Thread: Bancruptcy the best option

Hi Jody. Sorry to hear about your troubles.
I would advise you to hold off on Bankruptcy for as long as possible.

The mortgage Co have an obligation to obtain the best possible price. The house will probably go onto the open market for a couple of months before auction. If not longer.

You are in no rush to go BR just yet.

Is the other £10k enforceable. Have you sent off for agreements.?

I agree with Dodgy Geezer.
Wait and see what price they manage to sell your house for, they will try to get as best price as possible.
If worse comes to worse and you are left with debts outstanding, there are other options you could consider before considering bankruptcy, for example, a debt management plan or an IVA.
Try not to worry about what price your house will be sold at. The main thing is that you have a roof over your head at the moment, and there are so many people out there that can help if you are left with debt.

hi jody. dont you just love ltsb, up until 3 yrs ago i worked all over europe, money going into LTSB,Halifax,and HFC banks who welcomed me with open arms while i was working. LTSB fell over themselves to give me loans, a gold card the lot. but 3yrs ago i took ill and had to leave work.
all the money that i had in all three banks, was used up. i got my health back and was due to go back to work, i had £700 in LTSB, so i approached them and asked for a bridging loan for 3mths, until i got into the flow of work, no was the reply, (at one time i had 60k in there bank, none of them wanted to help. i had total debts of over 80k, i asked for help and was treated like a leper. i told the banks they where driving me towards bancruptcy, LTSB said they would take the £700 in my account if i tried to take it out,my wife took it out while i was in the bank. these organisations are the lowest of the low. with a song in my heart i skipped away to bancruptcy. some people may get annoyed with me over this. but the amount of money the banks made off me far out ways what i did to them. so my advice is if all else fails, screw them before they screw you.

take care;
scousemonk

Originally Posted by :Boy:

don't mean to hijack the thread here, but what if there was a shortfall in the sale of the house, say £20,000, and the mortgage company don't know where you are (i.e renting and post being redirected) how do thet chase the money from you..do they CCJ you, default you on your credit report, send out a private investigator??

All of the above. They have 12 years to find you.