right now.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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which way to go.
