Hi there my name is john ive had my house now for about a year. My morgage is 82000 i also have a 18500 loan with my morgage company. I also have a secured loan on the house of 10000 and 3 credit cards owing 2000. The last few months ive follen behined on some payments and my out goings are more than i have coming in. Im considering bankrupty but still not sure can you over any advise?
The best advice would be to talk to the CCCS, CAB and National Debtline as they are used to dealing with these situations.
Bankruptcy should be seen as a last resort and these companies will be able to suggest your best option.
Is there any equity in your property? If so, you may lose it if you go for the BR option.
Depending upon your disposable income an IVA or DMP may be a better option. Either way speak to the companies I have mentioned and then think about what you want to do. Just because these companies mention one option doesn't mean that you can't select another.
Although this may be a stressful time you should consider all of your options and make sure that you don't rush into anything. You've taken the first step by realising you have a financial problem and there is a lot of help out there and on this board as well.
Edited by - gettingoutofdebt on 05 May 2009 19:47:13
Im considering bankrupty but still not sure
Posted - 05 May 2009 : 19:14:43
