Author Topic: What to do ahhh?  (Read 2007 times)

loadmaster

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What to do ahhh?
« on: Sep 05, 2013, 12:14:06 AM »
hiya

situation:

2 houses in negative equity ( 45k ish )  8k left of arrears ( was 14k ) to pay ( clear in april 14 )

CCCS debt ( 3 creditors left ) of 14k ( was 30k ) now paying £100 due to arrears on mortgage

23k first plus secured loan

leaves me with bare min to live on and getting harder.

any ideas please

James Falla

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Re: What to do ahhh?
« Reply #1 on: Sep 05, 2013, 09:48:37 AM »
Hi there loadmaster
 
Here is an idea for you...... Given the negative equity situation in both properties you could allow one with the largest amount of negative equity + secured loan to be repossessed. You then live in the remaining property and concentrate on paying the arrears on that one. In the mean time you declare bankruptcy which will take care of all of your CCCS debt and any potential mortgage / secured loan shortfall for the house that was repossessed. If the house you keep is also in negative equity there would be no risk to that one in bankruptcy.
 
Happy to discuss this in more detail with you if you wish.
Debt Expert & Author
beatmydebt.com