We are a family of 5 who are struggling on £60 a week for food / petrol etc. We currently have a DMP but at this rate will be paying for the rest of our lives. we have no equity in out home as we have a mortgage and a secured loan the makes up at least 100% of the value, maybe more.
We also have cars to get ourselves to our respective jobs both of which are in negative equity.
Will i definatley lose these if we declare BR. I cannot see another way out of this situation.
Im not too sure on your situation, you may be better giving one of our other experts a call on the above number they will call you back and can go through your options. If not hang on in there and some advice will come along shortly.
And Remember To 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 Needafriend's New Life- A Debt Free One! blog here: http://debtfreejo.blogs.bankruptcyhelp.org.uk/
If the cars are on HP, that is deemed secured borrowing and (generally speaking) can be excluded from BR. However, it all depends on the value of the cars, how much the monthly payments are, and if the HP company is happy to continue the agreement once you are BR.
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
hi im in exactly the same position as you....the dmp takes the last of my money everymonth....FOR EVER!! better to go br and start a new debt free life.
we will be paying for the rest of our lives
Posted - 08 September 2008 : 17:30:57
