Bankruptcy, HELP GOING MENTAL.

[HideBehindthesofa]

Hi Guys,

 

I have a mortgage with GE Money and a secured loan with Swift(£15k) however I am sick of working my backside off each month and having vey little left over.

A monthly scenario for me is Phone, internet cut off for a week at a time, not having enough money to put fuel in the car, catch a bus etc, not having any cash for groceries for my family.

So should I go for the Bankruptcy or an IVA, because obviouslly both loans are secured on the property and now my health, state of mind is really starting to suffer, I cannot see a way out of it all and it is seriously depressing me.

 

Please Guys help me.

[sequenci]

Hi there, I have a few questions.

 

1) How much unsecured debt is there?

2) Do you have equity within the property?

3) Do you live alone?

 

If you can answer these we can get started with some decent advice!

 

best wishes,

 

Seq.

[HideBehindthesofa]

I only have secured debt(mortgage & Swift).80k & 25 k

Equity is roughly 50k, and I am married with 2 dependents.

Need any more info????

 

 

Regards

 

 

HBTS.

[sezden]

i got most of my information for when i went bankrupt from the insolvency uk site

 

remember your house is at risk because you have equity in it even if it is in joint names you may still be expected to release your share to cover debts are they soley in your name or your partners as well

[sequenci]

I'm not sure that either option will work as they wouldn't include secured borrowing. If you're struggling to meet the secured debt you have two options.

 

1) see if the creditors will reduce your instalments on the secured borrowing either by refinancing or by going down the interest-only route (if possible)

 

2) consider selling the property/downsizing.

 

3) looking at ways to maximise your income so that you can afford the current instalments (e.g. get a lodger or something)

[HideBehindthesofa]

Thanks for the replies so far, I am on a interest repayment on my mortgage, which ends next month but due to my arrears they will not consider letting me remortgage, they are just going to renistate the original payment.

We have been on the market for 18 months and have dropped 30k on our asking price but still not getting as many viewings as we would like.

I have no room for a lodger etc, it is a small 3 bed house.

So am I in the doo doo so to speak.

[sequenci]

Will you be going on to a standard variable rate?

Who is the lender?

Are you paying anything off the arrears?

Have you been to court over the mortgage arrears?

 

Sorry for all the questions!

[HideBehindthesofa]

Yes they mentioned a standard variable rate, the lender is GE money, and we cannot afford to pay anything of the arrears as yet, we have not been to court but they do have a suspended possession order, but we did not attend court at the time because we were buring our heads in ther sand at the time.