Author Topic: What can I do  (Read 19850 times)

pk22

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What can I do
« on: Sep 05, 2015, 07:23:34 AM »
Thanks for reading this , Any advice is welcome I am going to be totally honest no point in telling lies .


This is my situation :


I work and earn 1200 per month take home , I have £7000 of debt . I also have a very bad gambling problem. This led me to joining a debt management company who I have been paying for the past 6 months no problem. This month I had a bad relapse and after paying out most of my wages on rent bills and a school trip for my daughter which she so much deserves . I spent my debt management money and It never got paid , I also borrowed again £200 from a pay day loan which I know I should not do . so this months pay coming up is all gone  I am say here with 60p in my pocket to last 3 weeks.


The issues above are bad but they can be worse . what I want to know is this . Myself and my brother were left a property and it has just went onto the market for £50k . equal share if it sells.. If it does sell I can pay off what I owe .. If it doesn't sell and I end up bankrupt the people who deal with my affairs will find out about this property and then what .. It is only 50% mine and I can not have them take it from my brother it is not his problem its mine . what can I do . I have thought about putting the property in his name but this would be illegal and make things worse I guess so any good advice is welcome . I know about the gambling and the need to stop and I am seeking help for this with G-A ..
Thank You for reading 

ISEL Advisory

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Re: What can I do
« Reply #1 on: Oct 14, 2015, 11:22:32 AM »
Hi,

If you were to go bankrupt a trustee would be appointed to deal with your affairs.

They would firstly offer your brother or other people you know the opportunity to buy your share of the property if this doesn't happen the trustee would take possession of the property and sell, your brother would get his share but your share would go to pay your creditors and other costs arising from the bankruptcy.

Hope this helps,

Kind regards,

ISEL Advisory

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Re: What can I do
« Reply #2 on: Dec 08, 2015, 06:19:32 PM »
Firstly are you selling the property 100 hundred percent.Also look into other options like an iva as d.m plans can be longful and painful.