I don’t have anywhere close to enough characters to explain my situation, but suffice to say that due to little fault of our own; myself and friend who decided to do property development together were forced to wait an extra 13 months to complete on a piece of land after initially investing £15k. That waiting period has had catastrophic effects on the housing market from values to the amount of buyers. These are the brief points of my ‘hopeless’ predicament!
•We have a property that we owe £314k on. The property may not sell and the original £400k value of the house has fallen to £320k! We may eventually sell this house one day and still owe close £50,000 if it keeps drooping •The extra 13 months initially has eaten into all my £9000 of savings I had to live on while we planned to sell the property •The loss of profit margin means I now have to return to full time employment & change my career •I have been self employed so am finding it extremely difficult to get jobs with main contractors •The current recession means that finding work is also nigh on impossible. •I have approximately £8000 worth of personal debt which is rising daily due to interest. •I decided to study for a distance learning HND in construction to give myself a chance, however I am falling behind on payments for that so cannot even manage what I need to help get a job. •I have also looked into getting any admin / office role, however these are even more saturated in terms of applicants.
I really don’t know whether to consider bankruptcy in my case as I don’t believe an IVA would be possible at the moment as I cannot find a job despite trying every single day for the last 7 weeks. Could you please tell me if bankruptcy would be the right move or not? I am aware of the implications and I believe that they don’t compare to living with this situation if I’m honest. Any help, advice or any ideas would be much appreciated guys.
Hi Nickym84 welcome to the forum, you might want to consider giving the helpline above a call on 0800 0789367. They are really helpful people and can give you some good advice, and its free!!!
bankruptcy would be the right move or not
Posted - 16 January 2009 : 08:17:52
