I have recently become unemployed. My morgage is almost £800 a month. I also have a loan secured on my home of £23,000 that I am stuggling to pay at £300 a month. Now a company I got a loan with is telling me it wants £7000 within 21 days or it will make me bankrut. I have gone down the road of debt managment that I pay £100 a month to, I also am paying £100 a month aginst a debt for bussiness rates on a pub I was in about 4 years ago.I realise I will lose the house. but what about my other debts and what happens to my wife, who works part time we also have a car, that my wife needs to travel to and from work ( shes a A+E nurse) will we be allowed to keep that ?
Contact your local citizens advice bureau to see if you qualify for the new mortgage help scheme in the first instance, also speak to your mortgage company to advise them of your present circumstances ie unemployed, if your mortgage is not interest only, switch it as this can help by lowering your repayments.
It may be that bankrupty is your best option but I cannot say for sure without the full picture, it depends on whether there is any equity in you property - if you have equity you may lose your home if bankrupt (unless your wife can buy out your interest in the equity) If there is not equity you will not lose your home.
With regard to the car it all depends on value of the vehicle.
Provide a little bit moreinformtion re debts/equity calr value etc and i will be able to give you better/clearer advice
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
I have recently become unemployed. My morgage is a
Posted - 25 February 2009 : 09:09:22
