Author Topic: Which way to turn ?????  (Read 6137 times)

marky999

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Which way to turn ?????
« on: Jan 13, 2008, 10:56:19 PM »
God where do I start ????

Well myself and my partner have a mortgage on a house , have done so for 2 years now , we both had debt following us around and decided after a year to get a secured loan on the house , this would have hopefully cleared most our debt and we could live more comfortably ..........

Our house was bought for 142k , 133k was given as mortgage and the remainder was an unsecured loan , the secured loan we took out a year later was for 15-20k.

Basically we are up poo creek without a paddle ! we have now split , he is living with family I am still here in the house , he cannot afford to pay the mortgage and secured loan on his own along with all the bills , neither can I , we had already defaulted on the secured loan and now the mortgage.

We have had bayliffs at the door and creditors asking for money , I just can't cope anymore!!!

What the hell do I do ??? If I go bankrupt do I do it before the house is repossesed ? will it all go into the bankruptcy ???  after the house is reposessed the shortfall is going to be way more than I can ever pay off !

Can anyone advise me on what the best thing is to do ?

Thanks guys

Marky Mark

cuteadder

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Re: Which way to turn ?????
« Reply #1 on: May 12, 2008, 04:45:37 PM »
Sell the house and get a loan each to cover whatever the extra bit is...

Either that or agree what to do with the house and get the mortgage and loan over longer terms and pay more interest...

IVA HELPER

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Re: Which way to turn ?????
« Reply #2 on: Jan 10, 2009, 06:44:47 PM »
An alternative to Bankruptcy is the IVA.
An Iva- IVA is an agreement between you and your creditor(s) where you will come to an arrangement, to make lesser payments towards the total amount of how much you owe in order to pay off a % of what you owe then as a general rule after 5 years your debt would be settled.
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gordonblair81

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Re: Which way to turn ?????
« Reply #3 on: Jan 16, 2009, 12:17:16 PM »
Hi Marky

In regards to your property if you were to sell your house or let it be repossessed then you are going to be left with a shortfall (Shortfall = Proceeds from sale Minus Outstanding amount on mortgage & Sec Loan) you will still have an outstanding debt too your sec loan company however this loan would then become an unsecured loan which could be incorporated in an IVA,  You can have a joint IVA however joint debts must be over £!5,000.

IVA HELPER

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Re: Which way to turn ?????
« Reply #4 on: Jan 19, 2009, 02:59:34 AM »
If the debt is below £15,000 then an alternative is a debt management plan.
DMPs are a managed informal arrangement with creditors.For paying personal unsecured debts (which typically are out of control in the sense that payments are late and those due are taking too large a portion of income, or even exceeding it.
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honour

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Re: Which way to turn ?????
« Reply #5 on: Mar 09, 2009, 09:10:37 PM »
Really sorry to hear about your situation. Whilst it can feel really scary the fact is all debt is resolvable and even although losing the house may be traumatic its bricks and mortar. Whats more important although it may not feel like it is your health and well being . You will get through it you are not alone and there is a lot of help from the various agencies .Sincere good luck with this.
Kate Judge
 My debt experience and how I got my lif

wrightey

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Re: Which way to turn ?????
« Reply #6 on: Mar 31, 2009, 05:05:23 PM »
It's difficult to advise without knowing a little more detail, especially as to what your earnings are and disposable income.  An IVA may be the answer, but that will not deal with your secured debts, ie mortgage and secured loan.  There are many debt redcction companies out there that with just a little more detail could certainly help you out though.  Good luck!

georgebrosnan

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Re: Which way to turn ?????
« Reply #7 on: Apr 07, 2009, 11:52:44 AM »
take a look at this Guys They are a company Called Ashely Longmann Associates and their website. http://www.aladebtsolutions.co.uk/60secsurvey.aspx automatically tells you what your options are.
 
your story is very familiar to me - i nearly lost my house until a friend told me about these guys. yes - im signed up on a DMP but i still have my house , im paying off my debts, and i can now sleep at night.

good luck,
Georgina


wjtrader

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Re: Which way to turn ?????
« Reply #8 on: Apr 23, 2009, 05:06:22 PM »
Try and negotiate a small manageable monthly payment deal with your bailiffs and creditors. I have known many cases where this has been a success.

bankruptcy.co.uk

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Re: Which way to turn ?????
« Reply #9 on: Aug 16, 2009, 01:41:08 AM »
Sorry to hear about your situation.

If you would like to keep your home then an IVA sounds like the best option.

However, since you have split and I am probably guessing correctly that you do not have much equity in your house then bankruptcy could be the solution to both of your prayers.

Both secured and unsecured loans are written off in a bankruptcy order..... If you have cars that you use for work purposes you can keep them and your belongings would remain untouched (as long as you have nothing too obscenely expensive!! :)


Raphael Gilbert
Head of Insolvency Divison www.ban