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l-j
Starting Member
4 Posts |
 Posted - 22 October 2008 : 16:32:48
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| Im out of my mind with worry, I have my house on the market for 650k. My business failed and I owe the bank 38k a 290k mortgage and at worst 6-8k in rates on a huge house. The market has fallen and having been to court once Im advised to become bankrupt; If ( and I cant borrow 400k - Im told it would still need 2.5k a month in repayments which would be financial suiside - Im back to work within a month having nursed my Mum till she died recently - we lived on her pension and my carers allowance - please please save me from this hell with some positive sound advise - thank you so very much |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 22 October 2008 : 16:45:20
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Hi
Firstly sorry to hear about your loss.
sounds like you have a lot going on and you need to get clear and practical advice on how to proceed and work through a plan of action.
From the sound of things going Bankrupt with that much equity is probably the very worst thing you could do.
There are probably several alternatives available but you will need to speak to an expert and have slightly longer conversation so that appropriate and accurate advice can be given. Then hopefully you can get a decent nights rest .
You can speak to any of the professional experts on the site and I am sure you will feel better after making the call.
Please take care
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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l-j
Starting Member
4 Posts |
Posted - 22 October 2008 : 18:08:52
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Hello
thank you for your reply, it much appreciated. The prospect of handing over the keys to our home is absolutely haunting me, in fact its tearing me to shreds....
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 22 October 2008 : 18:32:54
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Hi l-j
Let me say also i am sorry to hear about your loss recently and also to say that there are many on here that are willing to help and be there and you are not alone:-)
Please do give the helpline a call the number is free and it sounds to me like you need a bit more in depth information that as paul says cant really be got from posting on this site.
The bankruptcyhelp no is 0800 078 9367, either way we are here for you.
Take Care
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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l-j
Starting Member
4 Posts |
Posted - 23 October 2008 : 01:22:51
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Very many thanks for responding Jo - Ill need to muster the necessary ..... to make the call; its 1.30 a.m. now - I know it will be for the best but......... x
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 23 October 2008 : 07:52:09
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Hi l-j
Sometimes we must swallow our pride and work forward. Its hard i know but you need to know what state of play is and to understand that their are options out their to help you. :-)
Do give us a call, its free advice and i know that after you have spoken to our offices that you will be armed better and can start to tackle things in a new light.
Let us know how you get on.
Take Care
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 23 October 2008 : 10:12:53
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The important thing is that a problem shared is often the first step to resolving the problem.
Make a call and get a strategy together - I guarantee you will feel better
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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l-j
Starting Member
4 Posts |
Posted - 23 October 2008 : 18:15:35
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Typing this was my first move, mentally trying to find a way to extend the time period before the mortgage company go back to the judge who very kindly gave me some time to try and sell it, the huge drop in the market will make it as impossible for them, as it will for me, to sell.
They only need to recover their 290k, the equity is what Ive worked so hard for all my life/ my pension / I have nothing else, absolutely nothing. Please can anyone direct me to any information on this? Does any one know if mortgage companies will, under the present financial circumstances in uk, be willing to extend once they have an order?
I desperately need more time and 6 months at a greatly reduced rate would help so much but a year means that I could rent/sell the house and which would pay them considerably more ... they will get so very little for it at auction - its been on the market for almost two years the irony is that loads of people would like to rent it ( sorry - Im screaming inside)
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 23 October 2008 : 18:32:20
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Hi l-j
Again i ask you have you called our helpline, the reason i ask is that together with the bankruptcyhelp number and reviva help you can get a tailor made plan of action and advice that will indeed put your mind at rest.
I seriously urge to make that contact, we dont bite and we can give you some one to one based information on what to do for the best.
Please please please give one or the other a call
:-) i know that way you will start to see a light at the end of the tunnel.
Take Care
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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please save me from this hell with positive advice
